Seismic contractor, Polarcus, has seen a slight drop in the vessel activity in the third quarter of 2016. The utilization of the vessel fleet was 90 percent in Q3 2016 compared to 93 percent in the corresponding period in 2015. On the contracted basis the vessel activity was 20 percent higher, comin
Lamprell, a company building offshore drilling rigs has informed that Christopher McDonald has now taken up his role as Chief Executive Officer (CEO) for the Group and as an executive director on the Board. James Moffat, who has been in the role of CEO since March 2013, has stepped down but will con
OPEC’s surprise announcement last Wednesday of a preliminary output reduction agreement seemed to be the development the oil & gas sector had been waiting for, Douglas-Westwood, an energy intelligence group, has said in its latest DW Monday report. By the middle of Thursday afternoon GMT, stock pric
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Offshore oilfield services companies are set for a long and bumpy road ahead, Douglas-Westwood, an energy consultancy, said in its recent report. As for the onshore oilfield services, DW feels the sector has reached its nadir, and it is expected to start recovering. As said above, DW’s projection fo
Organization of Petroleum Exporting Countries (OPEC) on Wednesday agreed to reduce oil production, aiming to stabilize oil prices. According to Reuters, this is the first such deal in eight years. The agreement in principle was reached in Algeria, where the OPEC oil ministers agreed to keep the prod
Despite being beset with technical challenges and shipowners opposition, the implementation of the IMO Ballast Water Management Convention (BWMC) might provide the basis for a dry market recovery, according to Maritime Strategies International (MSI) Following the regulation’s entry into force on Sep
The global upstream oil and gas industry needs to move away from a “business as usual” approach and capitalize on opportunities to transform itself to be at the forefront of the world’s energy industry, Saudi Aramco CEO said. Speaking at the annual SPE and ATCE conference in Dubai, President and Chi
UK-based energy giant BP has signed concession amendments for the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt. These amendments allowed for the economic development of the Nooros development, where the company recently achieved record production, BP said in its statement on Tues
Lukoil, Russia’s largest privately-held oil company, together with the ministries of emergency situations of Russia, Azerbaijan, Kazakhstan, Turkmenistan, and Iran, has held a joint emergency response exercise in the Caspian Sea. The company said last Friday that the exercise was a part of the Caspi
U.S. oil and gas firm Noble Energy, Inc. has executed a gas sales and purchase agreement (GSPA) to supply natural gas from the giant Leviathan gas field, off Israel, to the National Electric Power Company Ltd. (NEPCO) of Jordan for consumption in power production facilities. Under terms of the GSPA,
Norwegian oil giant Statoil in November 2015 signed a contract with Jacktel, a Master Marine AS subsidiary, for the provision of accommodation services at the giant Johan Sverdrup field, offshore Norway. It was then agreed that Jacktel’s accommodation rig Haven, to be deployed for the job, would und
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By Amanda Cooper LONDON (Reuters) – Oil prices jumped 2 percent on Wednesday after a surprisingly large drop in U.S. crude inventories and as an oil services workers strike in Norway threatened to cut North Sea output. Brent crude futures <LCOc1> were up 91 cents at $46.79 per barrel by 1113 GMT, wh
