The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets…
Oil and gas company Neptune Energy has terminated the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas. Neptune will pay a $5 million termination fee to Energean.The two companies had last year agreed…
Confidence had returned to global exploration with improved performance and the emergence of several new multi-billion barrel plays. The confidence carried over into 2020 but has evaporated in the face of the Covid-19 crisis and the collapse in oil prices…
Premier Oil is asking BP to cut the sale price of two North Sea oilfields in a proposed $625 million deal due to weak oil prices, Chief Executive Tony Durrant said on Wednesday.The company is also talking to shareholders, creditors and brokers…
Kongsberg Maritime reported that its K-CAT (KONGSBERG Competence Assessment Tool) is receiving positive reports from the global oil & gas fleet supplier Siem Offshore, consolidating a deal between the two companies worth in the region of $68…
Shell Midstream Partners said on Thursday it is offering storage in its Mars Sour crude cavern on the U.S. Gulf Coast, as offshore producers are not cutting output like onshore shale drillers despite the oil price downturn caused by the coronavirus pandemic…
Gulf Marine Services (GMS), a UAE-based owner of a fleet of jack-up service units for the offshore energy industry, has again rejected Seafox's takeover proposal and has urged its shareholders to do the same.Seafox, the Dutch owner of a fleet of offshore jack-up service vessels…
Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back activity this year, the Norwegian energy firm said on Thursday.With operations from the North Sea to Africa…
Oil and gas company Neptune Energy has received regulatory approval to use the Deepsea Yantai rig for exploration drilling in the North Sea, offshore Norway.The Petroleum Safety Authority Norway said Wednesday it had granted Neptune the consent…
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide…
Nestlé's UK subsidiary has signed a 15-year indexed fixed price agreement with Danish offshore wind company Ørsted to buy green power from the Race Bank Offshore Wind Farm, off the coast of Norfolk.Nestlé UK will buy the output of 31MW of the offshore wind farm's 573MW total capacity…
Guyana has no plans to cut crude output despite a plunge in oil prices, the government's top energy official said on Monday, adding that shutting down production could prove costly and harm future output.Mark Bynoe, the director of the Department of Energy…
UK oil and gas producer EnQuest is planning workforce reductions in the UK as some of its North Sea fields are expected to cease production, while others will remain shut as part of a recently announced cost-cutting initiative.When it comes to the planned workforce cuts…
A British court on Wednesday approved Premier Oil's plans to extend debt maturities by two years and raise up to $500 million in equity to buy North Sea assets from BP and others, but the deal depends on market conditions, Premier said.Activist hedge fund ARCM…
Brazilian state-run oil firm Petrobras has reversed most of its previously announced production cuts due to higher-than-expected demand for some fuels, it said on Monday, a surprising turnaround that may be tied to an aggressive bet on bunker fuel…
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