McDermott in talks with lenders to file bankruptcy

The company is in discussions with lenders including Baupost Group LLC and HPS Investment Partners LLC about providing a $2 billion bankruptcy loan, according to people with knowledge of the matter. ...

Oil slides as bulls take profit after strongest year since 2016

With hedge funds’ net-bullish bets at a seven-month high, even protesters storming the American embassy in Iraq, OPEC’s second biggest producer, couldn’t support prices on the final trading day of the year. ...

Saudi plan to wean off oil sees success even as economy stalls

Saudi Arabia’s economy shrank 0.5% in the third quarter, a contraction that was broadly expected even as the kingdom’s goal of weaning itself off crude began to pay off with solid growth in non-oil sectors. ...

Russia, Belarus clash over oil, casting doubt over 2020 supplies

At stake are crude deliveries to Belarus totaling 24 million tons a year, while the future of transit volumes -- supplies passing through the country en route to Europe -- remains uncertain. ...

Noble Energy’s first gas from Leviathan comes in $150M under budget

The first phase of development consists of four production wells producing through two 18-inch, 73-mile subsea tiebacks to a processing platform offshore northern Israel. ...

UK continental shelf licensing round attracts more than 100 applications

The 32nd UK Offshore Licensing Round, which closed on 12th November 2019, offered acreage in the Central North Sea, Northern North Sea, Southern North Sea and the West of Shetlands. ...

Israel’s Leviathan gas field brings energy security, health concerns

A decade after its discovery was lauded as a guarantor of Israel’s energy security, the giant Leviathan natural-gas field started production Tuesday. But instead of anticipating a coal-free future, residents living near the gas platform have abandoned their homes for a day. ...

Oil on track for best year since 2016 as U.S. stockpiles shrink

Oil rose for a fifth session, the longest run of gains since July, as a bigger-than-forecast decline in U.S. crude stockpiles eased oversupply concerns. ...

Hedge funds staying bullish on oil amid trade truce, OPEC+ cuts

Hedge funds are approaching the end of the year more optimistic on global oil prices than they’ve been since May. ...

Investors signal high-premium deals are over after bad year for energy MandA

After an abysmal 2019 for U.S. energy mergers and acquisitions, investors are signaling to oil executives and investment bankers that the days of high-premium deals are over. ...

Oil extends longest run since July as U.S. stockpiles shrink

Oil rose for a fifth session, the longest run of gains since July, as a bigger-than-forecast decline in U.S. crude stockpiles eased oversupply concerns. ...

Exxon expands Eastern Mediterranean offshore holdings

The awards add upstream interests to ExxonMobil’s long-standing downstream presence in Egypt, where it has been a leading fuels, lubricants and specialties marketer since 1902. ...

CGG quits seabed data acquisition JV, transfers holdings to partner

CGG announced it has terminated the Seabed Geosolutions’ joint venture agreement effective December 31, 2019. ...

Federal Reserve Bank of Dallas: Texas oil sector contracting amid ‘challenging’ conditions

The contraction of the oil and gas industry in and around Texas continued in the fourth quarter as shale producers cut back on spending and jobs, the latest survey from the Federal Reserve Bank of Dallas showed. ...

Russia’s energy minister says OPEC+ cuts can’t last forever

OPEC+ output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March. ...

Oil extends gains on U.S. inventory decline, trade deal optimism

Oil rose for a third session as an industry report showed American inventories shrank and as optimism over a partial U.S.-China trade deal grew. ...

Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in. ...

Oil tops $61 as U.S. crude oil inventories seen declining

Oil settled above $61/bbl amid light volume as U.S. President Donald Trump said a preliminary trade deal with China is “done” and ahead of government data expected to show another crude stockpile decline. ...

The Permian gas production problem worsens

America’s top shale field is becoming increasingly gassy as drilling slows down, undercutting profits for explorers at a time when investors are demanding better returns. ...

Trump’s sanctions lead Allseas to halt Nord Stream 2 work

Germany lashed out against the U.S. penalties on Saturday, saying they’re “incomprehensible” and interfere in its internal affairs, a spokeswoman for Chancellor Angela Merkel’s government said. ...

Analysts see few surprises in 2020 as OPEC+ cuts trim surplus

Oil prices are likely to remain in check during 2020 as OPEC+ production cuts are offset by higher output from other countries and a mixed outlook for demand, according to analysts. ...

