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ABB to Power and Remotely Monitor LNG FSRU Vessel

ABB will supply the power and electric propulsion system to a new Floating Storage and Regasification Unit (FSRU) for BW Group, which will also be remotely connected to ABB’s Collaborative Operations Centers. The equipment onboard will provide…

Statoil Wins Licences Off UK, 'Resets' Exploration Off U.S.

Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licences offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs. "The importance…

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CNOOC Reports Worst Result Since At Least 2011

China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound. CNOOC…

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Petrobras Raises Asset Sale Goal for 2017-2018

Petróleo Brasileiro SA raised on Wednesday a goal for asset divestitures and partnerships for this and next year to $21 billion from $19.5 billion previously, a sign Brazil's state-controlled oil company plans to expand ventures with peers in segments from refining to oil exploration.

Chevron Confirms Sale of Its South African Assets to Sinopec

Chevron Global Energy confirmed on Wednesday that it had signed a sales and purchase agreement with a wholly-owned subsidiary of China's Sinopec for Chevron's assets in South Africa and Botswana. Chevron said in a statement the deal hinged on regulatory approval.

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Maersk Reaches Key North Sea Tax Deal with Denmark

Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months…

Indonesia Police Say Interpol Issues Red Notices for 3 Sinopec Execs

Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to a more than $800 million Sinopec oil terminal development in Indonesia.

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Italy Has No Intention of Selling Stake in ENI

The Italian government has no plans to sell a stake in oil and gas group Eni, an Italian Treasury source said on Monday, denying a report in Italian media. Rome daily Il Messaggero wrote that the Treasury was considering selling the 4.3 percent stake that it holds directly.

Borr Drilling Scoops up Transocean Rigs for $1.4 Bln

Borr Drilling, founded by former executives of financially troubled Seadrill, has snapped up Transocean's fleet of shallow-water drilling rigs for $1.35 billion. The rig market deal is Borr's biggest since it was set up last year by Tor Olav Troeim and other executives who had left Seadrill…

Cyprus Approves Eni, Total, Exxon Offshore Block Deals

Cyprus's cabinet on Friday approved contracts with France's Total, Italy's Eni , Exxon Mobil and Qatar Petroleum to explore for oil and gas in offshore areas south of the island, officials said. Exploring the Mediterranean's Levant Basin has…

Former Nigerian Oil Firm Head Charged with Money Laundering

The former head of Nigeria's state oil company was charged in court on Thursday with money laundering and five counts of fraud, the country's anti-corruption watchdog said. The Economic and Financial Crimes Commission (EFCC) said last month…

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EU Lawmakers Reject Call for Ban on Arctic Oil Exploration

The European Parliament rejected a call to ban Arctic oil and gas exploration on Thursday, in a symbolic vote seen as a barometer for future moves by Brussels to regulate to protect the region. Lawmakers who back the ban, which had drawn the ire of Norway…

Brazil's Audit Court Orders Petrobras to Restart Asset Sales

Brazil's federal audit court TCU on Wednesday allowed state-run oil company Petroleo Brasileiro SA to proceed with its divestment program, but required the company to restart the process except for two projects. Petrobras had been prevented…

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Consolidation – A Path to Subsea Vessel Sustainability

In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices,…

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Singapore’s Survivability

Singapore’s shipyards are looking to recent investments in capacity, design and newly acquired technology to combat order declines after a decades-long offshore buildup. Sembcorp and peer Keppel are making the most of partnerships in FLNG and showing signs they’ll be okay through the downturn…

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Global Shipbuilders: What does the Future Hold?

After a long cycle of build-up in capacity in the 2000s, shipyards hit a new peak in global output in 2010, says a report by Clarksons Research. Since then, the impact of reduced vessel ordering on shipbuilders worldwide has been a key issue for the industry…

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US Oil Rig Count Highest Since Sept. 2015 -Baker Hughes

U.S. drillers added oil rigs for an eighth week in a row to the most since September 2015, extending a ten-month recovery as energy companies boost spending to take advantage of a recovery in crude prices since OPEC agreed to cut production late last year.

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OPEC's Hope for Goldilocks Price Fade: Kemp

CERAWeek has exposed all the contradictions at the heart of OPEC’s attempt to rebalance the oil market without rekindling the shale boom or conceding too much market share to rivals. The oil industry conference in Houston started with a celebration of higher prices…

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FLNG Production Bows out as US Exports Roil Market

Once considered the future of gas production, floating liquefied natural gas (FLNG) projects have been firmly relegated to the backburner as global gas producers seek cheaper ways to compete with a surge in U.S. shale supplies and slumping prices.

Libya: Air Strikes Aimed to Regain Oil Ports

East Libyan forces carried out air strikes around major oil ports on Saturday as they sought to regain control of the area from a rival faction, a military spokesman said. The eastern-based Libyan National Army (LNA) and allied forces retreated on Friday from Es Sider and Ras Lanuf…

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