Amid a raft of February orders and near-orders for floating production storage and offloading vessels, or FPSOs, comes a new report suggesting those shipyards and engineers able to piece them together may soon be feeling the strain.'The strong pace of recent orders has a downside…
The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions.Manufacturing shutdowns and shipping bottlenecks are causing project delays…
Norwegian energy intelligence firm Rystad Energy has further slashed its expected oil price estimates for 2020, citing the effect of the coronavirus epidemic. What is more, Rystad says another downward revision might happen soon.'As China’s…
A consortium of Gasunie, Groningen Seaports, and Shell on Thursday announced plans to build a massive green hydrogen plant in Groningen.The project, dubbed Europe's largest green hydrogen project, and named the NortH2, envisions the production…
Oil prices fell over 2% on Thursday, plunging for a fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fuelled fears of a pandemic that could slow the global economy and dent demand for crude.Brent crude was down $1…
Denmark's Maersk Decom has won a contract for complete plugging and abandonment of Tullow Oil’s Banda and Tiof fields offshore Mauritania.This is Maersk Decom's first project where the company will provide an end-to-end plugging and abandonment solution under one single contract…
The European Commission has given its approval for the proposed offshore wind joint venture between France's Engie and Portugal's EDP Renewables.The two companies back in January signed a deal to form 50/50 joint-venture (JV) in fixed and floating offshore wind…
Oilfield services giant TechnipFMC reported a net loss of $2,4 billion in the third quarter on after tax-charges. TechnipFMC said Thursday that result included impairment and other charges and provisions for goodwill and fixed assets totaling $2…
Bahamas Petroleum Company has received environmental authorization for its Perseverance #1 offshore well, expected to spud in April offshore The Bahamas.'Authorization represents the conclusion of an extensive and thorough process over many years…
Italian oilfield services firm Saipem has signed a memorandum of understanding with the Saudi construction company Abdel Hadi Abdullah Al Qahtani & Sons Company (AHQ). Saipem said Tuesday that the memorandum set the path to towards the creation of a Joint Venture in Saudi Arabia…
Guyana's government on Wednesday launched a search for a company to market its share of crude produced at the offshore Liza well, where an Exxon Mobil Corp-led consortium began producing oil in December.The government is entitled to a share of the oil produced…
British oil major BP has decided to leave three U.S. based trade organizations saying that its in-depth review has found misalignment of the climate-related policies and activities of trade associations with BP’s positions.Based on its findings…
Malaysian state oil firm Petronas said on Wednesday its fourth-quarter profit slumped 71%, hurt by impairment costs and lower prices of major products.Petronas said profit after tax for the October-December period fell to 4.1 billion ringgit ($968…
The Chinese oil company CNOOC has, via its European subsidiary, extended a contract for logistics management with ASCO. Under the five-year extension worth over 100 million pounds, ASCO will continue supporting CNOOC Petroleum Europe Limited's North Sea assets…
Australian companies Woodside and BHP have agreed to align their participating interests across the WA-1-R (Scarborough) and WA-62-R (North Scarborough) titles containing the undeveloped Scarborough gas field.The alignment will result in Woodside holding a 73…