Africa
Ophir posts $376 million pre-tax loss
London-based Ophir Energy, the developer of the Fortuna FLNG project in Equatorial Guinea, has reported a $376 million pre-tax loss for 2015 due to plunging oil prices and booking impairments against its assets. Following the 34% reduction in the commodity price during the year, the company’s produc
PetroRio withdraws from Namibia
PetroRio, a Brazilian oil and gas company, has announced it will not execute any new investments and it is terminating its exploratory activities offshore Namibia. PetroRio said that, after a long period of conversations with the Namibian government, the company chose not to proceed with its oil exp
India Hosts ‘Dredging: Ports, Harbors and Inland Waterways’
An international conference named ‘Dredging: Ports, Harbors and Inland Waterways’ will take place on March 11-12, 2016, at Adani Corporate Premises in Shantigram, Ahmedabad, India. This event, organized by the Eastern Dredging Association India, aims to incorporate a rare blend of lectures that will
Technip JV Bags Total Gig Offshore Angola
Technip Angola Engenharia Limitada, a joint venture between Technip and Sonangol, has secured a three-year engineering services contract from Total E&P Angola. This contract covers services for the existing Girassol, Pazflor, Dalia and CLOV floating production storage and offloading (FPSO) units and
Total dishes out 3-year engineering contract in Angola
Technip Angola Engenharia Limitada, a joint venture between Technip and Sonangol, was awarded by Total E&P Angola a three-year engineering services contract. This contract covers services for the existing Girassol, Pazflor, Dalia and CLOV floating production storage and offloading (FPSO) units and a
Ophir takes over operatorship in Ivory Coast block
African Petroleum, an independent oil and gas exploration company, has announced that the new Production Sharing Contract (PSC) with Ophir Energy covering the company’s CI-513 licence area in Côte d’Ivoire or Ivory Coast is now effective. African Petroleum and Ophir entered the PSC for the Ivory Coa
Oil prices rise as big producers plan to discuss output
By Amanda Cooper LONDON (Reuters) – Oil prices broke above $40 a barrel on Wednesday, driven by anticipation that the world’s largest exporters may agree as soon as this month to freeze output, which could accelerate a decline in the largest global build in unwanted crude in years. Producers in and
New Katerina Refloated, Suez Canal Back to Normal
The Capesize bulk carrier New Katerina has been refloated and towed away from its grounding site in the Suez Canal where it spent almost two weeks. The Panamanian-flagged ship has now been anchored to Al Ballah Corridor, GAC confirmed to World Maritime News. As a result, Suez Canal convoys are about
Cairn completes second Senegal appraisal well
Cairn Energy, an oil and gas exploration and development company, has announced the testing of the SNE-3 appraisal well offshore Senegal, that will now be plugged and abandoned. Cairn re-entered the SNE-3 well on the SNE oil field, 100km offshore Senegal, in January and the well was drilled with the
Ravestein Builds World’s Largest Backhoe for Boskalis
The new backhoe dredger Magnor, currently being built for Boskalis by Ravestein, will be the largest and most efficient backhoe dredger in the world. Two large deck cranes are fitted for work on- and changing of the equipment (boom, stick and bucket) of the excavator. The vessel includes all the nec
Wood Mackenzie expects faster oil market recovery than 30 years ago
Thirty years ago, the film ‘Back to the Future II’ made some amazingly accurate predictions about everyday technology, including video conferencing, biometrics and wearable tech. Around that same time, the US was also experiencing a major oil price collapse, which is an appropriate analogue for toda
Report: EGAS starts LNG payments under 90-day terms
Egyptian Natural Gas Holding Company (EGAS) began with payments to LNG suppliers under the extended 90-day payment terms.