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…
The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three painful years of cuts, but it isn't party time yet.The shift in sentiment has been rapid as crude prices have risen by…
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…
Venezuela's oil production fell nearly 13 percent last year according to figures released by OPEC on Thursday, hitting a 28-year annual low that suggested a deepening economic crisis and increased chances of a debt default.The South American country produced 2…
In Statoil’s 2017 Energy Perspectives report, the Norwegian giant says that immediate action is needed to transform the global energy system. Image from Statoil. Statoil is expecting substantial changes in the global energy mix…
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…
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…
Wärtsilä will supply the engines and other propulsion machinery for what it says will be the first LNG-powered offshore construction vessel, being built at the Cosco shipyard in China for Belgium's Dredging International (DEME). 'This…
Marine and offshore engineering consultancy Aqualis Offshore, part of Oslo-listed Aqualis, has opened up an office in Taiwan to support local offshore wind and oil and gas developments. The purpose of the office is to promote Aqualis Offshore’s marine and engineering services locally…
The Petroleum Safety Authority Norway (PSA) has given Gassco consent to use the Polarled pipeline. Polarled is a new gas pipeline from Aasta Hansteen in the Norwegian Sea to the Nyhamna gas-processing facility in Møre og Romsdal county…
Trendsetter Engineering has been awarded multiple contracts to design and manufacture subsea production equipment for Noble Energy’s Leviathan Project, a large natural gas field development in the Eastern Mediterranean Sea off the coast of Israel…
Parkmead, the UK and Netherlands focused independent oil and gas group, has nearly doubled its stake in the major Sanda North and Sanda South structures in the West of Shetland area of the UK North Sea. These two large Palaeocene prospects are both located within Block 205/13…
Eni's Goliat reserves are set to increase by 1.2 MMcm or 7.5 MMbbl, following the approval to tie in the Snadd discovery in the Barents Sea, according to the Norwegian Petroleum Directorate (NPD). Two wells will be drilled from Goliat…
Petsec Energy is estimating first production at its Hummer oil and gas field in late Q3 2017. The company provided an update on the development of field, which extends over Main Pass Blocks 270, 273 and 274, in the Gulf of Mexico, offshore Louisiana…
Bosch Rexroth has received an order from GustoMSC to engineer, manufacture and commission the drive and control system for GustoMSC's most recent model in its series of continuous jacking systems. It is intended for a Japanese construction vessel…