A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.U.S. West…
The UK-based subsea well decommissioning specialist Well-Safe Solutions has awarded a contract to Fugro for the supply of an integrated marine-based solution onboard its Well-Safe Guardian offshore rig.The Well Safe Guardian is Well-Safe Solutions’…
Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said…
As the offshore market entered 2020, many within the industry had an optimistic outlook for the future and the consensus was ‘the worst is behind us’. However, nobody could have foreseen the events that would unfold in Q1 2020 and the impact…
State-run Electricity Generating Authority of Thailand said it will buy a second spot-market shipment of liquefied natural gas (LNG) on Tuesday.The state-owned PTT's Map Ta Phut LNG receiving terminal in the eastern part of Thailand will receive the 65…
British North Sea oil and gas producer EnQuest cut its operating costs by a further $40 million to $335 million from previous guidance and senior management will take a voluntary 20% pay cut to weather an oil price slump, it said on Thursday…
Exxon Mobil Corp said on Tuesday that production at the Payara project, its third development in Guyana, could be delayed due to delays in government approvals as the company scales back spending elsewhere due to the crude price crash.Payara's…
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said…
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%…
Malaysia's state energy giant Petronas, struggling with weak prices and falling demand, said on Friday its own funding needs and debt obligations would dictate any special dividend to the government amid the coronavirus crisis.The government…
Indonesia's upstream oil and gas regulator SKK Migas has cut its full-year production outlook for the country, its chairman Dwi Soetjipto told reporters on Thursday, after reporting a drop in oil and gas output in the first quarter.The coronavirus…
Brazilian offshore drilling services provider Ocyan has launched Ocyan Waves program, where start-ups can register and provide their solutions for Ocyan's internal challenges.Startups should seek innovative solutions to the challenges selected…
Delek's British North Sea oil and gas producer Ithaca Energy will cut spending by about half to $120 million this year, it said on Tuesday, adding that cashflow remains strong in spite of a recent slump in oil prices.Ithaca, which its owner has said could list on the London stock market this year…
California Energy Commission has awarded Aker Solutions and Cognite a $2 million grant for a project called NextWind Real-Time Condition Monitoring.The project is focused on next-generation solutions in wind through digitalization and aims to…
Royal Dutch Shell on Thursday deepened its ambition to battle climate change, setting the oil and gas sector's broadest plan to reduce greenhouse gas emissions to net-zero by 2050.The new climate goals put the Anglo-Dutch company - at least on paper - ahead of the most progressive of its rivals…
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