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30 March 2020
Vestas secures fourth intertidal wind project and first 20-year service contract in Vietnam
Maintaining its successful momentum with 200 MW order intake in Vietnam last year, Vestas has now secured its fourth intertidal project in the country with a 29 MW order with Sigma Engineering Joint Stock Company.The Ben Tre V1-3 wind project will be located in Ba Tri District of Ben Tre…
30 March 2020
EMGS initiates transition to low cost set-up
Following the end of acquisition work under the two-year contract in the Americas, as announced to the market on 20 February 2020, the recent sharp oil price decline and the uncertainty created by the global Covid-19 pandemic, with associated impact on the global economy and, in particular, on oil company…
30 March 2020
Bowleven plc (‘Bowleven’ or ‘the Group’ or ‘the Company’) Interim Results
Bowleven, the Africa focused oil and gas exploration Group traded on AIM, today announces its unaudited interim results for the six months ended 31 December 2019.Highlights Continued progress on Etinde development options and working with joint venture (“JV”) Partners towards agreeing Final Investment Decision (“FID”) in late 2020 Lead contractor…
30 March 2020
Woodside Response To Market Conditions
The current uncertain global investment environment arising from the spread of COVID-19, combined with oversupply of crude oil and LNG, has led to significant decline in prices, requiring decisive and swift action. Woodside’s priority is to protect the health and safety of our people, contractors and communities, while ensuring the…
30 March 2020
Teekay Announces New Bareboat Contract For The Foinaven FPSO
Teekay Corporation (Teekay) (NYSE:TK) announced that it has entered into a new bareboat charter contract with the Foinaven Operator (Britoil Limited, a subsidiary of BP p.l.c.), for the Petrojarl Foinaven (Foinaven) floating production, storage and offloading (FPSO) unit for up to approximately ten years (the Contract). Under the terms of…
30 March 2020
Spirit Energy Successful Drilling Campaign Raise Production Of Two North Sea Fields
Production has been boosted from two North Sea fields following successful drilling campaigns.First gas from the new C6 well at Spirit Energy’s Chiswick field in the Southern North Sea was achieved on 11 March 2020 and has added up to an additional 15 million standard cubic feet of gas per…
30 March 2020
Expecting faster ramp-up to higher plateau production on Johan Sverdrup
The North Sea Johan Sverdrup field expects to reach plateau production for the first phase in early May, earlier than anticipated. Due to higher plant capacity, plateau production will increase from around 440,000 barrels of oil per day to around 470,000 barrels per day.Plateau production was previously expected to be…
27 March 2020
Vaalco Annonces South East Etame 4h Well Has Been Successfully Completed And Placed On Production
Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today provided an update on the successful completion of its 2019/2020 drilling program as well as an operational update.HighlightsSuccessfully completed the South East Etame 4H development well including approximately 750 feet of horizontal section in the Gamba reservoir;Brought the…
27 March 2020
Eni, COVID-19 update: 2020-2021 business plan revision
With respect to the information disclosed to the market on 18 March 2020, Eni has concluded in advance a revision to its planned activities as a result of the sharp decrease in commodities prices and the foreseeable constraints arising from the COVID-19 pandemic.Specifically, Eni will reduce Capex in 2020 by…
27 March 2020
OMV decides on action plan to safeguard financial strength
Reduce organic investments by around EUR 500 mn to below EUR 2 bn in 2020Cut costs by around EUR 200 mnPay for Borealis acquisition in two tranches: more than EUR 2 bn not due until end of 2021Postpone EUR 1.5 bn-worth of projects to 2022The global spread of the coronavirus…
27 March 2020
Cairn Energy - Operational Update – 2020 Reduced Capital Expenditure
Further to its Preliminary Results disclosure on March 10, 2020 and in light of current market conditions, Cairn is proactively reviewing each of its assets and related capital expenditure programmes. Significant reductions and deferrals have already been identified for the 2020 programme, representing an overall 23% reduction in capital expenditure…
27 March 2020
Valaris Provides Update on Operations, Contracts and Guidance
Valaris plc (NYSE: VAL) (“Valaris” or the “Company”) announced today that the Company continues actively working to recover or replace the blowout preventer (BOP) stack on VALARIS DS-8 following a non-drilling incident earlier this month. On March 19, 2020, the Company received a termination notice for the drilling contract for…
27 March 2020
Okea AS – consent to use Island Constructor – light well intervention
The Petroleum Safety Authority Norway have given Okea AS consent to use Island Constructor for light well intervention on the Draugen field.