South Africa proposes 20% carried interest in oil and gas law

South Africa published a long-anticipated draft of oil and gas legislation that will give the state a 20% carried interest in exploration and production rights, with the aim of increasing development of the industry. ...

Saudi Arabia, Kuwait agree to resume oil output at shared fields

Saudi Arabia and Kuwait agreed to resume oil production in a shared border region more than four years after halting output. ...

Stock sales at 13-year low signal a waning appetite for U.S. shale

U.S. oil and gas producers have raised the least funds from share sales this year in over a decade, as investors lose their appetite for shale. ...

French court orders sale of BOURBON assets to banking consortium

Transfer of ownership of BOURBON Corporation assets will take place as of January 2, 2020. ...

ExxonMobil and partners discover more oil in Starbroek block offshore Guyana

ExxonMobil and its partners announced another oil discovery on the Stabroek Block offshore Guyana, southeast of the Liza Field. The discovery adds to the current gross recoverable resource estimate of more than 6 Bboe. ...

Permian banks now latest drag on Texas economy, Fed says

The slowdown in Permian Basin oil drilling and fracking is spreading to the lenders as austerity takes hold. ...

Popular Middle East oil falls from favor on cusp of IMO 2020

Murban is typically prized for its light and middle distillate yield but the grade’s price has dropped as Asian refiners focus on purchasing oil that produces more low-sulfur, high-viscosity marine fuels due to IMO 2020. ...

Oil steadies after biggest loss in three weeks on supply outlook

Oil steadied after the biggest decline in three weeks on Friday as Kuwait aimed to reach a deal with Saudi Arabia that will restore crude output along their border, and U.S. shale explorers boosted drilling. ...

FPSO Liza Destiny producing offshore Guyana

SBM Offshore announced that FPSO Liza Destiny has produced first oil as of December 20, 2019 and is formally on hire. The FPSO is installed at the Liza field, which is located circa 200 km offshore Guyana in the Stabroek block. ...

Equinor and Rosneft move forward on Western Siberia field development

Equinor and Rosneft have taken an investment decision on the first stage of the North Komsomolskoye full field development. ...

Apache, Total form Suriname offshore exploration joint venture

Under the agreement, Apache and Total will each hold a 50% working interest in Block 58, which comprises approximately 1.4 MM acres in water depths ranging from less than 100 m to more than 2,100 m. ...

Decoupling of energy stocks from oil prices burns operators

This year has been one of moderate gains for the price of oil, but it has been bleak for producers. ...

Oil’s 2019 milestones tell the decade’s story of energy abundance

Global oil markets notched up a number of milestones this year that echoed the story of the past decade: the world has shifted from an era of supply tightness to plenty. ...

Oil boom begins in Guyana as Exxon lifts first Liza crude

Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross bopd in coming months, with the first cargo to be sold within several weeks. ...

U.S. Chamber of Commerce says proposed fracing ban puts Texas economy at risk

The study comes as presidential candidates and activist groups have called for a ban on hydraulic fracturing. Several major candidates have promised to pursue such a ban if elected, and the results would deliver a staggering blow to the economy. ...

TGS completes new multibeam and coring program in Brazil’s Campos and Santos basins

TGS announced the completion of a new multibeam and coring program covering over 213,0000 square kilometers in the Campos and Santos basins of offshore Brazil. ...

Schlumberger commits to Paris Agreement emissions-reduction targets

The emissions-reduction commitment is part of the company’s thought leadership and focus on environmental and social sustainability through its Global Stewardship program. ...

Self-made billionaire oilman invites Elizabeth Warren on tour of shale sites in her home state

Wildcatter and Continental Resources founder Harold Hamm invited Elizabeth Warren to the Oklahoma oil patch as the U.S. Democratic presidential candidate proposes a ban on fracing if elected. ...

Lloyd’s Register’s certification validates Wärtsilä Marine’s cyber security measures

Wärtsilä has been awarded Lloyd’s Register system-level cyber certification for its network architecture relating to Wärtsilä’s integrated main and auxiliary machinery. ...

Canadian crude-by-rail shipments ready to surge, spurring new investment

Crude-by-rail capacity in Alberta is expected to grow by 100,000 bpd in December after the provincial government eased production limits for oil transported by train, the Energy Ministry said Wednesday. ...

Honeywell acquires intelligent-gas-monitor maker Rebellion Photonics

Rebellion offers the industry's only real-time monitoring platform that visually identifies and quantifies gas releases to quickly detect and analyze leaks and keep workers safe. ...

