Offshore Energy Today’s most popular news of the past week.
Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months.
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed
UAE’s oil giant ADNOC has decided to step up its efforts and produce more oil, pledging to increase supply to over 4 million barrels per day in April 2020 following the collapse of the OPEC+ agreement.
Qatari maritime firm Milaha has decided to expand its facilities with the acquisition of a new floating dock to support vessels repair and dry-docking.
Offshore Energy Today’s most popular news of the past week.
The worldwide offshore rig count in February 2020 has risen by two units sequentially, but dropped by the same number year-over-year, according to a rig count report by Baker Hughes Company.
OPEC has recommended the extension of oil production cuts until the end of the year and further cuts until June 2020 due to the impact of the coronavirus outbreak on global oil demand.
International energy consultancy Xodus Group has launched a new analysis showing that a rapid pivot to gas would be required to deal with rising global energy demand.
Offshore Energy Today’s most popular news of the past week.
Seismic services player Polarcus posted a loss of $19 million for the fourth quarter of 2019.
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.
Offshore drilling contractor ARO Drilling has deployed IFS Applications solution to unify mission-critical business processes across its headquarters and fleet of 16 offshore drilling rigs.
Heerema’s Aegir vessel has completed the installation of a jacket and topside for Qatargas’ North Field Bravo living quarters expansion project.
