Industry News

Prosafe still in talks with lenders for long-term financial solution

1 April 2020, 2:25pm
Prosafe is still working with its lenders to come up with a financial solution to ensure the company's long-term stability. ...
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ONGC achieves first gas from project offshore India

1 April 2020, 12:34pm
Early first gas has been achieved on ONGC's 98/2 Block located in the Krishna Godavari Basin, offshore India. ...
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Diamondback Trims 2020 Production Expectations

1 April 2020, 11:59am
Diamondback plans to exit 3Q 2020 operating eight drilling rigs and end the year operating seven.
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Helix Scraps Initial Performance Guidance

1 April 2020, 11:57am
It continues to operate seven well intervention vessels and six robotics and support vessels in six different countries.
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Imperial Oil Plans Project Deferrals, Capex Cuts

1 April 2020, 11:56am
Operating expenses will also be cut by $500 million compared to 2019 levels.
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Silver Eagle to Build Drilling Units

1 April 2020, 11:56am
Above is a rendering of Silver Eagle Global's new SEDU. IMAGE SOURCE: Silver Eagle Global
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Worley Wins Chevron Contract Extension

1 April 2020, 11:56am
This photo shows Chevron's Wheatstone project, Australia's first LNG hub. PHOTO SOURCE: Chevron Australia Pty Ltd
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ProPetro Launches Mass Layoff in Midland

1 April 2020, 11:53am
The process of finding additional costs savings internally is underway.
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Saudi Belligerence Pushes VLCC Rates to Comedic Highs

1 April 2020, 11:53am
A month of historically low crude oil prices have brought along barmy rates for leasing high capacity oil tankers.
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$8B Alberta Investment Allows Keystone XL to Proceed

1 April 2020, 11:52am
TC Energy Corp. reported Tuesday that it will proceed with construction of the Keystone XL Pipeline Project, adding that it will create thousands of new North American energy jobs.
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10MM bpd of Oil Output Could Vanish

1 April 2020, 11:52am
That's nearly 10 percent of 2019 total daily global oil production.
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US, Saudi and Russia to Meet on Market Crash

1 April 2020, 11:45am
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of stanching an historic plunge in oil prices.
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Polarcus Cuts Jobs and Salaries

1 April 2020, 11:34am
Polarcus Limited has announced a $15 million cost reduction plan following the coronavirus outbreak and recent oil price crash.
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Aker Solutions mitigating effects of market slowdown with temporary layoffs, salary freeze for execs

1 April 2020, 11:31am
Aker Solutions has revealed a package of measures to mitigate the effects of the coronavirus and sharp oil price decline, including layoffs, reductions in cost and investment levels, and salary... ...
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Subsea 7 braces for coronavirus impact on market

1 April 2020, 11:10am
Due to the general uncertainty in the world and for the industry caused by the coronavirus and the collapse in commodity prices, UK subsea engineering company Subsea 7 is withdrawing its guidance and... ...
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April to be One of Toughest Months in Oil History

1 April 2020, 9:50am
April will be one of the toughest months in history for oil, according to Rystad Energy.
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BP to reduce spending in response to volatile market but no job cuts in next three months

1 April 2020, 9:17am
BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting.  ...
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UK Union Welcomes Offshore Agreement

1 April 2020, 8:56am
UK union Unite announced Tuesday that it welcomed a new agreement covering offshore workers.
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Trump Diplomacy Fails to Revive Oil Prices

1 April 2020, 8:18am
Oil was rooted near $20 a barrel as President Donald Trump's pledge to meet with feuding producers Saudi Arabia and Russia to support the market failed to bolster prices.
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Yinson hit with FPSO deal termination after Aker Energy defers Pecan project

1 April 2020, 8:01am
Aker Energy has postponed the development of its Pecan field, located offshore Ghana. As a result, Aker Energy terminated its agreement with Yinson for the provision of an FPSO for the project.  ...
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Solstad and Ocean Yield in fresh extension of standstill agreement for anchor handling duo

