Africa
Shearwater to Start 3D Acquisition in North Africa
Shearwater has signed a one month contract with an undisclosed client for a 3D marine acquisition survey offshore North Africa. The contract will start promptly and will be performed by Polar Marquis while en-route from India to the North Sea. “In combination with the successfully completed ONGC con
Oil market heading towards balance, more draws needed – OPEC secretary general
By Alex Lawler and Bate Felix PARIS (Reuters) – OPEC Secretary-General Mohammad Barkindo said on Thursday that an overhang in global oil inventories was declining but stockpiles still needed to fall closer to the five-year industry average. “While it is evident that the market rebalancing is now mov
SgurrEnergy rebrands to Wood Group
UK-based renewable energy consultancy SgurrEnergy will formally rebrand as Wood Group from early May 2017.
Shearwater in seismic survey off North Africa
Seismic player Shearwater GeoServices has signed a one-month contract with an undisclosed client for a 3D marine acquisition survey offshore North Africa. The contract will start promptly and will be performed by Polar Marquis seismic vessel while en-route from India to the North Sea, the company in
Shell brings Bonga field back online
After several weeks of maintenance, Shell has resumed production from its Bonga field offshore Nigeria. The oil giant confirmed this to Offshore Energy Today in an email on Wednesday, saying the planned turnaround maintenance has completed and the output from the offshore field has resumed. Shell sa
Sharp Decline in Idling Boxships
As of 3 April 2017, the idle container shipping fleet stood at 0.97 million TEU, according to Alphaliner’s data, totaling in 4.8 percent of the total fleet. The major plunge from close to 1.6 million TEU at the start of the year is evident across the boxship fleet sizes. Most significantly, the 3,00
Drewry cuts freight rate outlook for LNG shipping
Given the mounting pressure on freight rates and continuing fleet growth over the next two years, excess LNG tanker supply will reduce only gradually with the recovery in rates pushed back to the latter part of next year, according to the shipping consultancy, Drewry. The consultancy maintains a bea
Drewry: Fleet Oversupply Postpones Recovery of LNG Rates
The recovery of liquefied natural gas (LNG) freight rates is not expected to start before the latter part of next year, mainly due to the excess vessel supply which is set to reduce only gradually, according to shipping consultancy Drewry. Given the mounting pressure on freight rates and continuing
Lake Chad Basin Commission Completes Hadejia River Dredging
The Lake Chad Basin Commission has completed the 42 kilometer dredging of the Hadejia River in efforts to boost the utilization of the water resources, New Agency of Nigeria (NAN) reports. Alhaji Bale Bura, the country coordinator of the commission, said that the dredging of the river was executed i
Cairn drilling first ‘pure’ exploration well in Senegal since 2014
Cairn Energy is set to spud an exploration well at the FAN prospect offshore Senegal. The well is the first pure exploration well to be drilled there since the discovery wells of FAN-1 and SNE-1 in 2014 after a series of SNE appraisal wells. According to Far Ltd, a partner in the Senegal joint ventu
Presidential decree confirms Hyperdynamics’ Guinea farm-out
Hyperdynamics Corporation’s subsidiary, SCS Corporation Ltd., and its project partner SAPETRO have received notice of a Presidential Decree signed by the President of the Republic of Guinea. The decree is implementing the third amendment to its Production Sharing Contract that was signed on April 12
BIMCO: Dry Bulk Recovery A False Dawn
Despite the strong rebound of freight rates in March this year that saw the Baltic Dry Index (BDI) pass 1,282 point mark on 27 March 2017, BIMCO expects the sector’s fully-fledged recovery to start taking shape in 2018 and 2019. The BDI going up brought earnings into profitable levels for a couple o