OPEC and Non-OPEC countries which have participated in voluntary production cuts since late 2016, have in August achieved the highest level of conformity, according to the the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC). To remind, in December 2016 eleven (now 10) non-OPEC oil produc
Offshore vessel provider Mermaid Maritime has landed a $96 million contract extension in the Middle East with what it described as a “reputable oil major client.” The extension has been awarded to a joint venture company formed between Mermaid Maritime and a local offshore services operator. While t
Noble Energy has stopped production from the Tamar gas field offshore Israel after a crack was discovered in a pipe aboard the Tamar platform. Noble’s partner in the field Delek, on Sunday informed that the crack had been found during a planned upgrade work on the platform last Wednesday. The crack
Popular news, September 18 – 24, 2017
Offshore rig builder Lamprell expects next year to be a difficult one – even more than the current one – as it on Friday lowered revenue guidance for 2017. The UAE-based company posted an almost a break-even profit for the first half of the year, coming up with a net income of $1.1 million, an [&hel
By: David Carter Shinn Rig owners’ aversion to consolidation creates a barrier which slows progress toward efficiency. Competition is vital to a well-functioning market. As we’ve seen throughout history, when there are too few players, prices rise and freedom of selection decreases. When there are t
Call them speculative, but the drilling companies and investors buying offshore rigs at today’s values could be dominating the industry soon.
The most popular articles of the week Offshore Energy Today Staff
Lebanese government has extended a deadline for the submission of bids in the country’s first offshore oil and gas licensing round by four weeks. Lebanon’s Minister of Energy and Water, Cesar Abi Khalil, issued the decision last week, extending the applications submission deadline from September 15
Shelf Drilling, a shallow water offshore drilling contractor, has secured contracts for two of its jack-up drilling rigs in Dubai. Shelf’s two drilling rigs, Shelf Drilling Tenacious and the Shelf Drilling Mentor (previously called the West Mischief), have each won a two-year contract with Dubai Pet
Offshore rig builder Lamprell has appointed a new non-executive chairman of the company with effect from September 20, 2017. Lamprell said on Monday that John Malcolm would be taking the role of non-executive chairman following the planned retirement of John Kennedy from the board. John Malcolm has
The most popular articles of the week.
McDermott, an engineering, procurement, construction, and installation company, has installed the GOSP-3 electrical auxiliary platform for Saudi Aramco on the Marjan oil field off Saudi Arabia. McDermott said via social media channels on Thursday that its Derrick Barge 27 and Derrick Barge 30 recent
The international offshore rig count for August this year was 201 units, down by 27 units year-over-year, according to a Friday report by Baker Hughes, a GE company. The international rig count includes Latin America, Europe, Africa, Middle East, and Asia Pacific regions. The international rig count
