Fossil Energy
UK approves IOG’s plan for North Sea development
The UK Oil & Gas Authority (OGA) has approved IOG’s field development plan for the Core Project Phase 1 located in the UK North Sea.
Impairments take Transocean deeper into the red
Transocean recorded a wider loss in the first quarter of 2020 when compared to the same period last year due to impairments on assets.
FAR to sell Sangomar stake after failure to secure financing
FAR Limited has said it is unlikely it will be able to finance its part of the Sangomar project development in Senegal. Therefore, FAR has started a process to sell all or part of its working interest in the project.
Israeli player still up for Sea Lion farm-in
Rockhopper Exploration and Premier Oil, partners in the Sea Lion project located offshore the Falkland Islands, have agreed to extend the exclusivity period to Navitas Petroleum, further closing in on a definitive Sea Lion farm-out.
KrisEnergy secures loan for project offshore Cambodia
Singapore’s independent oil and gas company KrisEnergy has entered into a credit facility agreement with Kepinvest Singapore to fund the near-term development project in Cambodia’s offshore Block A.
Woodside expects low oil and gas prices into 2021
Australia’s largest LNG player Woodside expects low oil and gas prices to continue for the rest of 2020 and into next year due to the Covid-19 coronavirus pandemic. Cripling worldwide demand caused by the Covid-19 restrictions has seen oil, gas and LNG prices at its lowest levels for decades. Demand
ConocoPhillips swings to $1.7 billion loss
ConocoPhillips went from a profit in the first quarter last year to a loss in the same period of 2020 after being hit by impairment charges and lower oil and gas prices.
Maersk Drilling bags $100 million deal with Equinor
Maersk Drilling has been awarded a contract by Equinor for the drilling of three and plugging of one well on the Martin Linge field offshore Norway.
Lundin lifts output forecast as quarterly revenues grow
Lundin Energy saw its quarterly revenues grow on the back of Johan Sverdrup start-up. As a result of strong performance from the Norwegian fields, Lundin has increased its full-year production guidance.
Norway to introduce oil output cuts until end of 2020
The Norwegian Government has decided to make oil production cuts in an attempt to more rapidly stabilise the oil market.
Total to examine if O&G platforms can run on renewable energy
French energy major Total has joined a project to explore the potential of powering offshore oil and gas platforms with floating wind and wave energy. The O/G Decarb innovation project will examine the possibility of using a combined wind and wave technology on a floating foundation to store energy
Valaris books $3 billion loss over rig impairments
Valaris booked $3 billion loss in the first quarter of the year affected by impairments and fleet utilization decline.
Australian regulator accepts Beach Energy’s plan for Trefoil seabed assessment
Australia’s National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has approved Beach Energy’s plan for a geophysical and geotechnical seabed assessment on the Trefoil offshore field.
Shell cuts dividend as profit tumbles on low oil prices
Shell has decided to slash its dividend after seeing its quarterly profit nearly halved when compared to the last year’s quarter amid a dramatic decline in oil price.