Oil fell towards $37 (25 pounds) a barrel on Monday, trading within sight of an 11-year low, pressured by excess supply that has more than halved prices since the downturn began in mid-2014.
Gulf Marine Services (GMS), a provider of liftboats for the international oil and gas industry, has signed a contract with Abu Dhabi Ports to create a facility at Zayed Port where GMS will construct and maintain its offshore support vessels. Zayed Port in Abu Dhabi city will lease the new facility t
This year, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade. With commodity prices plummeting to an eleven-year low in December, it is time to reflect on the year gone by and consider the outlook for the year to come, Douglas-Westwood, an ener
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Season’s greetings by the industry
Israel has reportedly approved gas exports from the Tamar offshore field to Egypt. According to Israeli media, the approval has been signed by the country’s energy minister Yuval Steinitz, following an application by the Tamar partners to sell gas to Egypt’s Dolphinus Group. The Tamar field, Israel’
KKR, a global investment firm, announced on Wednesday an agreement to pursue acquisitions and investment opportunities by establishing an integrated entity to provide asset management services to the oil and gas industry globally. The platform will be led by Founder and Executive Chairman Deepak Mun
Drydocks World, the international oil and gas service provider, has completed the yard’s first Rig Integrity Assurance Program (RIAP) on the National Drilling Company-owned jack-up rig Diyina. This was also the first engineering, procurement, construction & commissioning (EPCC) concept rig project t
Popular news, December 13 – 20, 2015
Shipping and offshore specialist law firm Wikborg Rein says current low oil prices could mean there are bargains to be had for investors in the offshore sector who follow recommended procedures for assessing and acquiring distressed companies. Birgitte Karlsen, a partner in the London offices of Wik
A prolonged period of oversupply will keep oil prices lower for longer and continue to pressure issuers in the oil and gas industry in 2016, particularly those in the exploration & production (E&P) and drilling and oilfield services sectors (OFS), says Moody’s Investors Service. As a result, the rat
UAE’s Mubadala Petroleum and China’s China National Petroleum Corporation (CNPC) have penned a deal to cooperate more in the oil and gas exploration and production sector. The non-binding strategic co-operation agreement was signed during a ceremony in Beijing by Sultan Al Jaber, CEO Energy, Mubadal
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Crude oil prices hit fresh seven-year lows on Friday as the International Energy Agency (IEA) warned global oversupply could worsen in the new year.
