Norwegian oil firm Equinor will cut investments, exploration drilling and operating costs as part of a $3 billion plan to help the company weather the coronavirus crisis and low oil prices, it said on Wednesday.Equinor will halt its onshore drilling in the United States…
Offshore drilling contractor Dolphin Drilling has signed a drilling contract for one of its semi-submersible offshore drilling rigs in the UK North Sea with oil company i3 Energy.Bjørnar Iversen, CEO of Dolphin Drilling said the contract was…
Oil and gas company BW Energy, with assets in Gabon and Brazil, has decided to cut down its planned Gabon investments by 50 percent, citing coronavirus outbreak, oil price uncertainty, and restriction on international travel.'The impact of international…
Oil and gas company Kosmos Energy is set to slash both capex and opex, and will suspend dividend payment citing the need to maintain balance sheet and preserve flexibility during the oil price volatility.'At the 4Q19 results, we guided to a…
The size of the prize of so-called digitalization technologies is enormous. How much is reality and how much is hype?UK-based analyst firm Wood Mackenzie asked this very question. The results are perhaps not that surprising.Speaking at Offshore Europe…
Global offshore support vessels supply base (OSB) market to reach around USD 6400 million by 2026 and is increasing at a CAGR of 5.4% during forecast period.According to a report by Facts & Factors, an increase in offshore investments in emerging…
Oilfield engineering and construction company Global E&C has said it has acquired 100% share capital in commissioning specialists Magma.Global E&C was formed in March 2019, following the majority acquisition of Apollo by Global Energy Group…
On the back of several major consultancy and maintenance optimization contracts wins in offshore and onshore oil and gas exploration space, Lloyds Register has appointed Yvo Yansen as Global Business Development Director for Energy business…
Brazilian oil company PetroRio has agreed to buy the OSX-3 FPSO for $140 million, and acquire an 80 percent stake in the Dommo Energia's Tubarao Martelo field off Brazil where the FPSO is currently deployed. The OSX-3 FPSO was built and delivered to the Tubarão Martelo Field in 2012…
For any new offshore oil and gas project, calculating costs is key. Operators must assess both up-front capital expenditure (capex) as well as expected ongoing operational expenditure (opex) over the life of the project and weigh these figures…
Matt Tremblay, SVP, Global Offshore, ABS, discusses the next hot growth market ... offshore wind. While the market grows, the question begs: Is the U.S. marine industry ready to meet demand?The American Bureau of Shipping convened a conference to discuss the pace and direction of the U…
Operational production costs in the oil and gas industry have fallen across the globe, with UK emerging as a cost-cutting powerhouse among global offshore regions.Specifically, the UK North Sea has emerged as a world leader in cost-cutting thanks to increased production…
The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions…
The U.S. Gulf of Mexico is positioned for another year of record oil production in 2020, despite massive cuts in investment.According to Rystad Energy, most of this growth coming from deep water projects.“2020 is expected to be another record year with average production above 1…
Oilfield services firm Weatherford has introduced ForeSite Flow, a flow-measurement solution driven by Production 4.0 intelligence.Unveiled this week at ADIPEC 2019, ForeSite Flow is a full-range, non-nuclear multiphase flowmeter paired with Weatherford ForeSite intelligence…
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