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Aker Solutions expects its revenue to fall by 30% this year, driven down by the impact from the COVID-19 pandemic and the crash in oil prices, and plans to respond with further cost-cutting, the Norwegian oil services company said. "The depth and scale of the decline is still unclear, but the second quarter is likely... Continue Reading →
Apr 30, 2020 Seven platforms operated by Brazilian oil company Petrobras in the Campos basin have confirmed cases of the coronavirus among its staff, the FUP oil workers union said on Wednesday. The FUP will ask oil industry regulator ANP and health authorities to halt work on the platforms with the most cases, adding that... Continue Reading →
French energy major Total has joined a project to explore the potential of powering offshore oil and gas platforms with floating wind and wave energy. The O/G Decarb innovation project will examine the possibility of using a combined wind and wave technology on a floating foundation to store energy that can convert electricity into hydrogen... Continue Reading →
Offshore drilling contractor Valaris booked $3 billion loss in the first quarter of the year affected by impairments and fleet utilization decline. Valaris on Wednesday posted a net loss of $3.01 billion for the first quarter of 2020 compared to a net loss of $216 million in the fourth quarter of 2019. Continue reading
-Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime. Demand destruction from the Covid-19 pandemic has prompted producers globally to shut in barrels nobody wants. While there’s no real winners with oil prices... Continue Reading →
China Petroleum & Chemical Corp (Sinopec) (600028.SS) (0386.HK) recorded a 19.15 billion yuan ($2.71 billion) net loss in first-quarter earnings, as the coronavirus pandemic walloped fuel consumption and led to collapsing oil prices. It was the first quarterly loss posted by the listed branch of Asia’s largest refiner since at least the fourth quarter in... Continue Reading →
Keppel Offshore & Marine, an offshore construction subsidiary of Singapore's Keppel Corp, expects challenging conditions ahead due to the drop in oil prices but says its business diversification into gas and renewables has paid off. The company has traditionally been called an "offshore rig builder" as this was the Keppel O&M's core business in the... Continue Reading →
Chinese oil and gas company CNOOC saw an increase in its quarterly output driven by new project startups in China and the contribution from new international projects. However, CNOOC’s quarterly revenues decreased due to lower oil and gas prices. According to its report on Wednesday, CNOOC achieved a total net production of 131.5 million barrels... Continue Reading →
Singapore’s offshore rig and vessel builder Keppel Offshore & Marine saw its quarterly profit halved despite a significant increase in revenues. Keppel Corporation said on Wednesday that its Offshore & Marine (O&M) Division registered a net profit of S$3 million ($2.1 million) for 1Q 2020, compared to a net profit of S$6 million ($4.2 million)... Continue Reading →
Apr 28, 2020 Petrobras has postponed, once again, the delivery dates for the proposals for two tenders for the chartering of offshore rigs. The receipt of bids was scheduled for April 30, but the bidding committee moved the deadlines to May 30. Amid the Covid-19 crisis and the renegotiation of ongoing contracts bidders see future... Continue Reading →
