Britain's largest energy supplier Centrica canceled its 2019 dividend and cut costs in anticipation of an increase in nonpayments by customers and a drop in demand due to the COVID-19 outbreak, sending its shares to record lows.The government…
Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain.The continent's producers such as Nigeria, Angola and…
Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending…
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U…
More than a million jobs in the oilfield service industry (OFS) are expected to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, Norway's energy intelligence firm Rystad Energy said…
Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders…
Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity…
Lawmakers representing U.S. Gulf coast states on Friday asked Interior Secretary David Bernhardt to temporarily cut the royalty rate oil and gas companies must pay on their offshore drilling operations to help the industry weather a market crash…
Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company…
Austrian oil and gas group OMV is again postponing an investment decision on its Black Sea exploration project and is now aiming for a decision next year at the earliest, its chief executive said on Friday.The exploration of the Black Sea Neptun…
Japanese industrial giant Kawasaki Heavy Industries has contracted the Norwegian underwater drone specialist Stinger, to help it test its prototype AUV (Autonomous Underwater Vehicle).Stinger said last weekend that it would provide Kawasaki…
Valaris, the world's largest offshore drilling company by fleet size, is set to lose one of the most lucrative contracts in the offshore drilling industry today after it recently accidentally dropped a blowout preventer stack to seabed offshore Angola…
Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent…
Nigeria's petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus, according to a circular seen by Reuters.Health experts…
Woodside Petroleum halved its forecast spending for 2020 and deferred go-ahead decisions for its two biggest gas projects to ride out the pain of the coronavirus pandemic and plunging oil prices.Australia's top independent gas producer said…
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