1 April 2020, 7:18am
Ocean Yield, a ship owning company with investments in vessels on long -term charters, has agreed to extend the standstill period with Solstad Offshore and its subsidiaries for two anchor handlers. ...
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Eco board and management slash own wages

1 April 2020, 7:00am
The board and management of oil firm Eco Atlantic have voluntarily taken pay cuts of up to 40 percent to push forward its cost-cutting program attempting to mitigate COVID-19 and oil price drop... ...
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Polarcus readies cost reduction plan to mitigate uncertainty facing seismic market

1 April 2020, 6:48am
Polarcus' cost reduction plan includes redundancies, reduction of base salary and capex, and warm-stacking the vessels in between jobs. ...
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Byron Energy curbs Gulf of Mexico output due to sharp decline in oil price

1 April 2020, 6:26am
Byron Energy has decided to ramp-down production from the SM71 field in the U.S. Gulf of Mexico due to a sharp decline in demand and glut in both international and local supplies. ...
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Wintershall Dea hires Applied Petroleum for geochemical analyses

1 April 2020, 6:15am
German oil and gas company Wintershall Dea has awarded a global frame agreement to Applied Petroleum Technology (APT) for the supply of geochemical analyses for the company’s E&P efforts around... ...
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Ocean Installer elects new chief financial officer

1 April 2020, 6:12am
Norwegian subsea contractor Ocean Installer has appointed a new chief financial officer (CFO) of the company. ...
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Former SeaBird man takes CFO role at Axxis Geo Solutions

1 April 2020, 6:00am
Axxis Geo Solutions (AGS), a Norwegian ocean bottom node seismic company, has appointed a new chief financial officer (CFO) and chief commercial officer (CCO). ...
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Oil Posts Worst Quarter Ever as Physical Market Cratered

31 March 2020, 8:32pm
Oil posted the worst quarter on record after the coronavirus crushed demand and raised fears about overflowing storage tanks.
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Some Refiners Benefiting From Crude-Price Drop

31 March 2020, 3:56pm
America's biggest fuel makers are taking advantage of low oil prices to capture profits while slowing fuel production.
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US LNG Giant Signaling It May Curb Production

31 March 2020, 3:26pm
Cheniere Energy has tendered to buy six shipments for delivery to Europe later this year, rare for a company that's a seller of the fuel.
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Saudis Make Good on Oil Wave Promise

31 March 2020, 3:00pm
The first wave of crude oil is already on its way toward Europe and the US.
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Putin, Trump Agree Sinking Oil Prices Not In Mutual Interest

31 March 2020, 2:46pm
Vladimir Putin and Donald Trump agreed in a phone call Monday that "current oil prices aren't in the interests of our countries."
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Rig utilization in Southeast Asia set for decline, Rystad’s analysis shows

31 March 2020, 2:03pm
Southeast Asia’s rig market, which was poised for growth in 2020, is now set for a decline. Several oil companies have already made significant cuts to their 2020 capex budgets due to the impact of... ...
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CNRI files decommissioning plans for two floating units off UK

31 March 2020, 12:51pm
CNR International (CNRI) has filed its Banff and Kyle fields decommissioning programs for an FPSO and FSO float-off with the UK authorities.   ...
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Ineos Producing Sanitizer to Help Combat Virus

31 March 2020, 12:04pm
Ineos revealed Tuesday that it has started producing one million hand sanitizers per month to help combat the coronavirus outbreak.
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Oil price war and coronavirus to sink global E&P capex to at least 13-year low, Rystad says

31 March 2020, 11:44am
Under Rystad Energy's updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021, global capital expenditure for E&P firms is expected to drop by up to $100 billion this... ...
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Helix Energy eyes 20 pct capex reduction as oil price decline and coronavirus hit the market

31 March 2020, 9:36am
Helix Energy Solutions has withdrawn its previous financial and operational guidance for this year due to the current situation in the market. Expecting the spot market for 2020 to be significantly... ...
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EnQuest cleared to decommission Alma and Galia FPSO

