Industry News

New deals, cost cuts spur GMS to lift 2019 guidance

14 November 2019, 3:24pm
Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels, has improved its financial situation due to recently won contract awards. ...
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Tamarind administrators eyeing Tui drilling restart

14 November 2019, 3:01pm
Administrators of Tamarind's New Zealand subsidiary have revealed they would be looking to continue the Tui drilling campaign in the Taranaki Basin. ...
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Shelf Drilling reports 3Q loss. Boosts contract backlog

14 November 2019, 2:39pm
Jack-up drilling company Shelf Drilling saw its third quarterly loss widen, however, the CEO is optimistic about upcoming rig contract beginnings. ...
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New North Sea oil and gas company created by former Faroe boss intends to float

14 November 2019, 2:19pm
Longboat Energy, a new player created by the former management team of Faroe Petroleum, has announced its intention to proceed with an initial public offering to raise gross proceeds of up to £10... ...
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Norway approves ConocoPhillips’ Tor 2 development plan

14 November 2019, 1:27pm
The Norwegian Ministry of Petroleum and Energy has approved ConocoPhillips' development plan for the Tor 2 oil field offshore Norway. ...
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EPA small refinery exemptions in the Renewable Fuel Standard explained

14 November 2019, 1:00pm
The Renewable Fuel Standard (RFS) mandates the amount of renewable fuels refineres must blend into the U.S. transportation fuel supply. As part of the RFS program, the U.S. Environmental Protection Agency (EPA) can grant annual waivers to some petroleum refineries, called small refinery exemptions (SREs), which are provided under conditions of economic hardship. Although these SREs lessen the number of tradable compliance credits that refineries use to comply with the RFS program, actual biofuel consumption is influenced by additional market factors.
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Premier Oil: Catcher pays itself back less than 2 years after first oil

14 November 2019, 11:35am
British oil firm Premier Oil has said that its Catcher project offshore the UK has recently achieved cash payback – meaning it has offset the initial capital expenditure costs - 22 months after first... ...
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Saipem gets another subsea job on ExxonMobil’s Guyana project

14 November 2019, 10:53am
Saipem has been awarded a subsea contract by ExxonMobil for the proposed Payara development project located in the Stabroek block offshore Guyana. ...
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Baron Oil in reverse takeover of Singapore-based E&P company

14 November 2019, 10:28am
UK-based oil and gas company Baron Oil has made a move to acquire a Singapore-based private E&P company, SundaGas, in a reverse takeover transaction. ...
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UAE’s NPCC expands fleet with 2010-built offshore installation vessel

14 November 2019, 9:56am
UAE's National Petroleum Construction Company (NPCC) has expanded its fleet with the offshore construction vessel Delma 2000. ...
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High industry interest in Zama stake, Premier Oil says

14 November 2019, 8:54am
UK oil company Premier Oil has extended the bid deadline for its interest in the giant Zama field offshore Mexico as „to accommodate levels of interest,“ for which Premier says are significant. ...
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JDR to supply cables for wind project to power oil and gas platforms

14 November 2019, 8:34am
JDR Cable Systems, part of the TFKable Group, has signed a contract with Equinor for the Hywind Tampen offshore wind farm development. ...
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Swire Pacific to close Swire Seabed’s operations in Bergen

14 November 2019, 8:24am
Swire Pacific Offshore will be closing its wholly-owned subsidiary, Swire Seabed, and its three associated companies in Bergen, Norway. ...
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FAR eyes $350 million debt facility for SNE development

14 November 2019, 7:37am
Australia-based FAR Limited has made plans to arrange a seven-year debt facility of up to $350 million for the development of the SNE oil field located offshore Senegal. ...
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ADNOC Drilling to buy ‘dozens’ of drilling rigs by 2025

14 November 2019, 7:37am
UAE-based ADNOC Drilling will order dozens of drilling rigs by 2025. ...
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IMI names GustoMSC jack-up “IMI-2030”

14 November 2019, 7:29am
IMI, a JV company between Lamprell, Saudi Aramco, Bahri, and Hyundai Heavy Industries, has announced the name for the GustoMSC-design jack-up rig which is expected to be built in 2021. The offshore... ...
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ADNOC Drilling Announces Major Rig Fleet Expansion

14 November 2019, 12:00am
ADNOC Drilling announces a 'major' rig fleet expansion program 'to support ADNOC's upstream growth plans'.
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Oil Prices Stay Range-Bound and Boring

