Offshore Energy News - page 7

 

Headache for OPEC as Oil Market Structure Signals Return of Glut

Jul 30, 2020

Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic…

Murphy Oil to Take Pacific Drilling Rig on a Ten-Well Term in 2021. Scraps 2020 Deal

Jul 30, 2020

Offshore drilling contractor Pacific Drilling has lost a two-well contract for its Pacific Sharav drillship with Murphy Oil, but has managed to secure a ten-well deal with the same client, only at a later date.The drillship recently completed…

Talos CEO Becomes Vice-Chairman of U.S. Offshore Industry Body NOIA

Jul 30, 2020

Tim Duncan, CEO of Talos, an oil and gas company focused on exploration and production in the Gulf of Mexico, has been appointed Vice Chairman of the U.S. National Ocean Industries Association (NOIA).Duncan will join NOIA Chairman and Halliburton…

Siemens Gamesa Slashes 2020 Revenue Forecast on COVID-19 Impact

Jul 30, 2020

Wind turbine maker Siemens Gamesa expects the fallout of the COVID-19 pandemic will cut 1 billion euros ($1.2 billion) from its sales revenue in the full year, the German-Spanish manufacturer said on Thursday.The company said the impact will be harsher than previously expected…

Shell CEO: Oil Demand May Never Recover from COVID-19

Jul 30, 2020

Global oil demand might never return to levels seen before the outbreak of the COVID-19 epidemic, Royal Dutch Shell CEO Ben van Beurden said on Thursday.'Demand will take a long time to recover if it recovers at all,' van Beurden told reporters…

Vallourec to Keep Supplying Petrobras with Tubular Solutions Until 2023

Jul 30, 2020

Tubular solutions supplier Vallourec has signed contract extensions with Petrobras for the supply of its products and services.Since 2019, Vallourec has been supplying Petrobras with OCTG products, including seamless steel tubes, connections…

Shell Writes Down Nigerian Offshore Block at Heart of Italian Bribery Trial

Jul 30, 2020

Royal Dutch Shell said on Thursday its second-quarter writedowns include the OPL 245 license for an offshore oilfield in Nigeria which it holds alongside Eni and which is at the center of an ongoing corruption court case in Italy.Italian prosecutors…

Total Sells Gabon Offshore Fields to Perenco for Up To $350M

Jul 30, 2020

French oil major Total has struck a deal with Perenco to sell its interest in seven offshore oil fields in Gabon.Total said Thursday that its 58% owned affiliate Total Gabon had signed an agreement with Perenco to divest its stakes in seven mature non-operated offshore fields…

Shell Takes $16.8B Impairment

Jul 30, 2020

Royal Dutch Shell avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices.Shell had warned last…

Envoy Acquires Avantis Marine

Jul 30, 2020

UK-based Envoy Group has acquired a marine engineering company, Avantis Marine, to target carbon reduction and clean energy solutions for offshore markets.Avantis specializes in marine engineering with a focus on environmental performance and clean technologies for the shipping…

Shell, Eneco JV Wins Hollandse Kust Noord Wind Farm Tender

Jul 29, 2020

CrossWind, a joint venture Shell and Eneco, has won the tender for the subsidy-free offshore wind farm Hollandse Kust (Noord) in the Netherlands. The consortium plans to have Hollandse Kust (Noord) operational in 2023 with an installed capacity of 759 MW…

ExxonMobil Finds More 'High-quality' Reservoirs Off Guyana, Hess Says

Jul 29, 2020

The U.S. oil major ExxonMobil has recently discovered two more high-quality oil reservoirs offshore Guyana, Hess, the company's partner in the prolific Stabroek block said Wednesday.To remind, back in January, ExxonMobil said it had struck its 16th oil discovery in the offshore block in Guyana…

Hess' 2Q Loss Deepens. Oil Output Jumps

Jul 29, 2020

U.S. oil and gas producer Hess Corp reported a bigger quarterly loss on Wednesday, hurt by lower oil prices as the COVID-19 pandemic sapped global energy demand.Crude prices sank to historic lows in April as economic activity plummeted across…

Spirit Energy Extends North Sea Field's Life by Three Years

Jul 29, 2020

North Sea oil and gas operator Spirit Energy has given its York offshore gas field a new lease of life with an additional £13million (USD 16.8 million) investment. With the investment, Spirit will extend the life of the Southern North Sea offshore gas field by three years…

Subsea 7 Posts $922M Loss in Q2 on Impairment Charges. Offshore Wind Boosts Orderbook

Jul 29, 2020

Offshore installation services company Subsea 7 reported a Q2 net loss of $922 million, compared to a profit of $24 million in Q2 2019, due to impairment charges of $807 million.The second-quarter revenues of $754 million was 21% lower than in the second quarter of 2018…

Current News

PGS Rejects TGS' 'Opportunistic' $600M Offer for Seismic Data Library

PGS Rejects TGS' 'Opportunistic' $600M Offer for Seismic Data Library

Norway's Offshore Safety Regulator Targeted by Phishing Attack

Norway's Offshore Safety Regulator Targeted by Phishing Attack

DOF Subsea Scores Multiple Vessel Charters in Atlantic Region

DOF Subsea Scores Multiple Vessel Charters in Atlantic Region

RWE Wants CfDs for German Offshore Wind

RWE Wants CfDs for German Offshore Wind

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