Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the…
The Mediterranean-focused oil and gas company Energean has said that the hull of its Energean Power FPSO has reached Singapore.The China-built hull is expected to be fitted with the topside modules built in Singapore at the Sembcorp Yard, before setting sail to the Karish offshore field in Israel…
International Energy Agency (IEA) Executive Director Fatih Birol said on Wednesday this month could prove the worst ever experienced by the oil industry.'In a few years' time, when we look back on 2020 we may well see that it was the worst year in the history of global oil markets…
Oil fell 5% to around $28 a barrel on Wednesday, pressured by reports suggesting persistent oversupply and collapsing demand due to global coronavirus-related lockdowns.The International Energy Agency (IEA) on Wednesday forecast a 29 million…
Austrian oil and gas company OMV has de-manned its offshore platforms in the Taranaki Basin in New Zealand to only essential crews due to the COVID-19 pandemic.Responding to request for comment by Offshore Engineer on how it is dealing with the COVID-19 situation…
Singapore-based offshore rig builder Keppel Offshore & Marine has partnered up with Energy Market Authority (EMA) to develop energy solutions in the areas of distributed energy resources, digitalization and emerging low carbon alternatives.As part of the $10 million partnership…
Following a report earlier this week that Singapore would temporarily house foreign workers on offshore flotels due to the COVID-19 crisis, the first group of workers has boarded one of the units.'As part of Singapore's efforts to contain the spread of COVID-19…
Austrian energy firm OMV has said it has struck oil and gas in the Taranaki Basin offshore New Zealand. OMV, as the operator of the Petroleum Exploration Permit (PEP) 60093, started drilling at the Toutoiwai-1 well in early March 2020.The oil…
Singapore-listed Dyna-Mac has won an order to build two upper hull sections of an offshore vessel.Dyna-Mac said Tuesday that the order, from an unnamed repeat client, was valued at S$6.3 million.Under the terms of the contract, Dyna-Mac’s scope of work includes structural fabrication and erection…
US-based offshore vessel provider Hornbeck Offshore has struck a comprehensive balance sheet restructuring support agreement with its lenders.The announcement on Tuesday follows Hornbeck’s previous announcement earlier this month when the company…
Offshore helicopter players Era and Bristow, which recently announced plans to merge, have skipped a hurdle towards the completion of the merger.Era said Tuesday that the waiting period for the proposed merger under the Hart-Scott-Rodino Antitrust Act ended on April 10…
Jack-up drilling contractor Borr Drilling has received early contract terminations for five offshore drilling rigs, and has warned that more terminations might be forthcoming. On the bright side, the company has been awarded letters of award for two premium jack-ups…
Swedish company Alfa Laval has said it has won two large orders in the offshore industry space from clients in China and Singapore.Under the orders, of a combined value of around SEK 170 million (USD 17 million), Alfa Laval will deliver Framo…
Norwegian seismic survey company Shearwater has lost two contracts in the Asia Pacific, joining the likes of Polarcus, SeaBird, EMGS which have all been hit by the recent low oil prices and COVID-19 pandemic situation.Shearwater said Tuesday…
Oslo-listed marine seismic company SeaBird Exploration is working to reduce costs further in the wake of uncertainty caused by low oil prices and COVID-19. The company said that in the worst-case scenario it would target to cut the spending to less than $400…