Oil prices will eventually rebound, BP’s Upstream Chief Executive Bernard Looney told attendees during a presentation at the Offshore Technology Conference in Houston. “Is it lower for longer or lower forever? At BP we don’t think it’s lower forever,” Looney assured oil and gas industry delegates during the first day of the global conference. “You… Continue Reading »
Ezra Holdings has booked a loss in the second quarter as the weak market drove the revenues down forcing the Singapore-based offshore contractor to recognise impairments and write offs of bad debts. The Losses for the three months ending February 29 came in at USD 282.6 million for Q2 2016 and USD 336.4 million for H1 2016,… Continue Reading »
DNV GL has been awarded a contract by Statoil for the verification of Johan Sverdrup project on the Norwegian Continental Shelf. The contract includes verification of all 4 topsides, 3 bridges, 3 of 4 jackets, topside installation by use of the Allseas single lift vessel ‘Pioneering Spirit’ and extended site assessment for the jack-up. Regional Manager… Continue Reading »
Wood Group has been awarded a two-year contract extending its service provision for TAQA in the North Sea. Under the contract, which has the option of three, one-year extensions, Wood Group PSN will continue to deliver engineering, construction and maintenance services to five offshore assets: Cormorant Alpha, North Cormorant, Eider, Tern and Harding. TAQA operates… Continue Reading »
After chopping spending by almost one-third to cope with a crash in oil prices and billions in writedowns that sent profits to the weakest since last decade, China’s energy giants are cutting even deeper. PetroChina Co., Cnooc Ltd. and China Petroleum & Chemical Corp., which together produce more crude than any country in OPEC besides… Continue Reading »
Aker Solutions has won a global framework agreement to deliver engineering and project management services at BP-operated subsea oil and gas fields. The contract has a fixed period of five years and may be extended by two years. It covers subsea engineering services, asset integrity management and operations support. “We are delighted to partner with BP… Continue Reading »
Italy’s Eni is cutting investments and selling down stakes in oil and gas fields to help it prop up dividends and become a leaner exploration-driven player focusing on gas. The state-controlled company said in its 2016-2019 business plan on Friday it would cut overall group capital spending by 21 percent and exploration budgets by 18… Continue Reading »
Malaysian Prime Minister Najib Razak said Tuesday in the opening speech of the Offshore Technology Conference (OTC) Asia 2016 in Kuala Lumpur that the country’s national oil company (NOC) – Petroliam Nasional Berhad (PETRONAS) – has been resilient in dealing with challenges it faced in the current industry downturn, citing the recent unveiling of its… Continue Reading »
A new report by energy research and consulting service, Douglas-Westwood (DW), predicts a major decline in deepwater oil and gas projects spending in the next four years. Namely, DW anticipates deepwater expenditure to total $137 billion between 2016 and 2020. A rapid 35 per cent drop compared to DW’s previous deepwater forecast, covering the 2015-2019 period. According… Continue Reading »
Norway’s Coast Center Base (CCB), part of NorSea Group, is teaming up with a consultancy firm Logiteam AS, through an acquisition of 68% of its shares, as it looks to boost subsea services portfolio. According to CEO Kurt R. Andreassen, this partnership is planned to deliver cost savings for CCB’s customers and help the company expand its footprint in the subsea maintenance arena. “The subsea… Continue Reading »
