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Offshore drilling contractor Vantage Drilling booked a loss in the last quarter of 2019 despite increase in revenues driven by higher utilization in both jack-up and deepwater segment. Vantage on Thursday reported a net loss attributable to controlling interest of $61.4 million for the three months ended December 31, 2019, as compared to a net... Continue Reading →
Answers to six key questions regarding protection of offshore production innovations. Congratulations! You’ve just redesigned the subsea isolation valve control system (SSIV) that your company sells for use as part of an emergency shutdown system for an offshore production site. Your sales team is eager to show your SSIV to oil production companies, but you... Continue Reading →
The outbreak of the coronavirus is set to cause extensive staffing and supply shortages as well as delays on floating production, storage and offloading (FPSO) vessels under construction in China, South Korea, and Singapore, according to energy intelligence firm Rystad Energy. Rystad said on Friday that 22 out of a global total of 28 FPSOs... Continue Reading →
By Chris Thompson, chairman of engineering firm Express Engineering We all know that the global oil and gas industry operates in a shifting and challenging business environment. Variations in supply and demand linked to global geopolitical issues have historically contributed towards uncertainty in an industry that has craved stability that has seemed out of reach.... Continue Reading →
As China’s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy’s revised forecasts. Brent crude oil prices, which Rystad Energy earlier expected to average nearly $60 per barrel... Continue Reading →
Following confirmed cases of coronavirus in Italy, the Italian oilfield contractor Saipem has advised its employees to stay at home. Saipem has also canceled and reduced to the minimum all missions to and from the risk areas abroad. As reported by The New York Times on Sunday, the country announced more than 150 cases, many in... Continue Reading →
Feb 20, 2020 MESSAGE FROM THE CEO THE FIRST YEAR OF THE IMPLEMENTATION OF A NEW STRATEGY I am pleased to share the results of a year of hard work, with the implementation of a new strategy for Petrobras, based on a transformational agenda supported by five pillars: maximization of the return on capital employed,... Continue Reading →
Oil major Shell has acquired a 50 percent stake in Fuerte Sur, Purple Angel, and COL-5 blocks offshore Colombia from the country’s largest oil and gas company Ecopetrol. Ecopetrol said that the three blocks, located in the Colombian Caribbean deepwater, were bought by Shell’s subsidiary Shell EP Offshore Ventures Limited. The location of the blocks... Continue Reading →
The coronavirus epidemic in China has triggered restrictions in the country’s public transport and air travel, both at a domestic and an international level, reducing demand for oil, which has lost about a fifth of its value since the start of the year, according to a latest report by Norwegian energy intelligence firm Rystad Energy. ... Continue Reading →
Organization of Petroleum Exporting Countries (OPEC) has recommended extending oil production cuts until the end of 2020 due to the negative impact of the coronavirus outbreak on global oil demand. The Minister of Energy of Algeria and President of the OPEC Conference in 2020, Mohamed Arkab, has said that following an extraordinary meeting of the Joint... Continue Reading →
