Vessel to support Mermaid’s Indonesian unit and comes on the back of anticipated continual demand in the South East Asian region for essential subsea services Mermaid Maritime Public Company Limited (“Mermaid” or “Company”) wishes to announce that its Indonesian business unit PT Seascape Surveys Indonesia (“Seascape”) has entered into a one (1) year charter-in contract… 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 »
Mexico will use $13.6 billion from a central bank surplus to pay down debt and boost its rainy day fund, shoring up finances as it prepares a support plan for the beleaguered state oil company Petroleos Mexicanos. The Finance Ministry will spend 167 billion pesos ($9.5 billion) of the transfer to buy back debt and… Continue Reading »
Nearly two years into an epic oil rout, U.S. shale drillers that have upended global energy markets are finally feeling a credit squeeze as banks make their biggest cuts yet to their loans. Every six months, oil and gas producers and their banks negotiate how much credit they should be given based on the value… Continue Reading »
Geophysical contractor TGS said it expects net revenues for the first quarter of 2016 to be approximately USD 64 million. This compares to net revenues of USD 172 million in the first quarter of 2015, which represents a decrease of close to 63 per cent. In addition to the undrawn revolving credit facility of USD 75 million,… Continue Reading »
SandRidge Energy Inc confirmed on Wednesday it has hired advisers to evaluate options including a bankruptcy filing, in what could be the most high-profile reorganization yet in U.S. shale oil industry. The company, battered by a 60 percent slide in oil prices since mid-2014, said in a regulatory filing there was substantial doubt about its… Continue Reading »
India’s Oil and Natural Gas Corporation has approved an investment of 340 billion rupees (about $5 billion) over the next few years in its east coast oil and gas asset, in a bid to boost production and benefit from a change in government policy. Earlier this month, a top company official said ONGC would unveil… Continue Reading »
Malaysian oil and gas services provider, SapuraKencana Petroleum, has plunged into loss in the fourth quarter ended January 31 on high impairments related to oil market downturn which also pulled the company down in red for the full year, despite a slight full-year revenue growth. Net loss for the quarter was at 1.29 billion ringgit or… Continue Reading »
The slowdown in oil and gas industry investment due to low oil prices was reflected in the results for Central Gulf of Mexico Lease Sale 241 and Eastern Gulf of Mexico Lease Sale 226. The Bureau of Ocean Energy Management (BOEM) received 148 bids from 30 companies for 128 blocks covering 693,962 acres in the… 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 »
