Whilst 2016 has so far seen much discussion surrounding the oil price, oversupply and the almost daily mini-rallies that appear as fickle as a two-year old’s breakfast selection, not a great deal of attention has been paid to the gas outlook, Douglas-Westwood has argued in its DW Monday report. From
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Oilfield services provider Baker Hughes announced on Thursday that the international offshore rig count in March 2016 was down by more than one hundred offshore rigs year over year. The international rig count includes rigs from Latin America, Europe, Africa, Middle East and Asia Pacific. According
Hercules Offshore has received a notice from Saudi Aramco extending the contract for one of its jack-up drilling rigs operating in Saudi Arabia. According to the drilling contractor, the contract for the jack-up Hercules 266 was extended until June 30, 2016. Further, the dayrate for the Hercules 266
Iran has said it would manufacture the Fouruzan oil field platform in its own yard, after a South Korean shipyard failed to make significant progress. According to Iranian oil ministry’s news agency, Shana, the first consignment of Foruzan field’s offshore platform made in South Korea will be import
Backlogs for subsea equipment manufacturers have been historically high in recent years – following record levels of subsea tree orders posted in 2013-2014, writes Douglas Westwood in its DW Monday report. The process of working through these backlogs has thus-far cushioned the market against the de
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By Dmitry Zhdannikov LONDON (Reuters) – Oil futures edged down on Friday to below $40 per barrel, with the market growing increasingly sceptical that a looming deal to freeze crude production can help clear a global glut. Brent crude for June delivery <LCOc1> fell 64 cents to $39.69 a barrel as of 1
Vallourec, a French provider of tubular solutions serving the energy market, has signed a contract with the Abu Dhabi National Oil Company (ADNOC) to supply OCTG during the 2016-2018 period to its three operating companies, ADMA-OPCO, ADCO, and ZADCO. Vallourec noted that this was the first time th
Noble Energy, a U.S.-based oil and gas company, has said that the development of the Leviathan gas find in the Mediterranean Sea could risk further delays after the Supreme Court of the State of Israel’s ruling that blocked a crucial provision of the plan to develop the field. Namely, Noble Energy w
Mermaid Maritime, a provider of subsea and offshore drilling services, has announced that its Qatari business unit Mermaid Subsea Services has been awarded an additional subsea cable installation and related diving services assignment. According to Mermaid Maritime, the contract was awarded by an ex
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Energy (oil & gas) and natural resource companies made up 33% of downgrades, excluding sovereign related, during 2015, according to Fitch Ratings. Persistently weak oil prices have continued to lead to capex reductions or delays and have been a primary driver for weakened investment and sub-investme
Saudi Arabia’s state-run oil and gas company, Saudi Aramco, has started producing natural gas from its Hasbah gas field located in the Arabian Gulf. Saudi Aramco announced the field start-up on Wednesday, March 23, in its weekly magazine The Arabian Sun. The Hasbah gas field will, together with Arab
