Fossil Energy
Popular news, February 24 – March 1, 2020
Offshore Energy Today’s most popular news of the past week.
Eni swings to loss despite ‘record production’
Italian oil and gas company Eni booked a loss in the fourth quarter of 2019 compared to a profit in the same period of 2018 despite record production driven by project ramp-ups and start-ups. According to its quarterly report on Friday, Eni’s adjusted operating profit was €1.8 billion in the fourth
Vroon gets BP extension for ERRV quartet
Dutch provider of offshore support vessels Vroon Offshore Services has been awarded a three-year contract extension with oil major BP.
Growth in shallow-water drilling set to continue in 2020, Borr Drilling says
Borr Drilling believes that the growth in the shallow-water drilling is set to continue in 2020. The average length of a jack-up contract has increased, supported by strong tendering activity, where Borr sees a demand for more than 40 modern jack-up rigs in various tenders across the world.
IOG still in talks with CalEnergy over two North Sea licenses entry
An option held by CalEnergy Resources (CER) to acquire interest in two Southern North Sea licenses owned by Independent Oil and Gas (IOG) has now expired, but the two companies are still in talks over CER’s potential entry. IOG confirmed on Friday that the option held by its Core Project partner, Ca
Oilfield services giant Schlumberger to abandon London listing
Oilfield services company Schlumberger has revealed its plans to delist from the London Stock Exchange (LSE) due to low trading volumes and high administrative costs.
Energean to take over Total’s block offshore Greece
Energean Oil and Gas has signed an agreement for the acquisition of Total’s stake in Block 2, offshore Western Greece.
Odfjell Drilling posts smaller profit despite higher revenues
Odfjell Drilling posted a decrease in quarterly profit despite increase in revenues driven by mobile offshore drilling units segment.
Maersk Decom lands first complete plugging & abandonment job
Maersk Decom has won a contract for the complete plugging and abandonment of Tullow Oil’s Banda and Tiof fields located offshore Mauritania.
Oil & gas prices to fall below expectations over coronavirus epidemic, Rystad says
As China’s coronavirus epidemic continues to expand and more countries are affected, the slowdown in global oil and gas consumption this year will hit suppliers who will see average prices fall below previous expectations, according to Rystad Energy’s revised forecasts.
TechnipFMC sees ‘unprecedented level’ of inbound orders in 2019, books $2.4 billion loss in 4Q
TechnipFMC saw an “unprecedented level” of inbound orders in 2019, which pushed its backlog to over $24 billion. TechnipFMC booked a loss of $2.4 billion due to after-tax charges and credits.
Seadrill expects continued offshore drilling market recovery over rest of the year
Seadrill has seen an improvement in the offshore drilling market throughout 2019. Although the pace of the recovery has slowed down at the beginning of 2020, Seadrill expects continued market recovery over the remainder of the year.
CNOOC extends Asco’s North Sea support deal
Asco has been awarded a five-year extension, with options for further six years by CNOOC Petroleum to support all the operator’s North Sea assets.
Hurricane Energy CFO resigns
The chief financial officer and director of London-listed oil explorer Hurricane Energy has resigned via mutual agreement.