Insights News

 

Oil Money is Flooding into Guyana. Who Will Benefit?

Aug 25, 2022

Ever since Exxon Mobil found vast deposits of oil off Guyana's coastline in 2015, government leaders have pledged that black gold would transform the fortunes of one of South America's poorest countries.This year alone, the economy should grow 48%, the fastest rate on the planet, according to the World Bank.But managed poorly, development experts and diplomats warn, those funds will stoke Guyana's overheated…

Big Oil Set to Cash in On Trillion-dollar Offshore Wind Prize

Aug 11, 2022

By Akif Chaudhry, Principal Analyst, Corporate Research, Wood MackenzieNo longer in its infancy, offshore wind is a proven technology on course to play a key role in the decarbonisation of the global economy. Over the next decade, the industry will attract almost US$1 trillion in new investment…

Israel-Lebanon Sea Boundary Row Obstructs Energy Development

Jun 07, 2022

A dispute between Israel and Lebanon over their maritime boundary has obstructed energy exploration in the eastern Mediterranean and risks exacerbating tensions between two foes.After months of deadlock in U.S.-mediated talks, Beirut on Sunday warned against any activity in the disputed area…

Europe Eyes Common Subsea Wind Power Grid to Bolster Energy Security

Jun 02, 2022

Northern European countries are discussing plans to create a common power grid under the North Sea to connect future offshore wind farms as they seek to strengthen energy security, but the ambitious proposal faces financing and regulatory challenges…

Australia's LNG Industry Takes Risky Bet on Carbon Capture: Russell

May 18, 2022

Australia's vast liquefied natural gas (LNG) sector is betting its future on carbon capture and storage (CCS), a technology it says is vital to decarbonization and is proven.Convincing everybody else is going to be the tricky part, especially…

Westwood: Offshore Drilling Rig Utilization Much Higher Than Typically Reported

May 17, 2022

By Teresa Wilkie, Research Director of RigLogix at Westwood Global EnergyUtilization is one of the key barometers of the health of the offshore rig market, as it identifies what percentage of the usable fleet is available versus what is not…

What Goes Around Comes Around - Sale of Ex-Sanko Energy Firming AHTS Values

Apr 25, 2022

Those who are old enough (or young enough) to remember Justin Timberlake’s poignant lyrics, ‘What goes around, goes around, goes around, comes all the way back around’, will appreciate their significance and relatability to the offshore oil and gas market…

As Russia Avoids Energy Sanctions, Oil Majors Flee but TotalEnergies Stays

Mar 07, 2022

BP, Shell, Exxon, Equinor flag Russia exitsTotalEnergies sticks with Russian natgas assetsLNG central to TotalEnergies' strategyFrance's TotalEnergies cuts a lonely figure hanging onto its Russian investments during a mass exodus of western oil majors from the country after its invasion of Ukraine…

Oil's Journey from Worthless in the Pandemic to $100 a Barrel

Feb 25, 2022

In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his company's core business to eventual obscurity…

What’s Happened to Teras Offshore's Liftboat Fleet?

Feb 09, 2022

Teras Offshore, once a notorious ‘‘big boy’’ in Singapore’s offshore oil & gas market and owning a varied fleet of liftboats, jack-ups, and small AHTs, has recently been forced to close its doors for good and put an end to years of suffering and losses…

Can Qatari Gas Offset Disruptions to Russian Supply in Europe?

Feb 02, 2022

The United States, the world's top natural gas producer, has asked Qatar and other major energy producers to divert gas supplies to Europe if Russia attacks Ukraine and the United States imposes sanctions on Russia.Russia, which supplies around a third of Europe's gas…

Inside OPEC, Views are Growing That Oil's Rally Could be Prolonged

Jan 19, 2022

Oil's rally may extend further in the next few months due to recovering demand and limited capacity in OPEC+ to add supply and prices could break $100 a barrel, OPEC officials have told Reuters.Oil last traded at $100 a barrel in 2014, after averaging $110 a barrel over the previous two years…

Weak Winds Worsened Europe's Power Crunch; Utilities Need Better Storage

Dec 22, 2021

Wind speeds were milder than usual in Europe this year, so windmills across the bloc generated less electricity which worsened a crunch that sent power prices to record highs as utilities had to buy more coal and scarce, costly, natural gas…

Are Germany's New Climate Plans Realistic?

Dec 08, 2021

The German government, to be sworn in on Wednesday, has presented plans to step up climate protection efforts entailing far-reaching reforms for the utility sector and across manufacturing industries, buildings, transport, and agriculture.The targets are radical…

UK North Sea's Oil and Gas Future Darkens after Shell's Cambo Exit

Dec 06, 2021

Up until a few days ago, the leadership of British North Sea producer Siccar Point was negotiating the sale of a stake in the promising Cambo oil development to another private equity-backed company, NEO, sources told Reuters.But on Thursday Royal Dutch Shell…

Current News

Stephen Chazen, Long-time Occidental Petroleum Executive, Dies at 76

Stephen Chazen, Long-time Occidental Petroleum Executive, Dies at 76

OMV Confirms Find in One of "Largest Prospects in Norway"

OMV Confirms Find in One of "Largest Prospects in Norway"

Maersk Drilling Tapped for Danish Drilling

Maersk Drilling Tapped for Danish Drilling

TechnipFMC Wins North Sea EPCI Project

TechnipFMC Wins North Sea EPCI Project

Subscribe for OE Digital E‑News

Offshore Engineer Magazine