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North Sea oil workers are staying offshore for as long as three weeks at a time, potentially increasing the risks of an already dangerous operating environment, according to unions. Most oil workers in the U.K. follow a “2/3” work pattern — two weeks offshore followed by three weeks’ downtime. That reflects the perilous nature of
Russia’s finance ministry is looking to raise as much as US$1.93 billion (143 billion Russia rubles) in taxes from the oil industry over the next two years, as the oil price crash has shrunk Russia’s key revenue stream—oil. According to a document on a Russian government website, cited by Reuters, the finance ministry is looking to
Piracy activity on the Mexican side of the Gulf of Mexico seems to be picking up, with several attacks in the past month on offshore support vessels. A little over a week ago, a Maersk Supply Service’s offshore vessel was a target of an armed robbery offshore Ciudad Del Carmen, Mexico. Armed robbers boarded Maersk
Aker Solutions has entered a master agreement to provide umbilicals for Chevron-operated oil and gas fields in the US Gulf of Mexico. The company also secured the first work order under the new master agreement, to provide 15 miles of umbilicals for Chevron’s Anchor project. The scope of the Chevron agreement includes the delivery of
The latest collapse in oil prices has put in play a lucrative trade to store crude at sea, reviving memories of the 2008-09 recession when millions of barrels were kept on the world’s oceans. Brent crude in May 2021 is now trading at about $14 a barrel more than it is in May of this
How bad is too bad for oil markets? As prices barrel toward the lowest levels since the start of the century, negative prices have re-entered the realm of possibility. U.S. oil futures just hit an 18-year low as an oil-price war between Saudi Arabia and Russia rages on, and that has a few traders and
CHC’s Corona Copter has been called into action today to remove a second suspected Coronavirus case from the Valaris drilling rig in the Elgin field. The room mate of the individual being evacuated has also been placed into isolation after showing symptoms. Both have been classed as category C cases (someone with confirmed symptoms). The
Saudi Arabia announced 50 billion riyals ($13.3 billion) in budget spending cuts after the crash in oil prices and the coronavirus outbreak wreaked havoc on its public finances. As the kingdom doubled down in its price war with Russia, authorities signed off on expenditure reductions equivalent to under 5% of the total outlays approved in
Total and Shell each introduced significant cost-reduction measures, as the oil price war and the global spread of Covid-19 combined to disrupt operations. Following the lead of other supermajors like BP and ExxonMobil, Total and Shell are implementing plans to reduce capital expenditures, operational costs, and cancel planned share buybacks. Specifically, Total and Shell plan
Tendeka has secured a four-year contract to supply its zonal isolation technologies across a leading operator’s Malaysian assets. This is the third time Tendeka has won this contract, which first started in 2013. This latest extension, worth more than $1 million, will see the company carry out the work until 2023. Tendeka’s SwellRight swellable packers