After four days of negotiations OPEC, Russia, and allies have agreed on record production cuts to save the oil industry amid a major industry crisis exacerbated by the coronavirus pandemic.
OPEC, Russia, and allies are on the verge of ending the oil price war in an effort to save the oil industry which, in addition to the oil price war consequences, suffered even more as the coronavirus pandemic further curbed the oil demand, creating a whirlwind of adverse effects. However, the allies
Russia’s Lukoil has moved on to the next stage of facilities construction for the Valery Grayfer field with the launch of a jacket for the living quarters platform from a yard to the Caspian Sea.
The oil price war and the coronavirus pandemic are already taking their toll on the oil and gas services market, with offshore drilling contractors among the most affected segments. One of the major drillers, Noble Corporation, has seen its contracts shortened, rigs stacked and put on standby, and d
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war, a Rystad Energy impact analysis shows.
Exploration activity offshore Norway has been reduced and 10 wildcat wells previously planned for this year will be delayed due to the coronavirus crisis and the sharp decline in oil price.
Norwegian Ministry of Petroleum and Industry has approved the plans for development and operation of the Hywind Tampen project, which will make the Snorre and Gullfaks platforms the world’s first oil & gas platforms to be powered by a floating offshore wind farm.
UK’s Ineos has decided to postpone its planned shutdown of the Forties pipeline system until the spring of 2021.
Aker BP has awarded a call-off for removal and disposal of multiple installations in the Valhall area in the North Sea to Allseas.
Neptune Energy has reported that the load out of the 740-tonne topside module for the Nova brownfield project in the Norwegian North Sea has been completed ahead of the installation offshore with the world’s largest semi-sub crane vessel.
The African Energy Chamber, a chamber of networks, transactions, and partnerships at the helm of Africa’s growing energy industries, has urged OPEC and OPEC+ to reach a deal on ending the oil price war which has sent the oil price tumbling to historic low levels.
Oil and gas company Wintershall Dea Norge has made an oil discovery near the Maria field in the Norwegian Sea.
The world’s largest semi-submersible crane vessel, Heerema’s Sleipnir, has lifted a module for Equinor’s Snorre A platform from the quayside at Aibel’s yard in Haugesund, Norway, ahead of its transportation and installation in the North Sea off Norway.
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%.
