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Modern innovation is helping the oil industry to keep up with the competition by cutting costs, addressing safety concerns, and incorporating better data analytics to continually improve upon existing systems. As we face increased global uncertainty over the demand for oil as well as its price, digitalization and the introduction of new technologies will help the... Continue Reading →
Norwegian oil major Equinor has made changes in the corporate structure and the corporate executive committee. Equinor said on Monday that it made changes to continue its development as a broad energy company and deliver its low carbon strategy. New corporate structure will consist of six business areas and five corporate centre units. The current... Continue Reading →
DOF Subsea has appointed Martin Lundberg as acting chief financial officer (CFO) with responsibility for the corporate finance functions in the DOF Subsea Group. Lundberg joined DOF Subsea in 2010 and has for the past ten years been a key resource in various positions within the corporate finance team in DOF Subsea. Lundberg’s new appointment... Continue Reading →
Australian oil and gas firm Karoon Energy has this week completed the acquisition of a 100% operating interest in the BM-S-40 offshore concession in Brazil from Petrobras. The offshore block in the Santos Basin contains the producing Baúna oil field and undeveloped Patola discovery. Karoon, listed on the ASX, said that the acquisition transformed the... Continue Reading →
Dutch offshore vessel and services provider Royal IHC has decided to reorganise to be in line with “a realistic turnover ambition”. This means that about 300 jobs will be lost in the Netherlands and as many as 300 in other locations. In order to return to profitability, after its takeover by an industry consortium, and to offer... Continue Reading →
(Reuters) - Global oil demand is unlikely to get a significant boost from the roll-out of vaccines against COVID-19 until well into 2021, the International Energy Agency (IEA) said on Thursday, a view that is likely to dampen oil price gains since vaccine progress was announced earlier this week. “It is far too early to... Continue Reading →
U.S. classification and technical advisory services provider ABS has launched a new notation and new guidance amid the COVID-19 pandemic to help marine and offshore operators reduce transmission of disease. The ABS Guide for Mitigation of Infectious Disease Transmission On Board Marine and Offshore Assets, an industry first, discusses how the physical arrangement of a... Continue Reading →
(Reuters) - Oil traders rushed to unwind a bevy of bearish bets after Pfizer announced promising results for its COVID-19 vaccine, shaking up energy markets that were primed for demand to sink into the winter on increased lockdowns and rising coronavirus infections. Crude prices plunged this year as global demand was crushed due to travel... Continue Reading →
Joe Biden could erase much of President Donald Trump’s four-year legacy of energy and climate deregulation with the stroke of his pen, according to regulatory experts, but replacing it with something new and durable may prove trickier. Trump’s rollbacks are on shaky ground because most were done not through Congressional lawmaking but via presidential executive... Continue Reading →
(Reuters) - Citi Research on Monday cut its 2021 oil price forecasts after a larger-than-expected rise in COVID-19 cases, but said tighter supply from OPEC and its allies would still lead to a gradual uptick in prices next year. Citi cut its 2021 Brent and West Texas Intermediate crude price outlook by $5 to $54... Continue Reading →
Brazil Energy Insight 