Acteon Group subsidiaries MENCK and LM Handling have won a contract to support piling operations for a platform installation off the coast of Trinidad and Tobago. Subsea services firm Acteon said that the Trinidad and Tobago project would draw…
Flow assurance can keep offshore wells productive, and it requires successfully preventing or mitigating problems in the reservoir, the subsea flowlines and the topsides equipment.To prevent flow assurance problems, it’s necessary to identify potential issues…
Chevron Corp on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits.Global fuel demand has crashed by a third while many people shelter at home for an indefinite period…
Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown.Global fuel demand has tumbled…
BP will cut its oil production in Azerbaijan by 76,000 barrels per day (bpd) in May and June as part of the ex-Soviet country's efforts to curb supply, state energy firm SOCAR said on Thursday.SOCAR plans to cut production by 17,000 bpd over the same period…
Southeast Asia-focused oil company KrisEnergy has said it has secured a loan for the development of a gas field offshore Cambodia.The company on April 30, 2020, entered into a credit facility agreement with Kepinvest Singapore Pte. Ltd. as a lender for a loan of up to $87 million…
Sweden's Lundin Energy will cut its spending plans after a smaller-than-expected rise in first-quarter profit, the partner in Norway's Johan Sverdrup oilfield said on Thursday.Its earnings before interest and tax (EBIT) rose to $404 million…
Qatar Petroleum, one of the world's biggest energy companies, plans a new wave of job cuts and spending reductions to cope with the slump in oil and gas demand which has hit global economies, two sources familiar with the matter said.Economic…
Norway's minority government proposed on Thursday to temporarily change tax rules for oil firms in a bid to prevent a collapse in investments amid the COVID-19 pandemic, Prime Minister Erna Solberg said on Thursday.The plan could boost the liquidity…
Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.Shell also suspended the next tranche of…
Norway, Western Europe's largest oil producer, will slash its output from June to December of 2020, the oil and energy ministry said on Wednesday, the first time in 18 years it has joined other major producers to shore up prices.'We will cut Norwegian production by 250…
CNOOC Ltd on Wednesday lowered its 2020 oil and gas production and capital spending, China's state offshore oil and gas producer said.It cut its capital spending target by 10 billion yuan ($1.41 billion) to a range of 75-85 billion, CNOOC said…
UK oil and gas producer EnQuest is planning workforce reductions in the UK as some of its North Sea fields are expected to cease production, while others will remain shut as part of a recently announced cost-cutting initiative.When it comes to the planned workforce cuts…
Oil and gas firm Neptune Energy has informed that another partner - Eneco - has joined the PosHYdon pilot, the world’s first offshore green hydrogen project, being developed in the Dutch North Sea.PosHYdon integrates three energy systems in the Dutch North Sea: offshore wind…
Offshore wind farm developer Ørsted has said that its offshore wind farm Borssele 1 & 2 in the Dutch North Sea has delivered first power to the Dutch grid. The first wind turbine is now supplying electricity.Borssele 1 & 2 is located 22 kilometers…
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