Oil tax hike may imperil Alaskan ‘renaissance,’ governor says

A campaign to increase tax revenues from Alaska’s biggest oil fields must be examined closely to make sure it doesn’t threaten an industry “renaissance” in the state, Governor Mike Dunleavy said. ...

China offering LNG on the cheap hints at severe supply glut

One of China’s top liquefied natural gas buyers offered to sell a cargo on the cheap – and in the throes of winter – a fresh sign of the massive oversupply that has weighed on the market. ...

BP follows Total in quest to improve recyclability of petroleum-based products

“This is an exciting step towards a circular economy for the polyester industry,” said Rita Griffin, COO of petrochemicals for BP. “But we know we cannot create circularity on our own.” ...

Israeli court halts Noble’s Leviathan gas project over environmental concerns

Jerusalem’s district court ruled late Tuesday that the firms developing Leviathan are barred from pollutive activity until further notice, in effect halting operations. ...

Oil steadies at three-month high after surprise U.S. crude draw

Oil steadied at the highest level since September after the U.S. government reported a surprise draw in crude inventories. ...

IMO 2020 shipping-fuel rules face adoption, compliance and enforcement hurdles

Historic rules to clean up pollution in the shipping industry are two weeks from taking effect, but there are signs that enforcing the new legislation will prove tricky. ...

Schedule overruns lead Perenco to cancel Maersk Resolute contract

Maersk Drilling has received notification that Perenco is cancelling the previously announced three-well contract for the jack-up rig Maersk Resolute in the UK North Sea. ...

Milestone Environmental opens its eighth slurry injection facility in Texas

Big Spring is the second of three facilities in Milestone’s previously announced 2019 construction program, and part of a broader goal to build the largest, most environmentally-conscious oilfield waste disposal network in the Permian basin. ...

U.S. energy chief says the Permian slowdown is only temporary

Even as growth is set to slow next year in the Permian and elsewhere as drillers respond to investor demands for capital restraint, U.S. Energy Secretary Dan Brouillette said the shale boom has further to run. ...

Devon Energy sells Barnett shale assets for $770 million

The transaction between Devon Energy and a Kalnin Ventures unit includes over 320,000 gross acres and 4,200 producing wells. ...

WaterBridge raises $345 million for Permian expansion

While drilling activity in the Permian has been cooling in recent months, the business of supplying water to shale producers in the biggest U.S. oil patch – and disposing of the wastewater – continues to attract private equity. ...

Nissan Chemical America strikes partnership to enhance oil recovery

Nissan Chemical America Corporation has partnered with industrial gas supplier, Messer Americas, to improve oil and gas production. ...

Permian industry groups challenge perceptions on methane emissions

Methane-emissions intensity in the Permian Basin plunged 64% in the past seven years, even as crude production surged, according to a report by Texans for Natural Gas, the Permian Basin Petroleum Association and the New Mexico Oil and Gas Association. ...

C-Innovation selects Magma composite jumpers for Gulf of Mexico intervention projects

Magma Global has been selected by C-Innovation to supply m-pipe thermoplastic composite subsea jumpers for flowline intervention in the Gulf of Mexico. The 4-inch diameter 10ksi m-pipes are expected to be deployed in the next few months. ...

ABB and Equinor sign major frame agreement for global oil and gas operations

ABB has signed a new frame agreement to deliver safety and automation systems across Equinor’s installed base and greenfield projects worldwide, helping minimize cost, schedule and risk. ...

Energy e-business professional group PIDX weclomes new member

As a member of PIDX, ChaiOne will have an active role in the development of standards, contributing to industry-wide solutions for buyer, supplier, and API networks at all stages of adoption and improvement of digital integration. ...

UK energy group outlines technologies required to reach net-zero-emissions goals

The leading representative body for the UK’s offshore oil and gas industry has underlined its commitment to developing the technical solutions required to help meet the UK and Scotland’s net zero ambitions. ...

DNV GL wins framework agreement with DNO for Norwegian Continental Shelf operations

The agreement will be managed from DNV GL’s office in Stavanger, Norway and supported with a global network of 2,000 technical experts, with global services ranging from verification and environmental to due diligence studies. ...

Maersk Drilling awarded three-well contract offshore Trinidad by BP

Maersk Drilling has secured a three-well contract for the semi-submersible rig Maersk Discoverer with BP for development drilling at the Matapal project offshore Trinidad and Tobago. ...