14 November 2019, 12:00am
WTI and Brent crude oil prices showed some positive momentum early Thursday but ultimately posted day-on-day-losses.
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Billionaires Circle Distressed US Oil, Gas Patch

14 November 2019, 12:00am
Billionaires are circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors.
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US Boosts Oil Output Forecast

14 November 2019, 12:00am
The pioneers of the U.S. shale boom are warning of a slowdown in oil production growth, but it appears the U.S. government doesn't agree.
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US Shale Operators Show 'Impressive Execution' in 2019

14 November 2019, 12:00am
U.S. shale companies are set to grow their 2019 oil production by 16%, thanks to impressive execution.
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Total and ADNOC Plan Seismic Drone Project

14 November 2019, 12:00am
The project will use a fleet of drones to drop off thousands of seismic sensors throughout Abu Dhabi and unmanned ground vehicles to retrieve them.
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ExxonMobil Awards Guyana Subsea Contract

14 November 2019, 12:00am
Saipem will begin limited activities under its latest contract from ExxonMobil's Guyana subsidiary.
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Oil Up After Report Points to US Inventory Drop

14 November 2019, 12:00am
Oil rose for a second day after an industry report pointed to a drop in U.S. inventories.
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Venezuela is Secretly Exporting Millions of Barrels of Oil

14 November 2019, 12:00am
Secret ships are boosting Venezuelan oil exports despite sanctions.
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Shell Affirms Commitment to Canada as Other Oil Majors Flee

14 November 2019, 12:00am
Royal Dutch Shell Plc is reassuring investors, workers and anyone else who will listen that it's the international oil major that's staying in Canada as others pull up stakes.
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Callon, Carrizo Amend Acquisition Deal Amid Shareholder Opposition

14 November 2019, 12:00am
Following months of opposition from one of its largest shareholders, Callon Petroleum Company has lowered its acquisition offer for rival Permian player Carrizo Oil & Gas, Inc.
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EIA Raises Oil Price Forecast

14 November 2019, 12:00am
The U.S. Energy Information Administration has raised its Brent oil price forecast.
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Chrysaor exercises option to buy stakes in OKEA’s two Norwegian licenses

13 November 2019, 4:07pm
Private UK-based oil company Chrysaor’s has exercised an option to buy stakes in OKEA’s Grevling and Storskrymten discoveries offshore Norway. ...
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VIDEO: Peregrino C topside, living quarters set sail for Brazil

13 November 2019, 2:52pm
The Peregrino C topside and living quarters have set sail for its namesake field offshore Brazil from Texas and Norway, respectively. ...
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Tamarind’s New Zealand subsidiary goes into voluntary administration

13 November 2019, 2:30pm
The New Zealand subsidiary of Malaysia's energy company Tamarind Resources has gone into voluntary administration due to an “unsustainable financial position.” ...
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Report: Micoperi’s offshore vessel attacked in Mexico. Two wounded

13 November 2019, 1:48pm
Two offshore workers were reportedly wounded in an apparent pirate attack on an offshore supply vessel in Mexico this week. ...
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The Renewable Fuel Standard Program, RVOs, and RINs explained

13 November 2019, 1:00pm
The Renewable Fuel Standard (RFS) is a federal program that mandates the incorporation of renewable fuels into the nation’s transportation fuel supply. Each year, the U.S. Environmental Protection Agency (EPA) issues RFS rulemakings with volume requirements for certain renewable fuel categories and sets those volumes through annual renewable volume obligations (RVO). RVOs are the volumetric biofuel targets for obligated parties such as a refiners and importers of petroleum-based gasoline or diesel fuel.
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Energean set to start drilling at Zeus well off Israel

13 November 2019, 11:39am
Greek oil and gas company Energean has decided to drill the Zeus exploration well offshore Israel. ...
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KrisEnegy orders platform for Cambodia’s maiden oil development

13 November 2019, 11:35am
Southeast Asia-focused oil and gas company Kris Energy has signed a Letter of Award with Profab for the supply of a minimum facilities wellhead platform for the Apsara oil field, Cambodia’s maiden... ...
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Tullow, Eco shares nosedive as Guyana discoveries ‘heavy oil’

13 November 2019, 11:11am
Shares of Tullow Oil and Eco Atlantic fell sharply Wednesday morning after the two companies announced the two discoveries recently struck offshore Guyana contained heavy oil with high sulfur... ...
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Conrad Petroleum’s Tambak drilling a success

