Offshore Energy

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Saudis: OPEC Can't Cut Pricing Without Help

Saudi Arabia's powerful oil minister said on Thursday that OPEC could not cut output without the support of other big producers and attempts to get them on board had not worked.

Shell Resuming Nigeria EA Oil Production

Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform.

Slashed Energy CapEx Pumps Brent Pricing

More companies cut upstream investments around world; strong U.S. production continues to drag on prices. Brent crude jumped 3 percent to above $63 a barrel on Thursday,

China Loaning Sonangol Billions for Oil Projects

China's Sinopec has joint venture with Sonangol; Angola cash-strapped after oil price slump. China will lend Angola's Sonangol $2 billion to expand oil and gas projects,

Central Banks React Differently to Oil Drop

The world's major central banks are scrambling to work through the implications of the near halving of the price of oil in the second half of 2014, and they are

EU Bans Crimea Investment, Targets Oil, Cruise Sectors

Measures take effect on Saturday; aim is to keep pressure on Russia over Ukraine. The European Union banned investment in Crimea on Thursday, halting European

Mermaid Wins Subsea Contract in Gulf of Thailand

  Mermaid has secured a 2-year contract for its dive support vessel, ‘Mermaid Commander’, to provide subsea construction support in the Gulf of Thailand for a

Rosneft Achieve Commercial Production in Irkutsk Region Blocks

  Commercial inflows of oil, gas and condensate have been acquired in four exploration wells on Rosneft’s licensed blocks, which were handed over to Verkhnechonskneftegaz

Chevron Cancels Canadian Arctic Drilling

Chevron Corp is putting a plan to drill for oil in the Beaufort Sea in Canada's Arctic on hold indefinitely because of what it called "economic uncertainty in the industry" as oil prices fall.

Imperial Oil Exploration Plans in Arctic Unchanged

Imperial Oil Ltd's plans to drill for oil in the Beaufort Sea in Canada's Arctic have not changed despite the recent slide in oil prices, spokesman Pius Rolheiser said on Wednesday.

NOIA Disappointed by Obama’s Bristol Bay Action

On Tuesday, U.S. President Barack Obama designated Alaska’s Bristol Bay area off limits for oil and gas leasing, the White House said.   National Ocean Industries

FPSO Trio Receives Side Shell Protection

SPS Overlay has yet again been used for side impact protection on three FPSOs for a major player in the offshore industry. The work was carried out at Enseada do Paraguaçu S.

Petroci, Vioco Petroleum to Invest $255m in Offshore Field

Ivory Coast's state oil company Petroci and Vioco Petroleum will invest $255 million to bring into production the Gazelle oil and natural gas field on the West African nation's CI-202 offshore block,

Petrobras CEO: C-Suite Managers May Have to Resign

Senior management at Brazil's state-run oil company Petroleo Brasileiro SA may have to resign to avoid further delays of the company's audited third-quarter earnings report,

SBM Offshore Maintains Outlook, Stock Drops

SBM Offshore, the Dutch oil platform leasing company, has maintained its sales guidance for 2014 but said it would take $146 million in one-off charges. In a trading update on Wednesday,

Russell: Supply to be 2015 Commodity Driver

The big change in many commodity markets this past year was that demand is no longer king, with supply becoming the key driver, a dynamic that's likely to persist in 2015.

Ivory Coast Inks Deal With ExxonMobil

Ivory Coast has signed production sharing agreements with oil giant Exxon Mobil for two ultra-deepwater blocks in the Gulf of Guinea, the West African nation's oil minister said.

Oil Dips to $59, OPEC, Russia Keep Pumping

OPEC, Russia unwilling to cut supply, spurring weakness. Crude stockpiles in U.S. rise in latest week. Brent crude oil fell below $59 a barrel on Wednesday, near 5-1/2-year lows,

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