Forum upgrades hyperbaric testing facility for 35% reduction in operational time

Located at the company’s Kirkbymoorside base in North Yorkshire, UK, the pressure test tank is one of the largest in Europe and provides a well-located facility for the critical testing of subsea equipment. ...

China breaks global record for oil imports, and the numbers are still growing

China is breaking records for crude oil imports, and isn’t likely to stop soon as new refineries ramp up and hopes grow that the easing of trade tensions with the U.S. will bolster the economy. ...

Talos Energy to spend $640 million acquiring Gulf of Mexico acreage and prospects

Talos president and CEO Timothy S. Duncan commented, "The acquisition of these assets significantly strengthens Talos's position as a basin-leading independent EandP company, providing increased scale and free cash flow, greater operational diversity and broader optionality in future growth.” ...

Oil tanker attacked, crew kidnapped offshore west Africa

An oil tanker was attacked on Sunday in West Africa’s Gulf of Guinea and most of its crew were kidnapped, the latest in a string of incidents highlighting the security risks to shipping in the region. ...

Equatorial Guinea expects $1.4 billion in oil investments in 2020

Equatorial Guinea forecasts investments of at least $1.4 billion in its hydrocarbon sector next year through the development of oil projects and an increase in exploration. ...

SOCAR Petrofac JV lands project management services contract with BP

Petrofac, in a joint venture (JV) with the State Oil Company of the Republic of Azerbaijan (SOCAR), has secured a project management services contract to support BP’s operations in Azerbaijan and Georgia. ...

Equinor inks new safety and automation system framework for Norwegian operations

A new compensation format will help improve efficiency as Equinor awards new framework agreements for safety and automation systems with five suppliers. ...

Marathon UN climate-change meetings fail to deliver progress on carbon markets

The international effort to rein in fossil fuel pollution took a step backward this weekend after envoys at a marathon round of United Nations talks watered down language on issues they had agreed on in previous years. ...

Exxon, Chevron targeted by climate-activist investor group

The Dutch activist fund that has filed shareholder resolutions pressuring major oil companies in Europe to take action on climate change has set its sights on the U.S. ...

Accelerating Permian base decline demands more drilling to maintain current output, says IHS Markit

"Base decline is the volume that oil and gas producers need to add from new wells just to stay where they are—it is the speed of the treadmill,” said Raoul LeBlanc, vice president of unconventional oil and gas at IHS Markit. ...

CGG completes JumpStart multi-client geoscience data project in Australasia

CGG has completed JumpStart multi-client geoscience packages for the North West Shelf of Australia and the Banda Arc in the Asia-Pacific region. ...

WTI crude crests $60 for the first time since Saudi facility attacks

Futures closed 1.5% higher in New York on Friday, buoyed by a partial truce in the U.S.-China trade war that has imperiled demand all year. Chinese officials said the countries agreed to hold off on a new round of tariffs set to go into effect in a matter of days. ...

Norway’s financial regulator says ‘green’ investing has a dark side

Morten Baltzersen, the head of the Financial Supervisory Authority in Norway, says the rush to plow funds into investments that fulfill environmental, social and governance (ESG) standards has opened the door to a new risk. ...

Weatherford emerges from Chapter 11, appoints new board of directors

The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over $900 million of liquidity. ...

SandRidge CEO resigns as Icahn-backed board eyes spending plan

SandRidge Energy Inc., the oil and natural gas producer pushed by activist investor Carl Icahn to pursue a sale last year, said CEO Paul McKinney will resign as the company evaluates its 2020 spending plan. ...

Energy stock pain to continue in 2020, but an uptick seems near

Energy equity carnage was alive and well throughout 2019, and the start of 2020 could bring more of the same for the beaten-up sector, though some analysts are turning positive. ...

Canadian energy shines as U.S. shale loses its luster

Canadian energy firms have quietly outperformed their U.S. counterparts this year and, even after the run, a chorus of positive outlooks on the sector to the north continues. ...

Chevron awards OneSubsea industry’s first fully integrated 20,000-psi production system

The equipment that will be deployed in the Anchor project is covered under the 20-year subsea equipment and services master order for Chevron’s development projects in the Gulf of Mexico. ...

Oil rises near three-month high on partial U.S.-China trade deal

Crude is poised for a modest gain this week due to the positive sentiment around the trade deal, having surged by more than 7% last week as OPEC and its allies announced a surprise production cut. ...

Chevron awards OneSubsea industry’s first fully integrated 20,000-psi subsea production system

The equipment that will be deployed in the Anchor project is covered under the 20-year subsea equipment and services master order for Chevron’s development projects in the Gulf of Mexico. ...

