OPEC has reportedly reached an agreement on oil production cut during its meeting in Vienna on Wednesday. While there is no official confirmation as of yet, Reuters has informed, citing unnamed source that OPEC members have agreed to implement the output cuts they’d agreed on in Algiers in September
OPEC is convening its 171st meeting in Vienna on Wednesday, where the members are expected to try and reach an agreement on freezing production to stabilize the oil prices. The meeting follows a conference in Algiers on September 28, where member countries agreed in principle on a new production tar
With the OPEC meeting on oil prices just a day away, a ratings agency doubts that, even if a production cut deal is agreed, its ability to have a lasting impact on prices is unclear and will depend on the size of the cuts and the willingness of members to stick to them. The much-awaited […]
Offshore Energy Today has interviewed Liz Tysall Senior Offshore Rig Analyst of Rystad Energy, an energy intelligence group based in Norway. The interview follows a recent report by Rystad on offshore drilling market, floating rigs, in particular. The interview itself focuses on the floaters market,
E&P deepwater exploration and appraisal activity has dramatically declined and, in line with falling E&A activity, Reserve Replacement Ratios (RRRs) have been declining for the majority of major E&P companies, Douglas-Westwood, an energy intelligence group, said in its DW Monday report. This week, D
An Iranian helicopter on its way back from an offshore oil rig reportedly crashed into the Caspian Sea off Iran early on Sunday killing all five people on board. According to a report by Iran’s Press TV, an English-language news and documentary network based in Tehran, the helicopter belongs to the
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Gulf Marine Services (GMS), a provider of self-propelled, self-elevating support vessels serving the offshore oil, gas and renewable energy sectors, has won a new contract award for one of its mid-size class vessels. GMS informed on Tuesday that the contract, scheduled to start in the first quarter
Norwegian offshore vessel owner Farstad Shipping has been awarded a contract extension and several new contracts for its platform supply vessels in Brazil and Egypt. The vessel owner reported on Monday that the Brazilian oil giant Petrobras has extended the contract for the 2003-built MPSV Far Swift
The oil & gas industry is known for being cyclical, however, the current reality of a ‘lower for longer’ oil price has made sanctioning large offshore projects financially unviable, Douglas-Westwood, an energy intelligence group, writes in its DW Monday report. Many oil majors have opted to focus on
Offshore driller Rowan Companies and the Saudi Arabian Oil Company (Saudi Aramco) have signed an agreement to create a 50/50 joint venture to own, operate, and manage offshore drilling rigs in Saudi Arabia. According to the agreement signed through subsidiaries of the two companies, the new joint ve
OPEC Secretary General, Mohammad Sanusi Barkindo, met with Iran’s Minister of Petroleum, Bijan Namdar Zanganeh, during a closed-door session on November 19 in Tehran. The visit comes ahead of the much-awaited OPEC meeting in Vienna on November 30, where OPEC members will decide whether to cut oil pr
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WorleyParsons has secured an Engineering, Procurement and Construction Management (EPCM) services contract for the Shell’s Pearl Gas to Liquids (GTL) and associated facilities in Qatar. Under the contract, WorleyParsons will provide EPCm services primarily for a portfolio of brownfield projects. The
