Energy group Eni achieved its highest ever oil and gas production rate for a third quarter, softening the blow of lower quarterly earnings because of weak oil and gas prices.The Italian company generates around 90% of its operating profit from its upstream oil and gas business…
State-run Korea National Oil Corp (KNOC) has scaled back efforts to pull out of the British North Sea, focusing on the sale of its stake in the Tolmount gas project, three industry sources said.Heavily indebted KNOC earlier this year tried to…
Brazilian state-owned oil company Petrobras said on Thursday that some of its costs in a key oil-producing region plunged in the third quarter, a positive sign given that the company is making a huge bet on the region.In a securities filing announcing its third-quarter results…
Royal Dutch Shell and Exxon Mobil have paid $1.7 million to Somalia to lease offshore blocks for 30 years, the country's state news agency reported on Friday.'Shell/Exxon Mobil have paid $1.7 million to Somalia as the preliminary rent for 30 years…
Italian supermajor Eni said new resources have been discovered in the Abu Rudeis Sidri development lease, in the Gulf of Suez where the operating company Petrobel, equally held by Eni and by national oil company Egyptian General Petroleum Corporation (EGPC)…
Services firm Wood said it has been awarded a contract with Apache to provide commissioning services to the Beryl Alpha, Beryl Bravo, and Forties Alpha, Bravo, Charlie and Delta platforms located in the UK North Sea.Apache will leverage Wood’s…
Swedish-based Viking Supply Ships (VSS) in partnership with funds managed by Borealis Maritime, has entered into a contract to purchase two platform supply vessels (PSV) currently under construction. In addition to the partial ownership, VSS…
Bernhard Schulte Offshore GmbH (BSO) and MidOcean Wind (MOW) have entered into a joint venture to build and operate support vessels for the US offshore wind industry as well as explore opportunities in other sectors of U.S. merchant shipping…
Asset managers leveraging advanced sensor technologies, vast pools of stored and processed data, and real-time analytics are able to foresee—and prevent—costly component failures.A recent report from Lloyd’s Register points out that predictive…
The bounce back of Egypt’s upstream operations continues to gain momentum, attracting additional offshore-focused investments and transactions with latest reports indicating Dubai-based oil and gas company Dragon Oil has received the nod to…
Offshore wind could become a cornerstone of the world's power supply as steep cost reductions and improved technology unleash the potential of the green energy source, said the International Energy Agency (IEA) on Friday.Renewables replacing…
Norwegian international subsea operating company DOF Subsea has won two contracts totaling more than 160 vessel days for its offshore vessels Skandi Seven and Skandi Skansen in Africa.Skandi Seven has commenced operations for a repeat international energy company in Angola…
Tullow Oil and its partners in the Orinduik block offshore Guyana are plotting their next steps following two discoveries on the closely watched hotspot earlier this year.The London-based operator, which owns 60% working interest in the 1,776-square-kilometer Orinduik block…
Africa-focused oil and gas explorer FAR Ltd said on Thursday that its two offshore blocks in the Gambia could potentially hold 1.2 billion barrels of oil.FAR, which operates and owns 50% of the two offshore licences, said it was entitled to…
The U.S. Treasury extended a licence for Serica Energy to operate the Rhum field in the North Sea which is 50% owned by Iran's national oil company, energy producer Serica said on Thursday.The waiver by the U.S. Office of Foreign Assets Control (OFAC) allows U…
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