API: New research underscores opportunities to sustain U.S. energy leadership and environmental progress

The American Petroleum Institute today welcomed two new reports by the National Petroleum Council that demonstrate how the United States can address the dual challenge of providing affordable, reliable energy while addressing the risks of climate change. ...

Total begins FEED on North Platte 20,000-psi Gulf of Mexico discovery

The 20,000-psi field development plan is based on eight subsea wells and two subsea drilling bases connected via two production loops to a newbuild, lightweight floating production unit. ...

Chevron greenlights its Anchor 20,000-psi deepwater project in the Gulf of Mexico

Chevron has sanctioned the Anchor project in the U.S. Gulf of Mexico, marking the industry’s first deepwater high-pressure development to achieve a final investment decision. ...

Chevron greenlights industry’s first 20,000 psi deepwater project in the Gulf of Mexico

Chevron has sanctioned the Anchor project in the U.S. Gulf of Mexico, marking the industry’s first deepwater high-pressure development to achieve a final investment decision. ...

SBM signs 22-year FPSO contract with Petrobras

FPSO Sepetiba will be deployed at the Mero field in the Santos basin offshore Brazil, 180 kilometers offshore Rio de Janeiro. Delivery is expected in 2022. ...

Schlumberger and Dataiku partner to offer enterprise-scale artificial intelligence

The partnership will deliver unprecedented capabilities to petrotechnical domain experts in response to global demand for AI, bridging the gap between machine learning and domain expertise to enable better insights. ...

IEA says OPEC+ cuts won’t prevent a surplus in 2020

Global oil markets still face a surplus next year even if OPEC and its partners deliver newly-announced production cuts in full, the International Energy Agency said. ...

Chevron’s LNG exit adds to roster of companies walking away from Canadian energy

The U.S. oil giant called time on its Kitimat LNG plant on Wednesday, saying it plans to sell its 50% stake and that the project “will not be funded by Chevron and may be of higher value to another company.” ...

Norway’s oil lobby raises spending forecasts for 2020 and beyond

Norway’s oil lobby raised the investment forecast for the country’s offshore industry for the coming years, even if it still sees a sharp drop in 2021 amid a lack of big new projects. ...

Harold Hamm steps down as Continental Resources CEO

Billionaire wildcatter Harold Hamm is stepping down as chief executive officer of Continental Resources Inc. and will become executive chairman of the shale-oil producer he founded over five decades ago. ...

23rd World Petroleum Congress announces first round of plenary speakers

Following the theme Innovative Energy Solutions, the program will feature eight high-level plenary sessions across five days, with several global leaders from the oil and gas sector now confirmed to speak. ...

Shell and Rice University partner on hydrocarbon-based zero-emissions technologies

Rice University has launched Carbon Hub, a major research initiative to create a zero-emissions future in which oil and natural gas provide both clean energy and advanced materials that help house, move, clothe and feed people. ...

Aker Solutions wins BP Cypre FEED study

The contract will see Aker Solutions deliver front-end engineering and design for the first platform in a potential series of future assets within BP’s Trinidad and Tobago portfolio. ...

Springfield EandP makes significant oil discovery offshore Ghana

Springfield Exploration and Production Limited and its partners have made a significant oil discovery following its maiden Afina-1 well drilling campaign in the West Cape Three Points Block 2, offshore Ghana. ...

Maersk Drilling tags Halliburton and Petrofac for its Seapulse exploration drilling program

Maersk Drilling has signed agreements with Halliburton and Petrofac to collaborate on a shallow and deepwater exploration program to be delivered under Maersk Drilling’s master alliance agreement with Seapulse. ...

Jifmar Offshore Services acquires Delta Marine

Jifmar Offshore Services is continuing its expansion in Scotland with acquisition of the Shetland-based Delta Marine Ltd, one year after taking over North West Marine. ...

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Springfield Exploration and Production Limited and its partners have made a significant oil discovery following its maiden Afina-1 well drilling campaign in the West Cape Three Points Block 2, offshore Ghana. ...

Total gets Libya’s approval to acquire Marathon Oil’s assets

Libya’s state energy company approved French oil giant Total SA’s acquisition of Marathon Oil Corp.’s assets in the North African country in a deal that could boost the OPEC nation’s production capacity. ...

Chevron to take $11 billion writedown amid weak gas prices

Chevron expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices. ...

