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Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand. Brent crude was up 79 cents, or 1.4%, at $56.45 a barrel by 1:38 p.m. EST (1838 GMT) after touching its highest level since... Continue Reading →
Economic recovery. Climate change. Racial equity. COVID-19. These four issues are at the core of President-elect Joe Biden’s Day 1 priorities. Separately, each issue seems like a monumental challenge with no easy solution. But there is a path forward for each priority offered by America’s offshore energy industry. The continued success of U.S. offshore... Continue Reading →
Saudi Arabia’s announcement that it will reduce oil output by 1 million barrels per day in February and March has boosted prices and helped paper over divisions within the producer alliance, at least temporarily. The unilateral cut, announced on Tuesday, reaffirms Saudi Arabia, rather than the Organization of the Petroleum Exporting Countries (OPEC) or the... Continue Reading →
(Reuters) - Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday. The poll of 39 economists and analysts conducted in the second half of December forecast Brent crude prices would average $50.67... Continue Reading →
The Covid-19 pandemic has devastated crude and condensate demand in 2020, creating massive supply surpluses and filling up inventories, causing producers to slash output in order to keep prices at somewhat profitable levels, according to Rystad Energy. Rystad Energy’s latest balances, however, show that 2021 could offer producers a window of opportunity, as monthly supply... Continue Reading →
The challenges of 2020 have made their mark on offshore rig values but have they reached the trough? Bassoe's Hans Hagelberg takes a deeper look. It may be the understatement of the decade, but the offshore rig market has had a pretty bad year. The Coronavirus pandemic and collapsing commodity prices have resulted in dozens... Continue Reading →
Late 2018, before net-zero targets had been agreed to by most western energy giants and nations, BP came out with a goal to reach 100% of subsea inspection by marine autonomous systems by 2025. It was a tangible goal then, and it’s one that might now be reached faster as remote and more “digitally” oriented... Continue Reading →
Chile's Underdeep Solutions has expanded its ROV Fleet with a third Seaeye Falcon ROV, to support its aquaculture work Underdeep’s latest Falcon is the second 1000m deep-rated version for the company, which specializes in fish farm inspection and support throughout Chile and the region. Underdeep's three Falcons are currently working at full capacity in the... Continue Reading →
The Danish Parliament has announced that it will cancel all future licensing rounds for new oil and gas exploration and production permits in the Danish part of the North Sea and end existing production by 2050. As a major oil-producing country in the EU, Denmark’s announcement is a landmark decision towards phasing-out fossil fuels in Europe. The... Continue Reading →
(Reuters) - Vitol Group’s U.S. subsidiary agreed to pay $135 million to resolve allegations by the U.S. government that the energy trader paid bribes in Brazil and other countries to boost its oil trading business, a prosecutor told a judge in Brooklyn on Thursday. The prosecutor said $45 million of the total payment would go... Continue Reading →
