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Equatorial Guinea forecasts investments of at least $1.4 billion in its hydrocarbon sector next year through the development of oil projects and an increase in exploration. The Organization of the Petroleum Exporting Countries’ smallest member awarded nine oil and gas blocks in November and last week granted Exxon Mobil a six-month extension to assess the
DNV GL has been awarded a framework agreement by DNO ASA to provide a broad portfolio of engineering and management support and verification services to support the operator, as it expands operations and developments in the Norwegian Continental Shelf (NCS). DNV GL will support DNO in enhancing safety, maintaining compliance and reducing its environmental footprint
An oil tanker was attacked on Sunday in West Africa’s Gulf of Guinea and most of its crew were kidnapped, the latest in a string of incidents highlighting the security risks to shipping in the region. The vessel — an oil products tanker named Duke, hauling fuel oil — was attacked and boarded while sailing
Maersk Drilling has secured a three-well contract for the semi-submersible rig Maersk Discoverer with BP for development drilling at the Matapal project offshore Trinidad and Tobago. The contract has an estimated duration of 322 days and is expected to commence in July 2020. The value of the firm contract is approximately $78 million, including a
The international effort to rein in fossil fuel pollution took a step backward this weekend after envoys at a marathon round of United Nations talks watered down language on issues they had agreed on in previous years. The delegates from almost 200 nations left Madrid after more than two weeks of discussion, agreeing only on
A new compensation format will help improve efficiency as Equinor awards new framework agreements for safety and automation systems with five suppliers. The framework agreements cover operation of all the company’s installations on the Norwegian continental shelf (NCS) and onshore plants in Norway. They may also be used by the company’s international activities and for
The Dutch activist fund that has filed shareholder resolutions pressuring major oil companies in Europe to take action on climate change has set its sights on the U.S. Investor advocacy group Follow This has filed requests for shareholder votes at Exxon Mobil Corp. and Chevron Corp.’s annual meetings for the first time, asking the companies
Weatherford International has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, including a $450 million revolving credit facility, secured a $195 million letter of credit facility, and secured over
Morten Baltzersen, the head of the Financial Supervisory Authority in Norway, says the rush to plow funds into investments that fulfill environmental, social and governance (ESG) standards has opened the door to a new risk. Baltzersen says the worry is that issuers are overstating their green credentials (known as greenwashing) to meet huge investor demand.
Oil settled above $60 a barrel for the first time since missile strikes on Saudi Arabia sparked a record price surge three months ago. Futures closed 1.5% higher in New York on Friday, buoyed by a partial truce in the U.S.-China trade war that has imperiled demand all year. Chinese officials said the countries agreed