Petrobras sharpens deepwater focus in quest for value
Petrobras is in a state of transformation, company officials said at a press conference in London, with an eye on selling down assets and tackling debt – in tandem with major expansion plans.
Oil & Gas
Opec and Russia confirm 500,000 barrels a day production cut
The countries of the Opec oil-producing cartel and ally Russia have agreed to cut crude production by an extra 500,000 barrels a day.
Nigeria fires off fresh P&ID challenge
Nigeria has filed a new challenge to the case brought against it by Process and Industrial Developments (P&ID), over a failed gas project in Calabar.
Hearing into fatal 2013 Super Puma crash to begin in January
A preliminary hearing for a fatal accident inquiry into a helicopter crash off Shetland in 2013 is due to begin in January, the Crown Office has confirmed.
Updated: Centurion continues expansion drive with two acquisitions
Private-equity-backed Centurion Group has moved up another gear in its expansion drive with the acquisition of two more firms.
OPEC cuts need to be ‘credible’ says Aberdeen petroleum economist
A group of nations which aims to manage the global oil supply was last night poised to make further production cuts in a bid to stabilise the oil price.
Dealmakers look ahead to ‘big year’ for M&A in UK North Sea
As some of the North Sea’s private equity-backed players prepare themselves for public listings, 2020 is expected to be a “big year” for gauging the size of investors’ appetites.
Profits plummet 90% for Diamond Offshore’s UK business
Lower dayrates and fewer revenue-earning days saw profits drop by more than 90% at Diamond Offshore’s UK business.
‘American-style’ hardball approach rising in North Sea firms, lawyer claims
An American-style hardball approach to contracts and working conditions is rising among North Sea firms, according to a top employment lawyer.
Companies branching out for central belt work
When you think about the energy sector in Scotland your mind instinctively stirs up images of North Sea oil rigs and the ports of the country’s most north-easterly corner.
Gulfstream Services International targets Eastern Hemisphere growth with new appointment
Gulfstream Services International (GSI), an offshore equipment and engineered solutions provider, has announced the appointment of Gordon Blackwood as Business Development Director.
Saudi Aramco raises $25.6 billion in world’s biggest IPO
Saudi Aramco raised $25.6 billion from the world’s biggest initial public offering, closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the nation.
AFC backs mini refining plan in Guinea
Africa Finance Corp. (AFC) has agreed to act as a co-developer of a small refining project in Guinea, via a joint development agreement with Brahms Oil Refineries.
DOF Subsea in talks over refinancing deal
Offshore energy service firm DOF Subsea is working out a “long-term financing solution” with its lenders.
Shell wins ruling blocking enforcement of Nigerian spill case
Royal Dutch Shell Plc won a ruling preventing London courts from enforcing a $516 million Nigerian judgment for damages caused by an oil spill almost five decades ago.
Nigeria yet to make contact with pirates holding oil tanker crew
Nigerian security forces have mounted an intensive search for pirates who raided an oil super tanker off it’s coast and seized 19 crew members but have so far not made any contact with the hostage takers, the West African country’s maritime agency said.
IOC sets out the Indian advantage
When Indian Oil Corp. (IOC) was launched it focused on the downstream and has subsequently expanded into the upstream, while also moving into petrochemicals.
19 kidnapped from VLCC off Nigeria
A VLCC offshore Nigeria has been attacked and 19 crewmembers seized. This appears to be the first time such a ship has been targeted in this region.
Omani bid round falls foul of shift away from wildcat E&P
News last week that Russian firm Zarubezhneft was being considered for the development of an offshore oil concession in Oman brought into sharp focus the lack of update provided since the country’s 2019 bid round closed in May.
Tension as North Sea firms grapple with IR35 rules
Tensions over new tax changes to offshore contractors arose yesterday as Cnooc International became one of the first North Sea firms to roll out its new off-payroll working rules.
Aberdeen energy recruitment firm ‘forced into administration’
An Aberdeen energy recruitment firm has announced it has been forced into administration after it was unable to recover fees due from a major client.
Plug and abandonment business ‘expected’ loss
A fledgling plug and abandonment firm which recently received a £66 million investment has said it “expected” its £2.7m loss.
Decommissioning market report pinpoints international opportunities
DecomWorld – subsidiary of Reuters Events- today announced the release their 2020 Decommissioning Market Report and International Supply-Chain Decommissioning Roadmap.
Supply chain struggles persist, but LR energy chief sees reasons for encouragement
During my recent interview with David Clark, global energy director at Lloyd’s Register (LR), one adjective cropped up repeatedly – “encouraging”.
Adipec highlights role of technology
Adipec 2019 was the 35th year of the conference, highlighting what progress Adnoc and the local industry has made – and the next phase of expansion plans.