SBM Offshore, the Netherlands-based maker of floating oil and gas production facilities, on Thursday said it expected $45 million in impairments in Brazil and the United States.In Brazil, SBM Offshore has decided to temporarily close the Brasa…
Russian state bank VTB did not finance the recent deal by Qatar to buy a stake in Rosneft and it is verifiable by looking at who has the oil giant's shares as collateral, Rosneft CEO Igor Sechin said on Wednesday.Reuters reported last week that…
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will 'certainly' happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp…
Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said.Exploration and production, known as the upstream industry…
North Sea operator Serica Energy has struck a deal with commodities giant BHP Billiton to up its stakes in two North Sea fields, taking it above 90 per cent ownership of the assets.Under the a sale and purchase agreement (SPA), Serica UK will acquire a 16…
An oil tanker and a Norwegian navy frigate collided off Norway's west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway's top gas processing plant and several offshore fields…
Brazil's Petroleo Brasileiro SA on Tuesday reported a surge in third-quarter net profit that still lagged forecasts as oil prices rose but spending at the state-owned company jumped.Petrobras made a net profit of 6.644 billion reais ($1.78 billion)…
U.S. oil and gas producer Noble Energy Inc reported a better-than-expected quarterly profit on Thursday, as the company boosted oil production and sold at higher prices.Sales volumes from the company's U.S. onshore business, its biggest, rose 17…
U.S. oil and gas producer Hess Corp posted its first profit in about four years that also easily beat analysts' estimates, as it sold oil at higher prices and managed to slash costs by 62 percent.New York-based Hess has not reported a profit…
Abu Dhabi state-owned oil producer ADNOC plans to increase oil production capacity to 5 million barrels per day by 2030, the emirate's crown prince said in a tweet.Abu Dhabi's 'Supreme Petroleum Council approved AED 486 billion ($132.33 billion) in capex to support ADNOC's 5-year growth plans…
BHP and Equinor secured exploration blocks of the eastern Canadian province of Newfoundland and Labrador in a bid offering Wednesday that drew record high net bidding over C$1.3 billion.BHP will operate two exploration parcels in the offshore Orphan Basin…
A decision by Petrobras not to invest in drilling new wells has derailed Chevron Corp's plan to resume exploration in a Brazilian offshore field, people familiar with the matter said.Chevron, which operates the field with a 52 percent stake…
The U.K.’s oil and gas reserves remain at a level which could sustain production for at least the next 20 years and beyond if additional undeveloped resources can be matured, according to the U.K. Oil and Gas Authority (OGA).OGA’s ‘UK Oil and Gas: Reserves and Resources’ report…
Technology and training organization 3T Energy Group has acquired Aberdeen-based Survivex, an offshore oil and gas training specialist.Global technology and training organisation said in a press release that it has become the UK’s largest energy sector training provider after acquiring Survivex…
Will a rising tide in the offshore oil markets float all the boats? In the U.S. Gulf of Mexico, that remains to be seen.Offshore services, exploration and production are on a roll. In early October, yet another business combination of big drillers was announced…
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