Brent crude futures retreated on Tuesday but held near $114 a barrel following fresh hostilities in the Middle East, while investors monitored developments in the U.S.-Israeli conflict with Iran.The U.S. and Iran launched new attacks in the…
Thailand on Tuesday unilaterally terminated a longstanding agreement with Cambodia to work towards joint offshore energy exploration, defying calls from its neighbour to stay the course on the 25-year-old pact.The Thai cabinet's cancellation of the agreement…
Southeast Asia is entering a critical second wave of deepwater gas development targeting 28 trillion cubic feet of resources across Indonesia, Malaysia and Brunei. However, delivering these projects won’t be easy, says Wood Mackenzie.The models suggest these projects have fragile economics…
Conrad Asia Energy, through its majority-owned subsidiary West Natuna Exploration as operator, is progressing development of the Mako Gas Project offshore Indonesia, with first gas targeted in the fourth quarter of 2027.The project partner, Empyrean Energy…
Fugro has secured a geotechnical site investigation contract by Copenhagen Infrastructure Partners (CIP) for the 600 MW FengMiao II offshore wind farm in Taiwan.The project forms part of Taiwan’s Round 3.2 offshore wind tender and supports the country’s target of reaching 13…
China's CNOOC posted a 7.1% rise in first-quarter net profit on Tuesday as the Iran war pushed up global oil prices and the offshore oil and gas major increased its production.Net income for the January-to-March period was 39.14 billion yuan ($5…
The United Arab Emirates’ decision to leave OPEC will sharply diminish the 65-year-old producer group’s influence over the oil market, opening the door to an all‑out price war once Gulf producers rush to regain market share when the Iran war is over…
The United Arab Emirates said on Tuesday it was quitting OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy…
Mooring and anchoring specialist Mooreast Holdings has granted an option to sell its leasehold property in Singapore for $23.3 million, aiming to boost offshore wind activities at new location.The company said it expects net proceeds of about…
Abu Dhabi National Oil Company is planning to invest tens of billions of dollars to build a natural gas business in the United States, the Financial Times reported on Tuesday.Nameer Siddiqui, the newly appointed chief investment officer of ADNOC's overseas investment arm XRG…
In recent years, Asia’s offshore sector has regained strategic importance, particularly in countries such as Malaysia, Indonesia and Vietnam, as operators pursue new upstream opportunities while governments seek to strengthen domestic and regional energy security…
Top oilfield services companies SLB and Baker Hughes said on Friday they expect higher spending on oil exploration and production, as tighter global supplies driven by the Middle East conflict highlight the need for investment, particularly in North America…
Continued idling of assets should the conflict persist would see wider MODU market tightening as drillers and NOCs manage capacity.The impact of the war in the Middle East on the offshore energy sector has so far received less attention than…
With one year since the last AHTS report, we have now started to see the effects of a tightening supply-demand balance as earlier predicted, which has translated into a significant uptick in the North Sea spot market especially.The total global AHTS fleet totals just south of 1…
Italy's Saipem can win contracts for post-Iran-war repair work in the Middle East by leveraging its long-term relationships with customers in the region, the energy services group's chief executive said on Wednesday.The cost of repairing damage…
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