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For the first time in Russia’s alliance with OPEC, the country is changing the way it makes oil-production cuts. This quarter, Russia — one of the architects of the original deal to curb oil output between the Organization of Petroleum Exporting Countries and its allies — will be allowed to exclude a type of light
McDermott International Inc. is preparing to file for bankruptcy as soon as next week to address its more than $4 billion debt load, according to people with knowledge of the matter. The Houston-based company, which builds oil platforms and gas-export plants for energy producers, is negotiating a restructuring plan that could see its debt converted
Angola’s ailing oil industry got a shot in the arm this week, with Eni SpA and Total SA both showing their commitment to the OPEC producer. Eni started production at the Agogo-1 deepwater field and won exploration rights to Block 28 in the Namibe Basin, while Total, active in Angola for more than 60 years,
One chilly day in October, President Donald Trump boarded Air Force One and flew to Pennsylvania to hail one of the state’s most important industries — not coal, but natural gas. Trump spoke an industry event of the “astonishing increase” in shale gas production. The Appalachian region has spearheaded a historic expansion, turning the U.S.
Turkey will issue new exploration licenses in the eastern Mediterranean now that it’s set a maritime border with Libya, President Recep Tayyip Erdogan said Thursday, a step liable to exacerbate strains with Greece and the European Union. Erdogan’s remarks underlined Turkey’s determination to press its claims in contested waters of the energy-rich eastern Mediterranean, where
The U.S.-China trade agreement is set to intensify the battle for the world’s most prized oil market. China’s imports of U.S. crude may reach 700,000 barrels a day or more this year, estimates from consultants show. That volume, 50% above the previous monthly record, would have put the U.S. among the top 10 suppliers to
Maersk Drilling has secured a two-well contract extension from Aker BP for the ultra-harsh environment, low-emission jack-up rig Maersk Integrator. In direct continuation of the rig’s current workscope, Maersk Integrator will move to the Ivar Aasen field offshore Norway to drill two wells, with work expected to commence in October 2020. The extension has an
Petrofac has entered into a preferred supplier agreement with SSE Renewables to design, supply and install the HVAC onshore and offshore substations for the Seagreen wind farm project. The wind farm will be located 27 kilometers off the coast of Angus and once constructed will be the largest in Scotland. Petrofac has commenced early work
The European Union’s foreign policy chief said member states will need to take a more active role in Libya if yesterday’s peace conference in Berlin is to bring stability to the country and help get its oil flowing again. Speaking before a meeting of foreign ministers Monday, Josep Borrell said the EU has to decide
One chilly day in October, President Donald Trump boarded Air Force One and flew to Pennsylvania to hail one of the state’s most important industries — not coal, but natural gas. Trump spoke an industry event of the “astonishing increase” in shale gas production. The Appalachian region has spearheaded a historic expansion, turning the U.S.