Oil & Gas News


Market Report: 'Transformation' on the Horizon in the Offshore Rig Market

Aug 02, 2021

The offshore drilling rig market is showing remarkable signs of recovery despite having faced severe headwinds of late. Throw the “green” rig revolution and further consolidation into the mix, and the next few years could be a period of real transformation for the industry.Rewind to July 2020, oil and gas companies were cancelling rig contracts left, right, and center. Many campaigns that were not…

Exxon-Led Group Earned Nearly $6 Billion in Guyana Last Year

May 25, 2023

Exxon Mobil and two partners earned $5.8 billion last year from offshore oil production in Guyana, according to audited results filed in an appeal of a court ruling that found them in breach of insurance obligations.The filing is the first disclosure of 2022 profits Exxon…

Norway Offers 92 Blocks in Mature Areas Licensing Round

May 11, 2023

Norway offered 92 new blocks to explore for oil and gas in the Norwegian and the Barents Seas on Wednesday in so-called APA round, the country's oil and energy ministry said.In recent years, Norway used annual APA rounds to aggressively expand exploration acreage in the Arctic Barents Sea…

Environmental Groups Take Eni to Court Over Climate Change

May 10, 2023

Environmental groups Greenpeace and ReCommon said on Tuesday they had launched a lawsuit against Italian energy group Eni for contributing to climate change with its fossil fuel businesses.Greenpeace said it had served notices about the lawsuit…

Venezuela's Oil Exports Fall in Spite of Iranian Assist

Jan 06, 2023

Venezuela's oil exports last year declined due to infrastructure outages, U.S. sanctions and rising competition in its key Asia market despite assistance from ally Iran, according to shipping data and documents.Exports this year are expected…

IEA Says World Oil Demand to Rise 2% in '23

Jun 15, 2022

World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook…

OPINION: Professor Richey says Biden Administration Needs to Work with Oil & Gas Industry

Jun 09, 2022

Glenn Richey, the Raymond J. Harbert Eminent Scholar and chair of the Department of Supply Chain Management in Auburn University’s Harbert College of Business, comments on record gas prices and how the Biden administration needs to work with…

ROVs: Time for Renewal in the Work Class world?

Aug 17, 2021

There are tentative signs of the start of a renewal in the work class ROV fleet. But what form will it take?The work class ROV (WCROV) market has taken something of a battering over the past few years. The 2014 downturn and then a pandemic has…

Eni Finds New Oil Offshore Mexico

Aug 02, 2021

Eni announced an oil find in Upper Miocene sequences on the Sayulita Exploration Prospect in Block 10 in the mid-deep water of the Cuenca Salina Sureste Basin, Offshore Mexico. According to preliminary estimates the new find may contain between 150 and 200Mboe in place…

Report says BHP Mulls Oil & Gas Exit

Jul 20, 2021

Global miner BHP Group is considering getting out of oil and gas in a multibillion-dollar exit as it looks to speed up its retreat from fossil fuels, Bloomberg News reported on Tuesday, citing people familiar with the matter.The world's biggest…

Oil Profits Soar: Oil Majors Shed Pandemic Blues

Apr 29, 2021

Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel demand behind them.Last year's demand collapse forced BP, Royal…

Current News

CCS, Hydrogen Challenges a Focus at SPE Offshore Europe 2023

CCS, Hydrogen Challenges a Focus at SPE Offshore Europe 2023

TechnipFMC, DOF-owned Vessel Catches Fire in Brazil

TechnipFMC, DOF-owned Vessel Catches Fire in Brazil

Consortium Proposes 2.5 GW Offshore Wind Farm in Bass Strait, Australia

Consortium Proposes 2.5 GW Offshore Wind Farm in Bass Strait, Australia

Equinor Eyes Restart of Statfjord A Offshore Platform Next Week

Equinor Eyes Restart of Statfjord A Offshore Platform Next Week

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