Oil And Gas News

 

V-shaped Recovery: Inpex Lifts Profit Guidance for 2021 by 40%

18 hours ago

Japan's biggest oil and gas explorer Inpex Corp raised its net profit forecast for 2021 by 40% on Thursday thanks to higher than expected oil prices but left its capital expenditure plans unchanged so it can repay more debt.Inpex is now forecasting a net profit of 140 billion yen ($1.3 billion) this year, up from its February prediction of 100 billion yen, after it raised its assumption for average Brent oil prices this year to $60…

Equinor Signs Deals with Startups

16 hours ago

Equinor Ventures, oil firm Equinor's corporate venture arm dedicated to investing in ambitious early phase and growth companies, has signed a Letter of Intent (LOI) with f3nice, an Italian additive manufacturing company. F3nice’s technology…

JGC Lands Pre-FEED Deal for Nigeria's First FLNG Project

18 hours ago

Japan's JGC has been awarded the Pre-Front End Engineering and Design (Pre-FEED) contract for an FLNG facility project in Nigeria.The project is being run by UTM Offshore Limited, a Nigerian private company engaged primarily in crude oil sales and construction equipment leasing…

TGS Starts 2D Survey Offshore Brazil

18 hours ago

Norway-based TGS, a provider of seismic data for oil and gas exploration, has this week started the acquisition of Pelotas 2D multi-client phase 3 offshore Brazil.The survey located in the Pelotas Basin covers approximately 17,000 line kilometers…

Aban Offshore Resumes Jack-up Rig Ops after Suspension Due to Virus Outbreak

19 hours ago

Indian offshore drilling rig owner Aban Offshore has resumed operations at its Aban IV jack-up drilling rig following a suspension due to a Covid-19 outbreak.Aban Offshore had suspended operations on the 1983-built, 2011-refurbished offshore drilling rig in the first week of May…

Upstream Spending Won't Reach Pre-Crisis Levels Any Time Soon, Rystad Says

20 hours ago

Spending in the upstream oil and gas sector is expected to gradually begin to rise from 2022, however, it will not reach the pre-crisis period any time soon as the toll of the Covid-19 pandemic on upstream investments in the first two years of the downturn is estimated at a whopping $285 billion…

U.S. Grants Jones Act Waiver to Company to Ease Fuel Supply Shortages after Cyber-attack on Pipeline

20 hours ago

The U.S. government relaxed a long-standing maritime law protecting domestic shipping commerce to allow an undisclosed company to transport gasoline and diesel to ports in the East Coast after a cyberattack crippled the nation's largest fuel pipeline network…

Chevron Closes Tamar Gas Field off Israeli Coast as Unrest Flares

21 hours ago

Chevron has shut down the Tamar natural gas platform off the Israeli coast at the instruction of the country's energy ministry, the company said on Wednesday, following the wave of unrest in the region.The Israeli energy ministry said all of…

PXGEO Strikes Seismic Vessel Deal with TGS

May 12, 2021

Marine seismic contactor PXGEO has signed a deal to provide 12 months of towed-streamer seismic acquisition services to the Norwegian seismic data firm TGS.TGS has committed to using the PXGEO 2 vessel or any other capable vessel which PXGEO…

Invenergy, BW LNG Secure Financing for FSRU Project in El Salvador

May 12, 2021

Sustainable energy developer Invenergy and LNG solutions provider BW LNG have secured a $128.3 million loan from IDB Invest to fund the construction of a floating storage and regasification unit (FSRU), a key part of the Energía del Pacífico (EDP) LNG-to-power project in El Salvador…

Remazel to Deliver Equipment for SBM Offshore's Prosperity FPSO

May 12, 2021

SBM Offshore, one of the world's largest suppliers of FPSOs, has hired the Italian engineering firm Remazel Engineering for the supply of a mooring tensioning system and riser pull-in package for an FPSO being built for deployment at ExxonMobil's Stabroek block in Guyana…

Equinor to Hire More Staff at Plants Hit By Fires in 2020

May 12, 2021

Fires that crippled two Equinor plants in Norway last year were caused by both technical and human errors, the energy company said on Wednesday, promising to hire and train more staff.A blaze last September at Hammerfest LNG, Europe's only large-scale liquefied natural gas plant…

Australia: Gov't Stuns Oil Firms with Levy to Decommission Abandoned Timor Sea Field

May 12, 2021

Australia has stunned the oil industry with a levy to cover the estimated $200 million cost of removing facilities and cleaning up the area around an oil field off northwest Australia after the small company that owned the project collapsed…

Norwegian Seismic Firm Buys Offshore Wind Intelligence Group 4C Offshore

May 12, 2021

Marine seismic data firms that supply data to offshore oil explorers are typically the first among oil industry contractors to bear the brunt of price drops, as their customers, the oil companies, slash expenses and wind down exploration activities while waiting for oil prices to rise again…

Oil Industry Spending Cuts Hit Seismic Firm CGG's Results

May 12, 2021

French oil services group CGG posted a 71% plunge in first-quarter core profit on Wednesday, reflecting a year of drastic spending cuts by the oil industry in the pandemic and sending its shares sharply lower.In a call with analysts, CEO Sophie Zurquiyah said the quarter had been slow as expected…

Current News

OGTC, Partners to Invest $1,4M in Hydrogen-enabling Technologies

OGTC, Partners to Invest $1,4M in Hydrogen-enabling Technologies

Horisont Energi, TGS Developing CCS Technology

Horisont Energi, TGS Developing CCS Technology

Schlumberger Names Chief Strategy and Sustainability Officer

Schlumberger Names Chief Strategy and Sustainability Officer

Diamond Offshore's New CEO to Earn $700k + Bonuses

Diamond Offshore's New CEO to Earn $700k + Bonuses

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