API welcomes North American trade deal, urges Congress to approve new agreement

API joined more than 200 companies and associations covering a wide range of industries in the USMCA Coalition, which has been working to secure the agreement’s approval in Congress. ...

Saudi Arabia is reviewing its plan for energy subsidy cuts

Saudi Arabia is reviewing its plan to cut domestic energy subsidies as it tries to balance its budget without hurting businesses that have relied on cheap power for a competitive edge. ...

Exxon prevails over New York in climate change lawsuit

Exxon Mobil won a closely watched securities-fraud trial that delved into its internal accounting for the financial risks of climate change, a striking rejection of New York state’s claim that the company misled investors for years. ...

Stauper Offshore earns produced water technology qualification from Equinor

Equinor performed rigorous testing of the Stauper technology at the Grane Field in the North Sea, and the results showed that up to 99.5% of oil was removed from the produced water. ...

U.S. sanctions on Nord Stream 2 pipeline target subsea construction vessels

Sanctions aimed at blocking the Nord Stream 2 natural gas pipeline from Russia to Germany were included by U.S. lawmakers a must-pass defense bill, according to two people familiar with the legislation. ...

Saudi Arabia isn’t counting on an oil price rise in 2020 budget

With its campaign to diversify the economy and efforts within OPEC, Saudi Arabia’s focus is on trying to “bring stability” to its revenue and the market, Finance Minister Mohammed Al Jadaan said in an interview. ...

Mexico’s giant oil find is no miracle cure for ailing Pemex

Even as Mexico’s president and Pemex’s CEO touted the country’s most important find in three decades, it appears to be far from a panacea for the beleaguered state driller. ...

OPEC’s oil surprise came as skeptics doubted a price rise

Oil doubters got a surprise from Saudi Arabia on Friday: a pledge of deeper production cuts that sent futures surging for their best week since June. ...

Jones Energy II to be acquired by Revolution Resources

Jones Energy stockholders will receive approximately $14.11 in cash for each share of Jones Energy Class A common stock or each unit of Jones Energy Holdings II, LLC they own, as applicable. ...

Huber+Suhner reduces offshore platform weight with updated cable solution

Featuring a lightweight and compact design, the Radox OFL cables reduce weight and space by up to 60% when compared to other cables on the market. ...

Canacol Energy wins three new Colombian gas exploration blocks

The new exploration contracts increase Canacol's land position for conventional natural gas in Colombia to 1.4 million net acres. ...

Elsevier integrates GIS software, databases to reduce geoscientists’ research time

Geofacets for ArcGIS provides users with one primary information solution that combines the mapping and analysis capabilities of ArcGIS, with the information and data discovery solutions of Geofacets. ...

ADES secures two deepwater rig contracts offshore Kuwait

Both contracts were awarded by Baker Hughes, under a primary term of two years firm and an option to extend for another six months. ...

Tullow Oil CEO quits after continued poor results in Ghana

Tullow Oil’s CEO and exploration director quit after the company cut its production outlook and suspended the dividend. The shares tumbled, deepening their loss for the year to more than 60%. ...

Developing nations demand climate change payouts from “the rich world” at UN conference

“Developing countries are not responsible for climate change,” Brazil Environment Minister Ricardo Salles said in an interview in Madrid. “Responsible is mainly the rich world that engaged in industrial activity for a very long time.” ...

Rosneft elbows PDVSA aside on Venezuela service contracts

A subsidiary of Rosneft has taken over some contract discussions with local service providers in Venezuela, stepping in for PDVSA on joint projects with the state-owned oil company, according to people familiar with the matter. ...

Is mining Bitcoin the solution to end gas flaring?

A Denver-based company that installs data centers at shale drilling sites to take advantage of excess natural gas supplies says it now has eight operations across the U.S. and plans another 30 in the first half of next year. ...

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia. ...

Fugro performs first deepwater AUV and geotechnical site survey for Brunei Shell Petroleum

The survey results will be critical for planning a safe drilling program, and will provide key inputs for engineering and design studies for pipeline routing and subsea structures in future deepwater field developments. ...

Turkish offshore gas deal with Libya upsets Mediterranean boundaries

Turkey and Libya officially approved a contentious maritime deal that may fuel an energy showdown in the gas-rich waters of the eastern Mediterranean, where both countries are at odds with Greece. ...

