Industry News

 

200+ Oilfield Services Firms Could Go Bust

Mar 18, 2020

More than 200 oilfield services companies might be forced to declare bankruptcy - most of them in Norway and the UK - due to the effects of the Covid-19 pandemic and its effect on oil prices.This is according to Norway-based energy intelligence firm Rystad Energy…

U.S. Offshore Lease Sale Tests Industry Appetite Amid Market Meltdown

Mar 18, 2020

The Trump administration on Wednesday will hold a major sale of oil and gas leases in federal waters, testing drillers' appetite for investment amid a steep slide in oil prices that has cast doubt over energy projects around the globe. The more than 78 million-acre (31…

BW Energy Slashes Gabon Spending Plans

Mar 18, 2020

Oil and gas company BW Energy, with assets in Gabon and Brazil, has decided to cut down its planned Gabon investments by 50 percent, citing coronavirus outbreak, oil price uncertainty, and restriction on international travel.'The impact of international…

DEME Installs Second SeaMade Offshore Wind Farm Substation

Mar 18, 2020

Offshore installation company DEME has installed the second offshore substation at the SeaMade offshore wind farm in Belgium.In a social media post on Wednesday,  Deme said: 'The two substations for the SeaMade offshore wind farm have been successfully…

Oil Price Collapse Could Slash Offshore Drilling Budgets in Brazil by 20%

Mar 18, 2020

The recent collapse in oil prices could chop $300 million to $600 million off 2020 exploration budgets in Brazil, which has emerged as one of the world's hottest offshore oil plays, specialists at consultancy Wood Mackenzie told Reuters.Before…

MOL Finds Oil and Gas Off Norway

Mar 18, 2020

MOL Norge, a subsidiary of Hungary's MOL, has discovered oil and gas in its production license 820s, at Evra and Iving prospect in the North Sea, offshore Norway.The company said Wednesday it was in the process of completing the drilling of exploration well 25/8-19 S and sidetrack 25/8-19 A…

Neptune Energy Taps Stinger for Subsea Drone R&D

Mar 18, 2020

Subsea marine robotics company Stinger Technology has won a subsea drone research and development contract with oil firm Neptune Energy.Under the contract, Stinger Technology will work on the development, qualification and field trials of autonomous inspection/ intervention subsea drones…

Worker with Coronavirus Symptoms on North Sea Rig. Flights Suspended

Mar 17, 2020

Danish offshore drilling company Maersk Drilling has informed that a third-party worker aboard its offshore drilling rig at Total's Culzean field in the UK North Sea is exhibiting symptoms that may point to the COVID-19 coronavirus infection…

Drill String Accidentally Cut at Seadrill Rig Offshore Norway

Mar 17, 2020

Offshore drilling company Seadrill was involved in an incident last weekend involving the unintentional disconnection of the lower marine riser package (LMRP) on its West Mira semi-submersible drilling rig. Also, a certain amount of oil-based drilling fluid was discharged into the sea…

Equinor Setting Up 'Project' to Deal with Virus, Oil Price Effects

Mar 17, 2020

Norwegian oil and gas company Equinor is set to form what it described as a 'temporary corporate project' aimed at dealing with the effects of the coronavirus and the low oil prices.'The Coronavirus, measures to limit the spread and the significant…

Ecopetrol's 2020 Spending Scaled Down by $1.2B

Mar 17, 2020

Colombia's majority state-owned oil company Ecopetrol has cut its planned investment for 2020 by $1.2 billion amid the outbreak of the novel coronavirus and an increase in global crude supply, the company said Tuesday.The oil and gas company now sees its 2020 investment at between $3…

Hess Reduces 2020 Capex by $800M. Curtails Drilling Plans

Mar 17, 2020

U.S. oil company Hess Corporation has cut its capital and exploratory program in response to the sharp drop in oil prices, affecting both onshore and offshore drilling programs. The company said Tuesday it would reduce its capex to $2.2B from previously proposed $3 billion…

Yinson, PTSC Sign Long Term FPSO Charter Deal

Mar 17, 2020

Malaysian FPSO leasing company Yinson has signed a longer-term charter deal for the provision of the FPSO PTSC Lam Son to Vietnam's PTSC AP.After several short-term extensions, Yinson's Vietnam JV PTSC AP has signed a charter deal for the FPSO…

Oil Price Crash - Where Does Asia Go from Here?

Mar 17, 2020

Energy companies across the Asia Pacific responding to unprecedented challenges on multiple fronts 2020 has hit us like a fist. Coronavirus is already the most severe shock to hit the world economy since the financial crisis over a decade ago…

Repsol Sinopec to Tie-In Tain to Bleo Holm FPSO

Mar 17, 2020

UK-based oil and gas operator Repsol Sinopec is planning to apply for permission for the development of the Tain field in the Central North Sea, offshore the UK.The Tain field is located in Block 13/23b.  The Tain field will be developed by…

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