By restraining production, OPEC and its allies have succeeded in eliminating excess oil stocks and accelerating the recovery in prices, but they are paying an increasingly high price in terms of market share. U.S. producers will capture all the growth in global oil consumption this year…
Only a few days after the first Gravity Based Foundation was installed, the project team of Jan De Nul Group floated off and installed the second and even larger GBF for the offshore wind farm Kriegers Flak in Denmark. The weather was favourable and the installation operation of this 10…
Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim, is proposing to buy its rival Paragon Offshore for $232.5 million in a push to consolidate the fragmented rig market, it said on Thursday. A plunge in oil…
Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production…
As part of a framework agreement with Dubai Petroleum, Cyberhawk was appointed to inspect more than 350 risers on 63 offshore platforms. The inspection took only one month to complete, followed by the production of over 90 detailed engineering inspection reports…
British oil major BP, which operates a number of oil and gas fields in Azerbaijan, plans no maintenance shutdowns of platforms there this year and intends to advance with new projects, BP's regional president told Reuters. 'There aren't any turnarounds planned for this year…
Buzzard oilfield restarts, pumping below full rate-source; Forties has temporary flow restriction. Oil and natural gas flows along Britain's biggest and most important oil pipeline, Forties, were ramping up slowly on Thursday as the system…
Swiss offshore services firm Allseas is planning to build a vessel big enough to be able to remove the world's largest oil and gas platforms when they reach the end of their production lives, its chief executive said. The vessel, to be called Amazing Grace…
The West Hercules semi-submersible rig has been contracted for drilling two exploration wells in the Barents Sea in 2018, and options to drill another five exploration wells. Statoil and the licence partners have signed a contract with North…
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…
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…
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