The world’s oil reserves were unchanged in 2015 despite a sharp drop in investment and exploration after the collapse in crude prices, BP said in its benchmark industry report. Proven oil and gas reserves that can be technically pumped out of the ground typically fluctuate with oil prices as production becomes more or less economically… Continue Reading »
The Shah Deniz consortium today announced the award of a $1.5 billion contract for the transport and installation of the deeper water subsea production systems for Shah Deniz Stage 2 to the BOS Shelf LLC, Saipem Contracting Netherlands B.V. and Star Gulf FZCO consortium. The scope of work of the contract is for the management… Continue Reading »
An increase in oil prices is looking “increasingly certain” says Colin Welsh, head of international energy investment banking at Simmons & Company International, assuming we avoid another global recession or an implosion in the Chinese economy. Recent US Energy Information Administration data shows that production declines in the onshore oil fields in the United States… Continue Reading »
Oilfield services investment company, Akastor, has booked a first-quarter 2016 loss on sharp decline in revenues caused by the weak market. The Oslo-listed company recorded loss of NOK 366 million ($45.4 million) for the first quarter 2016 compared to loss off NOK 251 million ($31.1 million) in the corresponding quarter in 2015. Akastor, as a group,… Continue Reading »
Atlas Oil Company is excited to announce its newest investment in the FuelNOW Network (FNN), a cloud-based platform that automates the supply chain and streamlines the fuel delivery process. Utilizing FNN, Atlas has complete visibility into key delivery metrics and accurate business insights that can be accessed from any device, at any time day or… Continue Reading »
Waterfront Shipping Company Ltd. (WFS), Marinvest/Skagerack Invest (Marinvest), Westfal-Larsen Management (WL), and Mitsui O.S.K. Lines, Ltd. (MOL) were proud to attend the traditional ship naming ceremonies and take delivery of the first Korean and Japanese built methanol-fueled ocean tankers, the Lindanger, Mari Jone and Taranaki Sun. Hyundai Mipo Dockyard hosted the Korean ship naming ceremony,… Continue Reading »
While the oil industry continues to cut jobs, projects and costs amid low crude prices, one region is making a surprise comeback after years of declining activity, company executives and officials say: the Norwegian Arctic. The search for oil and gas in mature offshore areas in the North Sea is being axed this year due… Continue Reading »
Hurricane Energy has found a new investor in private equity fund manager Kerogen Capital which is injecting 44.1 million pounds ($62 million) into the company for a nearly 30 percent stake, showing some rare appetite in oil deals amid weak prices. The share placement is also raising another 8 million pounds from existing shareholders Crystal… Continue Reading »
Mexico’s oil regulator voted on Thursday to improve the terms for its first-ever deepwater auction in December, giving energy companies and investors more flexibility to structure their bids as oil prices have slumped over the past two years. In a meeting that was webcast, commissioners of the regulator known as the CNH voted unanimously to… Continue Reading »
Statoil has started marine installations on the Dudgeon offshore wind park with the first monopile foundation installed offshore Norfolk, England. The first monopile foundation was installed and fixed to the seabed by the crane vessel Oleg Strashnov on the Dudgeon bank, 32 kilometers from the coastal town of Cromer. In total, 67 turbines will be installed… Continue Reading »
