Author hkrichiedistribution
Subsea 7 today announced the award of a sizeable(1) contract for Seaway 7, Subsea 7’s Renewables and Heavy Lifting business unit, from Jan de Nul for the Formosa 2 Offshore Wind Farm project in Taiwan. The contract scope includes the transportation, pre-piling and installation of 47 jacket foundations for wind turbines. Seaway 7 will execute
Slumping energy prices, sluggish global demand and shrinking chemical margins are weighing on the oil industry as its biggest names prepare to announce quarterly results to investors demanding ever-higher payouts. The so-called supermajors — Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc — are expected to disclose a 42%
New York’s $1.6 billion securities-fraud lawsuit against Exxon Mobil begins a second week of trial Monday, after a series of witnesses failed to provide any concrete evidence that the oil giant knowingly misled shareholders about its climate change accounting. Testimony by investors and employees did show a potential lack of clarity as to the difference
Oil fell for the first time in a week amid renewed signs of swelling crude inventories in the world’s biggest economy. Futures dropped as much as 1.3% in New York on Monday. Data provider Genscape Inc. said oil stored at a key Oklahoma pipeline hub expanded by 1.5 MMbbl last week, reviving concerns about sluggish
The high-profile geologist leading one of Apache Corp.’s most-important exploration ventures has stepped down. The company’s shares and bonds tumbled, and the cost to insure against default surged. Steven Keenan, Apache’s senior vice president of worldwide exploration, resigned two days ago, company spokesman Phil West said in an email on Friday. The geologist’s departure may
State-run Korea National Oil Corp (KNOC) has scaled back efforts to pull out of the British North Sea, focusing on the sale of its stake in the Tolmount gas project, three industry sources said. Heavily indebted KNOC earlier this year tried to sell a 49% stake in its North Sea subsidiary Dana Petroleum but could not find
Royal Dutch Shell and Exxon Mobil have paid $1.7 million to Somalia to lease offshore blocks for 30 years, the country’s state news agency reported on Friday. “Shell/Exxon Mobil have paid $1.7 million to Somalia as the preliminary rent for 30 years,” SONNA reported. Shell and Exxon Mobil had a joint venture on five offshore
Energy group Eni achieved its highest ever oil and gas production rate for a third quarter, softening the blow of lower quarterly earnings because of weak oil and gas prices. The Italian company generates around 90% of its operating profit from its upstream oil and gas business. Major gas discoveries in Mozambique and Egypt have
Oil bulls are rebuilding their positions, but it will probably take some major news to shake the market out of its current mood and trigger a sustained rally. Money managers boosted their net-long position on West Texas Intermediate crude for the first time since mid-September in the week ended Oct. 22, data released Friday show.
Global markets are “awash” in crude thanks to the surge in U.S. oil output, and the boom looks set to continue, U.S. Energy Secretary Rick Perry said in a Bloomberg TV interview. U.S. shale production has turned the world “on its head,” and Goldman Sachs Group Inc. is “off a bit” in a report last