27 March 2020
ConocoPhillips – consent for use of Island Constructor
The Petroleum Safety Authority Norway has given ConocoPhillips Skandinavia AS (ConocoPhillips) consent to use the Island Constructor mobile well intervention facility for well intervention activities in the Greater Ekofisk Area.
27 March 2020
Magseis Fairfield announces award of deepwater OBN program in Mexico
Magseis Fairfield has been awarded a deep water OBN project in the Mexican sector of the Gulf of Mexico. Work is scheduled to commence in the third quarter of 2020 and will take approximately 60 days. The survey will be carried out in water depths of 2,000 to 2,600 meters.…
26 March 2020
Fugro Partners With Sea-Kit International To Develop New Range Of Uncrewed Surface Vessels
Fugro, the world’s leading Geo-data specialist, has announced a strategic partnership with SEA KIT International, winner of the Shell Ocean Discovery XPRIZE.SEA-KIT, a global provider of hi-tech solutions to maritime and research industries, will work with Fugro to develop a new range of agile and compact uncrewed surface vessels (USVs)…
26 March 2020
Occidental Provides Update on Capital Spending and Cost Reductions
Occidental Petroleum Corporation (NYSE:OXY) announced today a further reduction in 2020 capital spending to between $2.7 billion and $2.9 billion from its original 2020 guidance of $5.2 billion to $5.4 billion, a midpoint reduction of 47 percent. At current commodity prices, 2020 annual production from continuing operations is expected to…
26 March 2020
Bahamas Petroleum Company plc ("Bahamas Petroleum" or the "Company") Perseverance #1 Well Update
Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, wishes to provide the following update in relation to the timing for the drilling of Perseverance #1, its first exploration well in The Bahamas.Key Points· As a result of…
26 March 2020
Africa Energy Reports 2019 Year End Results
Africa Energy Corp.( TSX Venture: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas company with exploration assets offshore South Africa and Namibia, announces financial and operating results for the year ended December 31, 2019. View PDF Version.Garrett Soden, the Company's President and CEO, commented:…
26 March 2020
CNOOC Production and Reserves Hit Record High Net Profit and Dividend Significantly Increased
CNOOC Limited (the “Company”, SEHK: 00883, NYSE: CEO, TSX: CNU) announced its 2019 annual results for the year ended December 31, 2019.In 2019, CNOOC Limited has achieved remarkable results, with multiple operating indicators reached a record level since its listing. Total net oil and gas production of the Company amounted…
26 March 2020
Lundin Petroleum CEO letter to Shareholders
Alex Schneiter, President and CEO of Lundin Petroleum AB (Lundin Petroleum) has written an open letter to shareholders in regard to current market conditions, measures taken to mitigate any impact from the current Covid-19 pandemic on operations and the resilience of the Company’s strategy and business model to low commodity…
26 March 2020
Teekay Offshore Partners L.P. changes its name to Altera Infrastructure L.P. as part of global group rebranding initiative
Teekay Offshore Partners L.P. (the “Partnership”) announced that its name has changed to Altera Infrastructure L.P. effective 24 March 2020. The Partnership announced that the group of entities comprising of the Partnership’s affiliates and subsidiaries (formerly referred to as Teekay Offshore) (the “Group”) is rebranding to Altera Infrastructure.