13 November 2019, 10:16am
Conrad Energy has recovered "extensive fluid and gas samples“ from its Tambak-1 well offshore Indonesia, its partner Empyrean Energy has informed. ...
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Maersk Drilling in two-well rig deal with Shell in Trinidad

13 November 2019, 8:49am
Shell has chartered Maersk Drilling's semi-submersible drilling rig for drilling offshore Trinidad and Tobago. ...
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Solstad Offshore bags long-term deal for Normand Clipper CSV

13 November 2019, 8:12am
Norwegian offshore vessel owner Solstad Offshore has secured a contract for its Normand Clipper construction support vessel. ...
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TechnipFMC to sell subsea vessel

13 November 2019, 8:09am
TechnipFMC has announced its intent to sell the G1201 vessel as part of its overall strategy to optimize the profile and size of its subsea fleet. ...
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Seabed Geosolutions sells Ocean Bottom Cable equipment

13 November 2019, 7:48am
Seabed Geosolutions has sold its shallow-water ocean bottom cable (OBC) recording equipment for around US$ 10 million. ...
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Range Resources Closes Houston Office, Lays Off Staff

13 November 2019, 12:00am
U.S. natural gas producer Range Resources Corporation will be closing its Houston office, resulting in the layoffs of 50 Houston employees.
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Oil, Gas Boys Club of CEOs Sees Woman Join Its Ranks

13 November 2019, 12:00am
The male-dominated club of oil and gas chief executives just received a new female member.
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Canadian Gas Drillers Hone In on Plan for FLNG Project

13 November 2019, 12:00am
Rockies LNG Partners, a group of Canadian natural gas drillers seeking new markets for their production, is considering building an export project on barges floating off the coast of British Columbia.
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Oil Prices Finish Higher at Midweek

13 November 2019, 12:00am
The WTI and Brent crude oil benchmarks traded higher Wednesday.
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Halcon Posts Net Loss in 3Q Earnings

13 November 2019, 12:00am
Houston-based Halcon Resources Corporation reported a net loss of $63.3 million (40 cents per share) in the third quarter.
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Oxy Forms Permian JV with Ecopetrol

13 November 2019, 12:00am
Occidental has closed its previously announced Permian Basin joint venture with Colombia-based Ecopetrol S.A.
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Oilfield Hired Hands Seek CFO Heft to Sustain Downturn

13 November 2019, 12:00am
The hired hands of the oil patch are demanding a tighter rein from the CFO suite in order to survive lower oil prices.
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Hacker Wants Near $5MM Ransom from Pemex

13 November 2019, 12:00am
The hacker behind a cyberattack that has crippled Petroleos Mexicanos's computer systems since the weekend is hoping to squeeze almost $5 million out of the company.
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Insurance confirms coverage of GulfSlope’s Tau well claim

12 November 2019, 2:58pm
GulfSlope Energy has announced an insurance claim related to its well on the Tau Prospect, located in the U.S. Gulf of Mexico, which had to be abandoned without reaching targeted depth.  ...
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AAOG finds rig for Tilapia drilling

12 November 2019, 2:45pm
Anglo African Oil & Gas plc has reached an agreement to source a drilling rig for a well at its Tilapia field offshore the Republic of the Congo.  ...
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EIA improves its propane and other hydrocarbon gas liquids data

12 November 2019, 1:00pm
The U.S. Energy Information Administration (EIA) recently improved multiple data series for hydrocarbon gas liquids (HGL) in its Monthly Energy Review. The updated data series reflect changes in how EIA defines liquefied petroleum gases to better align with industry practice.
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Polarcus, ARGAS ink seismic cooperation deal in MENA region

12 November 2019, 12:36pm
Seismic services provider Polarcus has signed a memorandum of understanding with the Arabian Geophysical and Surveying Company to collaborate on seismic projects in the MENA region. ...
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The U.S. placed near-record volumes of natural gas in storage this injection season

8 November 2019, 1:00pm
The amount of natural gas held in storage in 2019 went from a relatively low value of 1,155 billion cubic feet (Bcf) at the beginning of April to 3,724 Bcf at the end of October because of near-record injection activity during the natural gas injection, or refill, season (April 1–October 31). Inventories as of October 31 were 37 Bcf higher than the previous five-year end-of-October average, according to interpolated values in the U.S. Energy Information Administration's (EIA) Weekly Natural Gas Storage Report.
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