Petrofac hails start of gas injection for TurkStream project
Energy services firm Petrofac has hailed the start of gas injection for a giant project to deliver energy from Russia to Turkey.
Russia
Total ticks off Mozambique LNG
Total has closed its purchase of Anadarko Petroleum’s 26.5% stake in the Mozambique LNG project.
Aberdeen-based HVAC wins £1m contract for Russia’s Sakhalin project
An Aberdeen-based energy services firm has won a contract worth more than £1million for work in Far East Russia.
KOGAS signs up US LNG supplies from BP
South Korea has struck a 15-year deal with BP for LNG supplies, covering 1.58 million tonnes per year.
McDermott wins contract for Arctic LNG 2 project in Russia
Engineering services firm McDermott International has won a contract to help deliver a major liquefied natural gas (LNG) project in Russia.
Oil price spike a welcome but short-lived boost for North Sea, Prof Kemp says
The oil price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
Oil firms face rising threat of government sanctions
Oil and gas companies face an increasing risk of government investigations and significant financial penalties if they do not take appropriate steps to comply with international sanctions measures.
Oil on course for back-to-back weekly gains
Oil headed for its first back-to-back weekly gain since June on signs the U.S. and China could be edging closer to a trade deal and as a growing list of central banks start easing policy to shore up growth.
Caspian Sea nations to meet to discuss dividing ‘oil rich seabed’
The energy-rich Central Asian nation of Turkmenistan is hosting an economic forum intended to bolster co-operation between Caspian Sea nations.
TechnipFMC wins contract worth £6.1billion for Russian LNG project
TechnipFMC has won a major contract with Russia’s Novatek worth £6.1billion.
KCA Deutag wins contracts worth £135m in Russia
Oil and gas industry contractor KCA Deutag (KCAD) has clinched a trio of new contracts worth about £135 million for land drilling work in Russia.
North Sea must keep a lid on costs if oil prices rise, industry experts say
The North Sea oil industry must keep a lid on costs if measures taken by Opec and its allies push crude prices much higher, top Aberdeen energy experts have said.
OPEC set to extend oil output cuts into 2020 as demand falters
The OPEC+ alliance is poised to extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields.
OPEC+ proposes mid-July meeting to settle dispute over dates
OPEC proposed mid-July meetings with its allies in Vienna to discuss extending production cuts, after talks between Russia and Iran made some progress toward resolving a standoff over the date.
Oil drops below $54 as global recession, supply concerns mount
Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.
Oil optimism slumps to 12-week low as price dips to bear market
Hedge funds kept running away from oil as prices tumbled into a bear market.
Russian oil to parts of Europe halted due to contamination
Russian oil flows to parts of Europe were halted after customers complained of unusual impurities in the crude, adding another disruption to the global oil market and pushing prices in London above $75 a barrel.
Kremlin offers oil giants $8bn as Russians Struggle
Vladimir Putin’s poll ratings are down after a tax hike squeezed cash-strapped consumers. But the Kremlin has opened the coffers to give as much as $8 billion this year to another key constituency: oil companies awash in record profits.
Plexus Holdings narrows losses to £2.3million
Depreciation costs, corporation tax and discontinued operations have led to heavy losses for Aberdeen-based Plexus Holdings.
Maduro gets oil lifeline from Russia after US sanctions hit
Just as Venezuelan state-run oil company PDVSA was running out of an obscure product needed to thin out its crude and keep exports flowing in the wake of U.S. sanctions, Russia is coming to the rescue.
Germany to take more Russian gas, ignoring Trump
Germany is preparing one of its biggest sustained increases in natural gas consumption in almost two decades, regardless of U.S. admonitions that it shouldn’t draw so much of its energy from Russia.
Russia to speed up output cuts as Saudis lament pace
Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.
Plexus to buy back 5m shares from Russian partner
Plexus Holdings has agreed to buy back 4.95 million shares in the company from its Russian partner Gusar.
A year in review – Oil benchmarks trail at the end of 2018
Brent crude oil averaged $72 per barrel (b) in 2018, and West Texas Intermediate (WTI) averaged $65/b in 2018.
Expect oil price slide to halt as Opec cuts kick in, analyst says
Oil prices will stabilise over the coming weeks as cuts agreed by OPEC kick in, an analyst has said.