26 March 2020
3D Oil Limited nears completion of farmout of T/49P to ConocoPhillips Australia
3D Oil and ConocoPhillips Australia sign Joint Operating Agreement to satisfy a key condition of the farmout of T/49P 3D Oil to receive cash payment of A$5 million 3D Oil to reduce equity to 20% to minimize ongoing operating costs ConocoPhillips Australia to acquire at least 1580 sq km of…
25 March 2020
Hurricane Energy plc ("Hurricane" or the "Company") Operational Update
Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, provides an operational update following recent developments in the UK government response to COVID-19.Capital Markets Day 2020 PostponementThe Company had been due to host a Capital Markets Day ("CMD") on 25…
25 March 2020
Message from the OGA Chief Executive
As the COVID-19 pandemic continues to impact on our way of life, the economic impact, combined with a significant fall in the commodity price, has hit the UK oil and gas industry hard.The Oil and Gas Authority (OGA) is firmly focused on its role of working with industry and government…
25 March 2020
FAR update
FAR Limited (ASX: FAR) has implemented plans to ensure business continuity and preserve the Company’s cash (~A$150M at end of February 2020) in the wake of the COVID-19 pandemic and recent crash in oil price.The FAR board recognises that this is an extraordinary business climate that is affecting FAR’s ability…
25 March 2020
INEOS to postpone shutting down of Forties Pipeline System (FPS) until August at the Earliest
INEOS FPS has responded to requests from customers and delayed its planned summer shut down of the Forties Pipeline SystemThe decision has been taken in the face of the growing Corona Virus pandemic and the need to avoid bringing together large numbers of peopleINEOS will continue to work with our…
25 March 2020
Maersk Drilling receives notice of contract termination for Maersk Venturer
Maersk Drilling announces that it has received a notification from Tullow Ghana Ltd. (“Tullow”) of early termination for convenience of the drilling contract for the drillship Maersk Venturer.Since February 2018, Maersk Venturer has worked for Tullow offshore Ghana with an expected end of contract in February 2022. The rig is…
25 March 2020
Global Offshore To Provide Complete Cable Care Service To Three More UK Oftos Under Five Year Framework
Global Offshore, a leading provider of cable installation, repair and trenching services to the offshore renewables, utilities and oil & gas markets and part of the Global Marine Group, announced today a five-year export cable repair framework with Balfour Beatty Investments and Equitix (BBE), covering the three OFTOs they own:…
25 March 2020
Specialist acquisition strengthens ASCO's NORM Services
ASCO, the global integrated materials and logistics management company, has acquired full ownership of NORM Solutions Ltd, a leading provider of specialist cleaning, treatment and disposal services for oilfield equipment contaminated with Naturally Occurring Radioactive Materials (NORM).The acquisition reflects ASCO’s overall strategy to continually strengthen its specialist waste and decommissioning…
25 March 2020
Head Energy awarded well hook-ups at the Brage Platform
Wintershall Dea has awarded Head Energy a contract for two well hook-ups at the Brage Platform. The engineering phase will start immediately.-This is a strategically important contract for us and a recognition of our skilled engineering team working with EPCIC offshore modification projects. We look forward to continuing our good…
24 March 2020
Covid-19 And Oil Price War Could Derail Two-Thirds Of The World's Oil & Gas Project Sanctioning in 2020
The effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development plans for this year. According to an impact analysis from Rystad Energy,…
24 March 2020
Global Energy Group : First Rig Arrives At Nigg Oil Terminal Jetty
Global Energy welcomed the first jack-up rig “Noble Hans Deul” to berth at the Nigg Terminal Jetty where it will lay up while awaiting it’s next contract.The rig safely pinned its legs down at around 7:30 pm after being maneuverer into position with the assistance Caledonian Towage’s Strathdon harbour tug.Global…
24 March 2020
Shell acts to reinforce business resilience and financial strength
As the COVID-19 virus spreads across the world - seriously impacting people’s health, our way of life and global markets - Shell is putting the safety and health of our people and customers first, along with the safe operations of all our businesses.At the same time, Shell are taking decisive…
24 March 2020
The Offshore Rig Market – At $30 Oil Offshore Drillers May Be Out of Options
COVID-19 and low oil prices are already having an impact on the offshore rig market as contractors face crew & logistical challenges and E&Ps attempt to prioritize drilling campaignsContract scrutiny has already led to a few contract cancellations and the first claims of Force MajeureHowever, contract options are at most…
24 March 2020
Total announces immediate action plan in context of sharp decrease in oil prices
Patrick Pouyanné, Chairman & CEO of Total, addressed the Group’s employees on March 19 to mobilize them in the face of the challenges ahead. He recalled the resilience that the Group’s teams demonstrated during the 2015-16 oil crisis as well as the two pillars of the Group’s strategy which are…
