Fossil Energy
Oil & gas sanctioning in the gutter, industry waiting for business to pick up
Global oil and gas project sanctioning in 2020 has made a colossal drop in comparison to 2019 levels with Norway, and somewhat Russia, attempting to increase the total sanctioning value.
Rystad sees supply glut ahead after second wave of Covid-19 and more OPEC oil hit the market
The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals.
OMV delineates Hades discovery in Norwegian Sea
OMV is the process of concluding the drilling of an appraisal well on the Hades gas/condensate discovery in the Norwegian Sea.
Hurricane stabilises Lancaster field output
Hurricane Energy has stabilised production from its Lancaster field following the commissioning of the electric submersible pumps on two producing wells.
Charges and revenue drop drag Schlumberger into the red
Oilfield services major Schlumberger recognised a $3.34 billion loss in the second quarter on $3.7 billion charge and revenue drop of some 35 per cent. The loss of $2.47 per share compares with profit of 35 cents per share same time last year. Revenues fell from $8.26 billion in Q2 2019 to $5.35 bil
TAQA files decommissioning plans for two North Sea platform topsides
TAQA Bratani has filed its decommissioning programs for the Tern and North Cormorant platform topsides, located in the UK North Sea, to the UK authorities.
Equinor sees red as low oil price and Covid-19 halve 2Q revenues
Equinor sank to the red in the second quarter of the year as its revenues were halved amid Covid-19 pandemic and low oil prices.
EMGS loss widens on halved revenues
Norwegian geophysical services company EMGS has seen its second-quarter loss widened as revenues slipped almost 50 per cent The Oslo-listed firm booked Q2 2020 loss of $6.6 million or 5 cents, versus loss of $2 million in Q2 2019. Revenues for the quarter fell at $7.5 million from $14.5 million same
Repsol swings to loss as asset impairments bite
Repsol booked a loss in the second quarter of the year after being forced to re-evaluate its upstream assets due to the effects of the coronavirus pandemic and the low oil price environment.
More red ink for PGS
PGS has seen its Q2 2020 loss widened, as revenues fell more than 50 percent. The Oslo-listed seismic player reported quarterly loss of $111.4 million, or 29 cents per share on revenues of $90 million. This result compares against loss of $49 million, or 14 cents per share on $192 million revenues i
Shell gets green light for Brent Alpha jacket decommissioning plan
UK authorities have approved Shell’s decommissioning plan for the Brent Alpha jacket, located in the UK sector of the North Sea.
Helix Energy Solutions earnings drop in Q2
Houston-based offshore services and robotics specialist Helix Energy Solutions has reported profit of $5.5 million, or 4 cents per diluted share, for the second quarter of 2020 compared to $16.8 million profit for the same period in 2019. Sequentially, Helix swung back to black from $11.9 million lo
Watch Neptune install subsea equipment for two North Sea projects
Neptune Energy has successfully installed subsea oil and gas production flowlines and gas lift flowlines for its Duva & Gjøa P1 developments in the Norwegian sector of the North Sea.
Rystad: Oilfield services market could replace lagging revenue by tapping into energy transition projects
Hit by the Covid-19 downturn, the oilfield service market is not likely to rebound to last year’s activity level until 2023, according to a Rystad Energy analysis.