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(Reuters) - Oil major BP is launching its first share award scheme to rally its more than 60,000 employees around CEO Bernard Looney’s plan to shift to renewable energy following a bruising year of mass layoffs, bonus suspensions and spending cuts. The distribution of the shares, which will be locked for four years, will take... Continue Reading →
BW Offshore, a company mainly known as the operator of FPSO vessels in the oil and gas industry, is creating what it calls "a floating offshore wind champion targeting large-scale projects," following an agreement signed Wednesday to buy into the floating offshore wind tech developer Ideol. BW Offshore last week said it was in discussions with France-based... Continue Reading →
Results from an independent prospective resource study confirm the views of Frontera and CGX Energy JV about the high prospectivity of the Corentyne North Area, Corentyne Main Area, and Demerara block, located offshore Guyana. The JV is now preparing for an exploration well in Corentyne Block slated for 2H 2021. Frontera Energy and CGX Energy,... Continue Reading →
In 2020, Norwegian oil and gas giant Equinor purchased goods and services worth NOK 150.8 billion (about $17.8 billion) from around 8500 suppliers globally. About NOK 112 billion ($13.2 billion), i.e. 74 per cent of total purchases, went to suppliers with a Norwegian billing address, Equinor said on Monday. Arne Sigve Nylund, Equinor’s executive vice president for... Continue Reading →
COVID-19 will continue to skew the floating production systems market for the coming 24 months, while buying power for a large portion of FPSO contracts will be centered in Brazil and Guyana/Suriname. These two areas are expected to account for more than 60% of the FPSO contracts awarded between 2021 and 2025. These are the... Continue Reading →
Offshore drilling contractor Transocean has secured new contracts and extensions for its rig fleet, bringing the total backlog to $7.8 billion. The rig owner has also decided to retire the Leiv Eiriksson semi-submersible rig. In a fleet status report published last Friday, Transocean said that, as of 12 February, the company’s total backlog was approximately $7.8 billion.... Continue Reading →
The global financial investment for offshore wind capacity set records in 2020, with total capacity investment as well as cash amount earmarked surpassing that of 2018, the previous record year, according to The Renewables Consulting Group (RCG). RCG said that the total capacity financed for offshore wind in 2020 had hit 8,370 megawatts (MW) across... Continue Reading →
French oil giant Total, which is working to transform itself into a wider energy industry company, will outpace green energy majors Iberdrola and Ørsted on renewable power capacity by 2030. This is according to analysis from energy intelligence group Westwood. The insight highlights the oil and gas major’s ambitions to reach 100GW of renewable power... Continue Reading →
(Reuters) - S&P Global Ratings on Thursday cut the credit ratings of top U.S. oil producers Exxon Mobil Corp, Chevron Corp and ConocoPhillips by a notch, citing massive quarterly losses and the pressure to tackle climate change. The ratings slipped to ‘AA-,’ weeks after the agency warned it was considering downgrades for 13 of the... Continue Reading →
Subsea boosting could make an immediate increase in production profitably on more than 200 oil projects globally, according to Rystad Energy’s newly launched Subsea Processing Screening Tool. The increase in recoverable reserves for the top 100 projects, out of more than 200 projects identified where subsea boosting would be profitable, averaged 61 million barrels of... Continue Reading →
Brazil Energy Insight 