The oil price crash has transformed the outlook for the region’s E&P sector. Globally, governments and operators have been forced into action to rework investment plans in response to the dual impact of the precipitous fall in both demand and oil prices…
BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy.It also highlights the huge variation in how oil companies are viewing…
National Oilwell Varco Inc (NOV) has had a rough few years: Since 2017, the Houston company, whose drilling equipment is in major oilfields worldwide, has lost two-thirds of its value, costing shareholders a combined $9 billion.Despite that performance…
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa's second-largest oil producer.The consequences could be grave for a poor country that relies…
Recent turbulence in the price of light sweet crude oil futures has highlighted how little is known about the positions of traders and their impact on the formation of prices.Exchanges and regulators see the positions of all members and traders…
Piracy activity on the Mexican side of the Gulf of Mexico seems to be picking up, with several attacks in the past month on offshore support vessels.A little over a week ago, a Maersk Supply Service's offshore vessel was a target of an armed robbery offshore Ciudad Del Carmen…
Technology in the oil and gas industry has been largely focused on digitizing processes and implementing Artificial Intelligence (AI) into the workflow. With the conclusion of another year, the next decade will continue to adopt even more changes…
The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals.International crude…
Energy companies across the Asia Pacific responding to unprecedented challenges on multiple fronts 2020 has hit us like a fist. Coronavirus is already the most severe shock to hit the world economy since the financial crisis over a decade ago…
London-listed oil and gas company Cairn Energy has provided an update of its operations including the progressing of the Sangomar Field Development offshore Senegal despite the having yet to attract the necessary funding for its share of the costs…
A sustained price war could see marginal projects delayed and hasten a predicted decline in new awards, writes Gregory Brown, Maritime Strategies InternationalThe optimism that was very much present in the offshore market at the turn of the year has ebbed away with the spread and impact of COVID-19…
Norwegian offshore suppliers on Monday endured a perfect storm of economic shockwaves after the oil price collapsed 30 percent over the weekend and sent oil stocks plummeting en masse in a way not seen for two decades.By around midday in Oslo…
Aker BP and Framo have signed a first long-term frame agreement for the preventive maintenance of seawater lift pumps, a deal in which “compensation is directly linked to facility uptime”, the operator said in a release Monday.While the “seawater lift as a service” agreement might sound “smart”…
Civil strife has been one of Africa's biggest hurdles to the exploration and production of oil and gas on the continent's waters. Despite a reduction in the conflicts, violence has flared up again in East Africa, as forces loyal to Somalia clashed…
Offshore energy stocks, about 34 of them, soared in value on Monday, as investors ignored corona-virus fears and heeded instead a number of U.S. and Norwegian market reports.Shares in Northern Drilling soared 31.48 percent by mid-morning in Oslo (before settling 12 percent up)…
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