24 March 2020
Five PGS Surveys Support Indonesia 2020 Licensing Round
New data is now available for five recently acquired PGS MultiClient 3D surveys over basins spanning the Indonesian archipelago. All provide significant uplifts in seismic data quality, based on GeoStreamer broadband acquisition and imaging.Imaging has been improved throughout the seismic section. This is especially apparent for the deeper hydrocarbon plays…
24 March 2020
Aker Solutions Wins 20-Year Umbilicals Master Order With Chevron
Aker Solutions has entered a master agreement to provide umbilicals for Chevron-operated oil and gas fields in the US Gulf of Mexico. The company also secured the first work order under the new master agreement, to provide 24 kilometers (15 miles) of umbilicals for Chevron’s Anchor project.The scope of the…
24 March 2020
Xodus sees major growth in cable services
Xodus Group has recorded a major increase in the provision of services related to subsea power cables over the last twelve months.The number of new assignments grew by more than 50%, resulting in more than 70 active work streams in 2019. This has allowed Xodus to increase its number of…
23 March 2020
Sandvik receives tubular orders for the energy industry
Sandvik Materials Technology has received large orders for advanced tubes for the energy segment. The orders were booked in the first quarter 2020 at a combined value of about 630 million SEK, with deliveries scheduled as from the second half of 2020.“I am very pleased that we again prove to…
23 March 2020
Saipem : signed a cooperation agreement with Equinor to develop floating solar
Saipem and Equinor have recently signed a cooperation agreement to develop a floating solar panel park technological solution for near coastal applications.The technology will be based on the in-house developed concept by Moss Maritime, part of Saipem's XSIGHT division dedicated to high value-added services, which is a modularized system, designed…
23 March 2020
EIOF – Early redelivery of Viking Princess
Eidesvik Offshore ASA ("Eidesvik") has received notice of early redelivery from Ithaca Oil and Gas Limited for Viking Princess. The Viking Princess will be redelivered to Eidesvik end April due to the current market situation.
23 March 2020
Aker BP updates its investment program
Aker BP is updating its investment program and financial framework in order to secure additional financial optionality in response to the high uncertainty caused by the COVID-19 crisis.The main changes to Aker BP’s plans are:Non-sanctioned field development projects are put on hold. For 2020, this represents a capex reduction of…
23 March 2020
OKEA ASA – Operational and financial update
The industry is in the midst of an unprecedented combination of a global pandemic coupled with a dramatic fall in oil prices. The Board of Directors and the Management team of OKEA have been working closely together over the past weeks to assess and understand the impacts of this on…
23 March 2020
Industry welcomes inclusion on key workers list
OGUK has today welcomed the UK Government’s announcement that oil and gas workers are included on a list of key workers whose children will be prioritised for education provision.Commenting, OGUK Chief Executive Deirdre Michie said:“As an industry we are committed to doing everything possible we can to help the country…
23 March 2020
Husky Energy Suspends West White Rose Project
Husky Energy (TSX:HSE) today announced that it will begin a systematic and orderly suspension of major construction activities related to the West White Rose Project.The decision reinforces Husky’s objective to prevent the transmission of the COVID-19 virus among its employees, contractors, and the community. The Company carefully assessed the risks…
23 March 2020
TGS Completes Processing of Erlend Wild West Project and Commences Deliveries
TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced that it has completed, on-time, the processing of its Erlend Wild West multi-client 3D seismic survey west of Shetland. This data, which offers an enhanced subsurface image of the region to assist in the…
20 March 2020
Sucessful Installation Of Two Offshore Substations Marks Major Milestone At The Seamade Offshore Wind Farm
The two substations for the SeaMade offshore wind farm have been successfully installed in the Belgian North Sea. This installation marks a major milestone in the construction of Belgium’s largest offshore wind farm.Each with a weight of 1,200 tonnes, the substations are the beating heart of the offshore wind farm.…
20 March 2020
Stinger contract award
Stinger Technology, the next generation subsea marine robotics company, has been awarded an R&D contract with Neptune Energy, for the development, qualification and field trials of autonomous inspection/ intervention subsea drones.The solutions that will be developed for Neptune Energy aims to save costly vessel operations and reduce risk through continuous…
20 March 2020
Lankhorst Offshore Mooring Lines For Liza Unity Pro
Leading deepwater mooring rope manufacturer, Lankhorst Offshore, has been awarded a contract by SBM Offshore to supply the mooring lines for the Liza Unity Floating Production Storage and Offloading (FPSO) for ExxonMobil’s Liza oil field offshore Guyana, South America. This follows the successful deployment of Lankhorst mooring lines for the…