Greater Houston Partnership says city’s economy “eerily similar” to 1980s bust days

“The situation Houston faces today is eerily similar to what it faced after the 1980s bust -- an oversaturated real estate market, a bleak outlook for oil and gas, and the need for innovation to drive the economy forward,” the Greater Houston Partnership said in a report Thursday. ...

Petrofac considers offshore oil asset sale in Malaysia

Petrofac is weighing a sale of its Malaysian assets for about $300 million, according to people with knowledge of the matter. ...

Following contentious talks, OPEC nears deal to reduce output target

OPEC stood on the verge of a deal to reduce its official output target in line with recent production, but after six hours of fraught talks in Vienna on Thursday ministers left the cartel’s headquarters before a final agreement was nailed down. ...

OPEC membership isn’t an option for Brazil, Petrobras CEO says

While Brazil’s President Jair Bolsonaro recently welcomed an informal invitation to join OPEC, the boss of the country’s state-controlled energy company isn’t a fan of the idea and said it’s not a possibility right now. ...

Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members: If you stop cheating, we’ll keep on cutting. ...

Chevron Technology Ventures invests in Infinitum Electric as part of its low-carbon initiative

“Infinitum’s mission aligns well with our goals for the Future Energy Fund,” said Barbara Burger, President, Chevron Technology Ventures. ...

Shell wins ruling blocking Nigerian spill case enforcement

Royal Dutch Shell won a UK ruling preventing London courts from enforcing a $516 million Nigerian judgment for damages caused by an oil spill half a century ago. ...

Tough road ahead for LNG as China’s demand decline continues

The demand slowdown has pushed LNG prices in Asia lower by almost 40% this year, a slump also aided by China’s rising domestic output of the fuel. ...

Johan Sverdrup single-handedly reverses Norway’s crude production decline

Sverdrup’s earlier-than-expected start in October broke a long trend of underperformance for Norway’s overall oil production. Output lagged forecasts in 28 straight months through September, even after the 2019 estimate was slashed to a 31-year low. ...

Oil holds gain as OPEC ministers gather for Vienna meeting

Oil held its biggest surge in more than two months as OPEC ministers gather in Vienna do discuss output cuts. ...

Petrobras plans $34 billion in dividends by 2024 as debt shrinks

Petrobras plans to pay its shareholders $34 billion in dividends over the next five years as it cuts debt and sells assets to shore up its finances, CEO Roberto Castello Branco said. ...

Saudis offer carrot and stick to get OPEC to defend oil prices

Saudi Oil Minister Prince Abdulaziz bin Salman, in Vienna for his first meeting since taking the top job, is willing to raise production slightly if other countries keep failing to meet their existing output target, according to OPEC delegates. ...

Chesapeake debt deal staves off bankruptcy, but outlook still dim

Chesapeake Energy’s move to tame its $10 billion debt load solves immediate concerns about the company’s viability, but fundamental issues threatening the company’s long-term outlook remain. ...

Chesapeake debt deal staves of bankruptcy, but outlook still dim

Chesapeake Energy’s move to tame its $10 billion debt load solves immediate concerns about the company’s viability, but fundamental issues threatening the company’s long-term outlook remain. ...

Repsol’s carbon-reduction pledge puts the onus on peers to follow suit

Repsol’s announcement this week that it will eliminate emissions from its business by 2050 throws down the gauntlet to competitors as large oil companies face mounting investor pressure to clean up their act. ...

Shell wins ruling banning activists from protesting on unmanned platforms

Royal Dutch Shell won a court ruling preventing environmental protesters from boarding unmanned oil installations in the North Sea. ...

Oil rallies on renewed trade deal prospects before OPEC+ meeting

Oil rose as the U.S. and China moved closer to a trade deal and before the OPEC+ alliance meets later this week to consider extending its output-cut policy. ...

Rever Offshore completes North Sea decom project for Fairfield Energy

The workscope involved multiple campaigns comprising of preparation, removals of subsea infrastructure and final surveys, along with the management of all recovered waste for processing and safe disposal. ...

Motive Offshore acquires Pumptech flexible flowline business

Motive Offshore Group has completed the acquisition of Stavanger-based Pumptech for a seven-figure sum, reflecting a growth strategy that follows a private equity investment earlier this year. ...

Persistent carbon emissions signal climate change goals are out of reach

While global carbon emissions growth is slowing, the persistent rise is a warning that governments aren’t doing enough to stave off the worst consequences of climate change, according to a new report. ...

OPEC+ sending mixed signals about deeper output cuts

OPEC and its allies sent mixed signals about whether they were considering deeper production cuts, fanning oil-market speculation before crucial talks in Vienna this week. ...

