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Petrofac Looking to Raise $275M to Pay for Bribery Penalty, Cut Debt

Oct 26, 2021

British oil services firm Petrofac Ltd said on Tuesday it planned to raise $275 million through a stock sale and use the funds to pay a fine for bribery-related offences and cut debt, sending its shares tumbling 23%.The company forecast annual…

FPSOs: Floating Ideas

Oct 25, 2021

The world’s FPSO fleet is getting older, with 55 FPSO units in the global fleet reaching the end of their design life in the next five years, with an additional five having life extension in place. With 19 more FPSOs currently being evaluated for life extension…

Hezbollah Warns Israel against Drilling in Disputed Waters

Oct 25, 2021

The leader of Lebanon's Hezbollah on Friday warned Israel against drilling for oil and gas in the disputed maritime border area between the two countries until the issue is resolved, and said the Iran-backed group would take action if it did so…

BW Energy to Buy Aquadrill's Drilling Rig and Convert It into Production Floater

Oct 25, 2021

Oslo-listed oil and gas company BW Energy has agreed to buy the semi-submersible drilling rig 'Leo', from Aquadrill, a Seadrill affiliate, to use as a production unit for offshore field development in Namibia.Leo (ex-West Leo) is a 6th generation…

Aberdeen Selects BP as Hydrogen Hub Partner

Oct 25, 2021

Aberdeen City Council on Monday announced BP as its preferred bidder for a commercial partnership for hydrogen hub development 'which will accelerate the city’s ambitions to become a world-class hydrogen hub.'Following a tender process that began in June…

FourPhase Removes 350kg of Solids from Trinidad Well

Oct 25, 2021

FourPhase, the solids and production performance specialist for the oil and gas sector, has said it has carried out the first-ever successful desander operation in the wider Trinidad region.The company said it had completed the operation successfully…

Siemens Gamesa to Open Offshore Wind Turbine Blade Plant in Virginia

Oct 25, 2021

Offshore wind turbine maker Siemens Gamesa Renewable Energy will open the first offshore wind turbine blade facility in the United States.The company on Monday held a launch ceremony with representatives from state and local government authorities and wind industry partners in Virginia…

Brazil's President Bolsonaro Considering Privatization of Petrobras

Oct 25, 2021

Brazilian President Jair Bolsonaro repeated on Monday that he is considering the privatization of state-run oil company Petrobras, remarks that lifted the company's share price.'This is on our radar,' the far-right president said during a radio interview…

Renewables: $2,3 Billion Blue Eden Project Proposed for Swansea Waterfront

Oct 25, 2021

A project worth £1.7 billion (around $2,3 billion) that includes a giant tidal energy lagoon and floating solar array has been proposed for Swansea's waterfront, in Wales, UK,  by DST Innovations and a number of business partners, with support from Swansea Council and Associated British Ports…

Dana Petroleum Books Island Drilling Offshore Rig for UKCS Well

Oct 25, 2021

Oil and gas company Dana Petroleum has awarded Island Drilling a one-well drilling contract for the offshore drilling rig Island Innovator.The contract for the 6th generation harsh environment drilling rig will start in April 2022.  Dana has…

Brent Crude Prices Hits Highest Since October 2018

Oct 25, 2021

Oil prices extended pre-weekend gains on Monday to hit multi-year highs, lifted by tight global supply and strengthening fuel demand in the United States and beyond as economies recover from pandemic-induced slumps.Brent crude futures rose by 97 cents…

FSRU: Nakilat, Karpowership sign MoU

Oct 25, 2021

Nakilat and Karpowership signed a Memorandum of Understanding (MoU) to collaborate in the LNG-to-power market and jointly own and operate Floating Storage Regasification Units (FSRUs).'This fits very well with Nakilat’s long-term growth plan…

LNG Demand to Rise 25-50% By 2030 - Morgan Stanley

Oct 25, 2021

Demand for liquefied natural gas (LNG) is expected to rise by 25 to 50% by 2030, making it the fastest growing hydrocarbon over the next decade, analysts from Morgan Stanley Research said in a note on Monday.Morgan Stanley has raised its long…

Upgrading Offshore Rig DP Systems Could Cut CO2 Emissions by 5,000t a Year, ADC Energy Says

Oct 25, 2021

ADC Energy, an Aberdeen-based offshore rig inspection firm, has announced the completion of a trial with 'a major rig owner' that found that an upgrade to Dynamically Positioned (DP) rigs power systems can reduce carbon emissions by nearly 5…

Portugal's Galp Raises Earnings Outlook after Hefty 3Q Profit

Oct 25, 2021

Portuguese oil company Galp Energia on Monday raised its earnings outlook for 2021 after higher oil prices and positive refining margins buoyed profitability in the third quarter.Galp said its adjusted core earnings or EBITDA in this year as a whole would exceed 2…

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