Oil and gas firms are seeking to rebalance business portfolios and are reorganizing for a new era, according to a survey by DNV GL, the technical advisor to the oil and gas industry. For 2017, the surveyed companies expect a drop in capital investments, increase in M&A activity and shows that cost
British oil major BP has issued its annual energy outlook, according to which oil and gas, together with coal, will remain the main source of energy powering the world economy, accounting for more than 75% of total energy supply in 2035, compared with 86% in 2015. While the number will still overp
McDermott, a provider of EPCI services for the oil & gas industry, has been awarded an EPCI contract with Saudi Aramco and a pipelay contract with an unnamed client, both in the Middle East. McDermott informed on Wednesday it has been awarded a ‘substantial contract’ from Saudi Aramco for engineerin
Qatar Petroleum (QP) has chartered the Al Doha jack-up rig, owned by Qatari rig operator Gulf Drilling International (GDI), a subsidiary of Gulf International Services. According to data from VesselsValue, Qatar Petroleum hired GDI’s semi-sub rig for one year and four months starting January 23, 201
The most popular articles of the week, January 16 – 22, 2017
The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices.
Offshore drilling contractor Noble Corp. has received contract extensions for a pair of jack-up rigs from the oil company Saudi Aramco. The drilling contractor said in its latest fleet status report on Thursday that the 2009-built jack-up rig Noble Scott Marks has received a five-year contract exten
Energy services company Proserv has secured contracts valued at more than $12 million so far in 2017 and has revealed plans to open new bases in Saudi Arabia and India. Proserv said that the wins include a ‘significant contract’ with an unnamed global oil and gas operator for the delivery of a three
By Libby George and Christopher Johnson LONDON (Reuters) – Oil bounced back from a one-week low on Thursday as the International Energy Agency (IEA) said global oil markets were tightening even before cuts promised by OPEC and other producers could take shape. Oil prices have gyrated this year as th
The 2016 total offshore discovered liquids resources reached only slightly below 2.3 billion bbl, 90% lower than in 2010, Energy intelligence group Rystad Energy has informed. The group says the drop is most significant to the overall decline in discovered volumes; and in fact, total global discover
Noble Energy and its partners in the giant Leviathan gas field offshore Israel are working towards sealing another gas offtake deal ahead of the expected final investment decision for the project. Noble’s Israeli partner Delek said on Wednesday afternoon that a non-binding letter of intent was signe
Energy intelligence group Wood Mackenzie sees the deepwater upstream oil and gas sector springing back to life in 2017. Providing its take on what to expect in 2017, Woodmac forecasts the overall upstream investment cycle will show the first signs of growth in 2017 since 2014 and final investment de
By Henning Gloystein SINGAPORE (Reuters) – Oil dipped on lingering doubts that crude production cuts would go deep enough to curb a global fuel supply glut, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009. Brent cr
Driven by the success of Eni’s major Zohr field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to a new analysis from IHS Markit, an information and analytics group. Total’s announcement that it will drill a 2017 exploration
