Fossil Energy
Petrofac to reduce its headcount by 20 pct in response to coronavirus crisis
Petrofac is joining other providers in actions responding to the unprecedented market conditions. As a result, Petrofac will reduce its capex by 40%, reduce salaries across the company, and reduce its personnel by about 20%.
SpotOn Energy gains exclusivity for Barryroe farm-in
Providence Resources has moved to raise about $3 million through the issue of new shares and entered into an exclusivity deal for the farm-out of the Barryroe field, located offshore Ireland, with SpotOn Energy.
Aker BP makes minor gas discovery near Skarv field
Aker BP has made a minor gas discovery southwest of the Skarv field in the Norwegian Sea.
Neptune Energy sets new target for carbon and methane intensity reduction
Oil and gas company Neptune Energy has revealed its targets to reduce carbon and methane intensity by 2030 from the managed production of its low-cost, long life portfolio.
Sand: massive supply-demand imbalance is upon us
Saudi Arabia’s decision to flood the market with crude oil at a time when demand is in doldrums amid coronavirus pandemic is about to create a massive supply-demand imbalance, says BIMCO’s Chief Shipping Analyst, Peter Sand. Liquid fuels production and consumption will be imbalanced during much of 2
Not much wiggle room to cut supply chain costs in 2020 downturn, Rystad says
In the downturn of 2020, global exploration & production operators will only be able to cut supply chain costs by up to 12%, a Rystad Energy analysis shows.
Tullow identifies further cost savings as lenders approve credit
Tullow Oil has identified further cost savings while its lenders have approved its credit facility with a $1.9 billion of debt capacity.
Salary, headcount, and capex reductions ahead as Wood braces for lower activity levels
Wood has decided to implement salary, headcount, and capex reductions as a response to the volatile market conditions. Wood will also be withdrawing its final dividend recommendation.
Total charters Havila platform supplier in UK
Havila Shipping has agreed another contract with Total in the UK for the platform supply vessel Havila Commander.
TechnipFMC responds to market challenges with plans to cut capex by 30 pct
Oilfield services company TechnipFMC is taking a set of actions in response to the current market environment, including a 30% reduction in capex.
Seabed GeoSolutions cancels charter for Eidesvik’s seismic vessel
Seabed GeoSolutions, a joint venture between Fugro and CGG, has opted to return the Vantage seismic vessel to Norwegian shipping company Eidesvik Offshore earlier than previously agreed.
Offshore watchdog finds irregularities in ‘West Bollsta’ AoC application
Norwegian offshore safety watchdog has found irregularities regarding an application for the Acknowledgement of Compliance (AoC) for the West Bollsta drilling rig.
AqualisBraemar opens new office to support rig inspection services
Engineering services company AqualisBraemar has set up a new office in the Port of Tyne to support its developing rig inspection services and to be closer to its clients in the northeast of England.
Prosafe still in talks with lenders for long-term financial solution
Prosafe is still working with its lenders to come up with a financial solution to ensure the company’s long-term stability.