31 March 2020, 8:36am
EnQuest has received approval from the UK authorities for its decommissioning plan for the FPSO working on the Alma and Galia fields as well as associated subsea installations and pipelines. ...
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Cooper’s Sole field starts gas supply into pipeline

31 March 2020, 7:52am
Australia’s Cooper Energy has informed that its operated Sole gas field, located offshore Australia, is now producing gas to the Eastern Gas Pipeline. The Cooper-operated Sole gas field is... ...
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Chevron extends services contract with Worley in Australia

31 March 2020, 6:26am
Worley has been awarded a two-year extension to an existing services contract with Chevron in Australia.  ...
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ABS to class new jack-up drilling units for Silver Eagle

31 March 2020, 6:14am
ABS, a global classification provider, will provide a classification for a series of self-elevating drilling units (SEDU) for Silver Eagle Global. ...
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Coor inks extension for offshore facility management with Equinor

31 March 2020, 6:00am
Norwegian oil major Equinor has extended its offshore agreement with facility management provider Coor. ...
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TGS and PGS release final seismic data ahead of Canadian licensing round

31 March 2020, 6:00am
Norwegian seismic firms PGS and TGS have released final 3D seismic data results offshore Newfoundland and Labrador ahead of the C-NLOPB announcement of parcels and the forthcoming 2020 Eastern... ...
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Petrobras firms up deals for Marlim 2 FPSO with Yinson

30 March 2020, 1:48pm
Malaysian FPSO provider Yinson has signed contracts with Petrobras for the delivery, operation, and maintenance of the Marlim 2 FPSO. ...
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Several EIA products show what's happening in current energy markets

30 March 2020, 1:00pm
The U.S. Energy Information Administration (EIA) is the statistical and analytical agency within the U.S. Department of Energy. EIA produces energy data and analysis to provide context for how a variety of energy industries serve customers in the United States and abroad. Several of EIA's surveys of the energy sector are conducted on a monthly or annual basis, but other surveys are conducted on shorter time intervals and can provide insights into current conditions in energy markets.
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BHP hires McDermott for Trion floating production unit pre-FEED

30 March 2020, 12:40pm
McDermott has been awarded a sizeable contract by BHP to provide pre-FEED services for a floating production unit (FPU) that will be installed at the Trion field offshore Mexico.  ...
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Shell taps Aker Solutions for brownfield services job in Brunei

30 March 2020, 12:08pm
Aker Solutions, in a joint venture with PTAS Sdn Bhd, has signed a five-year agreement to provide offshore maintenance and modification services to Shell in Brunei. ...
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Siccar Point delays sanction date for Cambo project due to coronavirus

30 March 2020, 8:38am
Siccar Point Energy has decided to defer its planned sanction date for the Cambo project, located West of Shetland, to 2021 in light of the unprecedented worldwide macroeconomic dislocation resulting... ...
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Petrobras’ charter for BW Offshore’s FPSO expires with no firm plan in sight

30 March 2020, 7:44am
BW Offshore has stated that the charter agreement and services agreement for the FPSO Cidade de São Mateus with Brazilian oil major Petrobras has ended. ...
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FAR and Woodside reach settlement in Senegal dispute

30 March 2020, 7:14am
Australian FAR Limited has reached a settlement with compatriot Woodside related to Woodside's entry into the Sangomar project, located offshore Senegal.  ...
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Johan Sverdrup field to reach plateau production earlier than expected

30 March 2020, 6:25am
The Equinor-operated Johan Sverdrup field in the North Sea is expected to reach plateau production for the first phase in early May, earlier than anticipated. ...
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Twelve U.S. states generate more than 30% of their electricity from nuclear power

26 March 2020, 12:00pm
Nuclear power plants play an important role in U.S. electricity generation, consistently providing about 20% of total annual generation. Of the 30 U.S. states with operating commercial nuclear power plants, 12 states generated more than 30% of their electricity from nuclear power.
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