Oil extends gains as OPEC+ prepares to meet

Oil rose for a second day as investors focused on the upcoming OPEC+ meeting that could lead to deeper supply cuts by some of the world’s biggest crude producers. ...

Gardner Denver introduces Thunder 5,000 HP Quintuplex pump for electric, gas and diesel-driven fleets

Gardner Denver Petroleum and Industrial Pumps introduced the new Thunder 5,000 HP Quintuplex pump, designed for duel fuel gas engines, electric motors, diesel engines and gas turbine direct drives. ...

Industry report calls for action to progress UK carbon capture and storage

A comprehensive report into the changing energy landscape has called for urgent action to progress low carbon technologies critical to the UK and Scottish Government’s net zero ambitions. ...

TGS introduces new U.S. deepwater Declaration Refocus imaging program

The new imaging project will process data from the prolific Mississippi Canyon, Viosca Knoll and De Soto Canyon areas using the latest imaging technologies to provide a significant uplift in data quality. ...

OPEC+ clamping down on members exceeding production quotas

OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week, with Russia asking to discuss a rule change that would exclude some of its oil production from the group’s quota. ...

UK releases shale gas fracing report after legal challenge

Last month, the UK fracing industry suffered a fatal blow as the Conservative government ended its support for the practice over concern that it causes earthquakes. The move, ahead of a general election set for Dec. 12, effectively bans fracing. ...

Fracing slowdown in Permian basin leads to more job losses

Permian basin frac crews, who are brought in to complete the final stage for creating a new oil well, have dropped 21% so far this year. For all of 2018, frac crews in the West Texas and New Mexico oil fields expanded by 1.3%. ...

Saudi Aramco pitches itself as the low-carbon investors’ choice

An analysis from the influential consultant Carbon Tracker says the company will probably be “one of the last oil producers standing” in a carbon-constrained future. ...

Oil sands producers curtail spending amid production limits, export challenges

Capital spending in Canada’s oil-sands reserves look set to continue to dwindle as pipeline bottlenecks persist and the Alberta government’s production limits remain in place. ...

Apache plunges on ‘incredibly thin’ Suriname well update

Apache Corp. tumbled after the company’s update on a closely watched exploratory oil well off the coast of Suriname offered little indication as to whether it will be commercially viable. ...

Repsol is first oil major to pledge zero emissions by 2050

Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals, saying it will eliminate all greenhouse gas emissions from its own operations and its customers by 2050. ...

Eagle Ford offers austerity lesson for U.S. shale

At current oil prices, “what you cannot do is harvest cash and grow,” said Raoul LeBlanc, a Houston-based analyst at IHS Markit. “There’s an inflection point coming here because production growth is going to slow down massively.” ...

Rovco launches live 3D subsea streaming system

Subsea technology company Rovco has launched “SubSLAM Live” a 3D streaming technology which allows clients to video and live stream 3D underwater pointclouds to any device in the world. ...

KCA Deutag lands support contract for three North Sea platforms

The multi-million pound contract is for the provision of drilling operations and maintenance services on CNRI’s Ninian South, Ninian Central and Tiffany platforms. ...

Natural gas tumbles as temperatures set to rise

Natural gas prices capped their biggest November drop since 2001 as forecasts showed no sign of the teeth-chattering U.S. cold needed to boost demand for the heating fuel. ...

OPEC+ gambles that U.S. shale’s golden age is over

For years, OPEC ignored the rise of the U.S. shale industry and came to regret its mistake. Now, the group is making another bold gamble on America’s oil revolution: that its golden age is over. ...

Colombia seeks $1 billion Ecopetrol dividend, amid massive civil unrest

Colombia is seeking an additional payout of almost $1 billion from its oil company Ecopetrol S.A. as it faces increased spending pressure amid massive anti-government demonstrations. ...

Billionaire activist Icahn pushing ahead with plan to control Oxy board

Carl Icahn advanced his effort to replace Occidental Petroleum’s entire board by submitting nominations for as many as 14 directors, according to people familiar with the matter. ...

Iraq says OPEC+ to consider further cuts, contradicting group consensus

Iraq said that OPEC and its allies will consider deeper production cuts, though the comments come after the coalition has widely signaled reluctance to take such action. ...

U.S. posts first month in 70 years as a net petroleum exporter

The U.S. solidified its status as an energy producer by posting the first full month as a net exporter of crude and petroleum products since government records began in 1949. ...