The Falkland Islands government has agreed to extend the terms of several offshore oil and gas licenses, including the one containing the undeveloped Sea Lion field, oil and gas company Rockhopper has informed. To remind, Premier Oil, the operator of the Sea Lion development, in May last year suspended work on the $1.8 billion Sea Lion offshore... Continue Reading →

The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies International There is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will... Continue Reading →

While the oil price collapse is still fresh in our minds, rumours are starting to emerge that by the end of next year prices could once again top $100 a barrel. Bloomberg quoted Azerbaijan’s Socar which predicted that global benchmark Brent could hit triple digits in the next 18 to 24 months. Bank of America also... Continue Reading →

(Bloomberg) --Brent oil resumed gains, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in the coming months. Futures in London rose back above $63 a barrel after the gradual resumption of some U.S. output following frigid weather put prices under pressure on Friday. A robust recovery in demand from the Covid-19... Continue Reading →

(Reuters) - Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in. Brent crude was up 92 cents, or 1.5%, at $63.35 a barrel at 1215 GMT, after climbing to a session high of $63.76, the highest since Jan. 22,... Continue Reading →

(Reuters) - Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can boost demand. Brent was up 71 cents, or 1.2%, at $60.05 a barrel by 0943 GMT,... Continue Reading →

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply. Brent crude futures climbed 28 cents, or 0.5%, to $59.12 a barrel by 0730 GMT, after hitting... Continue Reading →