Buzzard oilfield restarts, pumping below full rate-source; Forties has temporary flow restriction. Oil and natural gas flows along Britain's biggest and most important oil pipeline, Forties, were ramping up slowly on Thursday as the system…
Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. The drop came amid a rout in global equity markets sparked by inflation fears…
Floating production solutions firm SBM Offshore today (16 January) closed its $1 billion sale of Turritella, the world’s largest floating production storage and offloading (FPSO), to Royal Dutch Shell. The sale, announced in July 2017…
The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three painful years of cuts, but it isn't party time yet.The shift in sentiment has been rapid as crude prices have risen by…
UBS sees upside for demand growth in 2018. Reuters survey shows strong compliance with output cuts. Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by OPEC and its ally Russia, as well as expectations for strong demand growth in 2018…
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage…
Shell has reach final investment decision on its Penguins fields redevelopment in what will be its first new manned installation in the northern North Sea in almost 30 years. The project will see a newbuild floating production, storage…
Brent reaches $71.20, highest since December 2014; U.S. crude inventories fall for a record 10th straight week. Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U…
A Boston-based private equity firm ArcLight Capital Partners has acquired a 26.5% non-operated stake in Shell's Perdido Regional Host from BP. The Perdido Regional Host spar platform is the only deepwater production facility serving the Gulf of Mexico’s Perdido Foldbelt Trend…
French oil major Total and Brazilian national Petrobras have finalized the US$1.95 billion transfer of interests in the pre-salt Santos Basin from Petrobras to Total. The companies called the move a “decisive milestone” in a strategic alliance…
Venezuela's oil production fell nearly 13 percent last year according to figures released by OPEC on Thursday, hitting a 28-year annual low that suggested a deepening economic crisis and increased chances of a debt default.The South American country produced 2…
While a leaner and more selective exploration industry has emerged over the past two years, Wood Mackenzie expects Latin America to buck this global trend in 2018, with intense exploration activity expected in frontier basins in the Equatorial Margin…
As U.S. oil output is poised to overtake Saudi Arabia, Venezuelan oil output is at 30-year low - and could fall further. Global oil markets are tightening quickly on falling supply from Venezuela, which posted 2017's biggest unplanned output fall and could see a further decline in 2018…
The highest number of licenses ever have been awarded in Norway's latest licensing round, with 75 licenses awarded to 19 operators, led by Norwegian major Statoil. The Norwegian Ministry of Petroleum and Energy says 34 oil companies…
Finalists for industry body Subsea UK's 2018 business awards have been unveiled. Some of the country’s most innovative and successful subsea businesses have made it on to the shortlist for the annual awards which seek to recognise companies…
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