Fossil Energy
Petrofac to reduce its headcount by 20 pct in response to coronavirus crisis
Petrofac is joining other providers in actions responding to the unprecedented market conditions. As a result, Petrofac will reduce its capex by 40%, reduce salaries across the company, and reduce its personnel by about 20%.
SpotOn Energy gains exclusivity for Barryroe farm-in
Providence Resources has moved to raise about $3 million through the issue of new shares and entered into an exclusivity deal for the farm-out of the Barryroe field, located offshore Ireland, with SpotOn Energy.
Aker BP makes minor gas discovery near Skarv field
Aker BP has made a minor gas discovery southwest of the Skarv field in the Norwegian Sea.
Shelf Drilling gets third termination in less than a month
Shelf Drilling has entered into a mutual agreement with a customer to shorten the contract for another one of its jack-up drilling rigs operating in the Middle East, which makes it a third early termination for Shelf in less than a month.
Low oil price environment not “business as usual” for Otto Energy
Australia-based oil and gas company Otto Energy has taken measures to mitigate the effects of the low oil price environment.
Neptune Energy sets new target for carbon and methane intensity reduction
Oil and gas company Neptune Energy has revealed its targets to reduce carbon and methane intensity by 2030 from the managed production of its low-cost, long life portfolio.
Triangle awards Cliff Head maintenance job to Upstream PS
Upstream PS, a wholly-owned subsidiary of GR Engineering Services, has entered into a three-year contract with Triangle Energy for the provision of operations and maintenance services to the Arrowsmith Stabilisation Plant (ASP) and Cliff Head Alpha offshore platform in Australia.
U.S. weekly offshore rig count flat at 18
The number of active offshore rigs in the U.S. remained unchanged over the last week, according to a Friday report by Baker Hughes Company.
Petrobras hits new oil discovery in Brazil’s pre-salt area
Brazilian oil and gas giant Petrobras has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt.
Worldwide offshore rig count in March drops by four rigs sequentially and year-over-year
The worldwide offshore rig count in March 2020 has dropped four rigs sequentially and year-over-year, according to rig count reports by Baker Hughes Company.
Brazil suspends oil & gas bidding round due to coronavirus
Brazilian oil and gas regulator ANP has temporarily suspended the country’s 17th Bidding Round for the award of offshore exploration and production acreage due to the coronavirus crisis.
Sand: massive supply-demand imbalance is upon us
Saudi Arabia’s decision to flood the market with crude oil at a time when demand is in doldrums amid coronavirus pandemic is about to create a massive supply-demand imbalance, says BIMCO’s Chief Shipping Analyst, Peter Sand. Liquid fuels production and consumption will be imbalanced during much of 2
Not much wiggle room to cut supply chain costs in 2020 downturn, Rystad says
In the downturn of 2020, global exploration & production operators will only be able to cut supply chain costs by up to 12%, a Rystad Energy analysis shows.
Triangle Energy in cost-cutting efforts amid oil price slump
stralia-based Triangle Energy has joined many other oil and gas companies in efforts to preserve financial stability amid low oil price environment and coronavirus pandemic with a set of cost-cutting measures.