UBS sees upside for demand growth in 2018. Reuters survey shows strong compliance with output cuts. Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by OPEC and its ally Russia, as well as expectations for strong demand growth in 2018…
U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970…
Shell spends $400 mln in recent weeks on renewables, power. Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint…
Brent reaches $71.20, highest since December 2014; U.S. crude inventories fall for a record 10th straight week. Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U…
As U.S. oil output is poised to overtake Saudi Arabia, Venezuelan oil output is at 30-year low - and could fall further. Global oil markets are tightening quickly on falling supply from Venezuela, which posted 2017's biggest unplanned output fall and could see a further decline in 2018…
Audrey Leon looks at how BP’s new approach to working with its suppliers have led to quicker project start-up (First published in OE January 2018, view the full issue here). The Juniper platform offshore Trinidad and Tobago…
Lower for longer oil prices are leading operators to reconsider the structure of project contracts. Many are leaning toward supplier-led solutions to cut costs and boost reliability. Karen Boman reports (First published in the January 2018 OE…
ABS, a provider of classification and technical services to the marine and offshore industries, signed an agreement with Daewoo Shipbuilding and Marine Engineering Co. (DSME) to support safety and apply class guidance to a conceptual floating liquefied natural gas (FLNG) unit…
AGR has been awarded a frame agreement to deliver well and drilling engineering advice to the Norwegian Petroleum Directorate (NPD) to support evaluation of drilling programs, well design and testing, completions and plugging and abandoning…
Statoil has awarded Prosafe a contract for the provision of the Safe Zephyrus semisubmersible accommodation vessel for Phase 1 of the Johan Sverdrup hookup and commissioning project in the Norwegian sector of the North Sea. The contract…
Soil Machine Dynamics Ltd. (SMD) has signed a contract with Van Oord for the manufacture and delivery of a QTrencher 1600. This contract follows the successful deployment of SMD’s QTrencher 1400 on Van Oord’s Gemini Wind Farm. Scheduled for delivery in Q1 2018…
Operator Engie E&P Norge has awarded contracts to TechnipFMC and Aker Engineering and Technology for feasibility studies for the Cara project in the Norwegian part of the North Sea. The studies intend to show the potential, challenges and opportunities at an early stage of the development…
Neptune has been awarded a major geophysical and geotechnical work scope by PTTEP, Thailand's national petroleum exploration and production company, at the Cash Maple Field, approximately 630km North-Northeast of Broome, Australia. Neptune…
Norwegian oilfield services company Beerenberg has won a hook-up contract with Aker Solutions worth US$23.4 million (NOK 200 million) plus options for two installations on the Johan Sverdrup field in the North Sea. Beerenberg’s scope of work will include scaffolding…
Bristow Helicopters Ltd. has secured a new contract with Apache North Sea Ltd. to support its North Sea operations. The contract which has a five-year primary term, with further extension options, will commence on 1 September 2017. Aircraft…