Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects, including some in the remote iceberg waters far off Canada's Atlantic coast.Surging oil prices are encouraging the investments…
The market for floating production systems is booming, according to World Energy Reports' (WER) latest assessment of activity and developments in the offshore oil and gas market.“Business conditions and market sentiment in the deepwater sector have seldom been so positive…
Equinor and Vår Energi have agreed to join Malaysian operator Petronas in the support of Norwegian company FASTsubsea, as part of a Joint Industry Program to qualify and test what has been described as 'a low-cost, topside-less subsea Multiphase pump…
Asian spot liquefied natural gas (LNG) hit a fresh record high [last week] as South Korean and Japanese buyers restocked for the winter and a planned outage at the Nord Stream 1 pipeline next week pushed up European demand.The average LNG price…
Norway's Equinor is considering selling a 28% stake in the Statfjord field, which straddles the Norwegian and British continental shelves, alongside minority stakes in several satellite fields, a presentation seen by Reuters showed. The company has hired U…
Brazilian oil company PetroRio said Thursday that production from the Frade offshore field in Brazil had resumed.The news comes after the company said on August 15 that it had interrupted production in the Frade field due to an inert gas line…
Brazilian oil company Enauta is having difficulties with fully restoring output from the Atlanta field in the Santos Basin offshore Brazil, but still expects the production to reach normal levels by September.Earlier this month, Enauta said…
Chinese offshore oil and gas major CNOOC expects its annual domestic crude oil production to reach 1.2 million barrels per day by 2025, 28% above its current level.The targeted output compares to first-half production offshore China in 2022 of 169…
Japan's JERA has signed a deal with the new operator of the Sakhalin-2 energy project in Russia to maintain long-term deliveries of liquefied natural gas (LNG), a spokesperson for the country's biggest power generator said on Friday.Russian…
Norway, which has overtaken Russia as the biggest gas supplier to Europe in the wake of the war in Ukraine, will curtail its gas exports significantly next month due to heavy maintenance activity, with some work deferred from earlier this year…
Norwegian oil and gas company Aker BP and its alliance partner, engineering and construction firm Aker Solutions, have awarded Rosenberg Worley a letter of intent for the construction of two modules for the new central platform on the Valhall field in the North Sea…
Exports of Mexico's newest crude are ramping up under Italy's Eni as U.S. refiners find it an apt replacement for banned Russian oil and one that complements domestic grades. The shipments, which started in April according to Refinitiv Eikon data…
China's CNOOC Ltd more than doubled its first-half profit helped by higher oil and gas prices, the offshore oil and gas producer reported on Thursday.Interim net income rose 116% to 71.89 billion yuan ($10.50 billion) while revenue rose 75.6% to 176…
Four major oil companies have agreed to end U.S. lawsuits that together sought to enforce multi-billion dollar arbitration awards against Nigeria's state-owned oil company, after reaching new deepwater oil production sharing agreements.Two federal judges on Aug…
Military-ruled Myanmar earned $800 million from natural gas exports mainly to China and Thailand, between April and July, the junta said in the state newspaper on Thursday.The country has been embroiled in chaos since the military overthrew…