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…
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…
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…
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…
Deepwater drilling company Transocean reported a second-quarter net loss of $487 million, mostly on impairment of assets. The adjusted net loss was $1 million, an improvement from an adjusted loss of $187 million in the previous quarter.Total contract drilling revenues were $930 million…
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…
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…
Brazilian state-controlled oil producer Petrobras has agreed to pay 950 million reais ($184 million) to its pension fund Petros to settle a dispute over investments at drillship company Sete Brasil, the company said in a filing on Wednesday…
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…
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…
Dutch offshore services giant Van Oord has won a construction contract for the Hollandse Kust (noord) offshore wind farm from CrossWind.The contract follows the announcement on Wednesday that CrossWind, a Shell-Eneco JV, had won a tender to…
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…
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…
French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects, it said on Wednesday.'Overall, the exceptional asset impairments that will therefore be taken…
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…
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