Category Oil & Gas Blog
Norway’s daily oil production is expected to be 6.7% higher at the end of this year than at the end of 2019, as a major oilfield ramps up output, forecasts published by the Norwegian Petroleum Directorate (NPD) showed on Wednesday. The country’s preliminary oil output in January stood at 1.64 million barrels per day (bpd),
Sparrows Group has secured a contract to manufacture three cranes for Qatargas’ North Field expansion project. The project, awarded through engineering firm McDermott International, will see the firm deliver two of its EC750 cranes for installation on wellhead platforms, as well as an EC1000 crane for a riser platform. North Field is the world’s biggest
Mexico plans to lock in prices for the country’s crude output for next year, continuing the world’s largest sovereign oil hedge, Finance Minister Arturo Herrera said. Herrera said in an interview on Monday that “of course” the oil hedge will continue, but that Mexico needs to keep details of the trade private in order to
Lundin Norway has received regulatory consent from the Norwegian Petroleum Directorate to drill an exploration well in the License 609 in the Barents Sea. Lundin will use the West Bollsta semi-submersible drilling rig for the operation. Lundin operates the block with a 40 percent ownership. Its partners in the offshore license are Idemitsu Petroleum Norge,
Global demand for LNG grew by 12.5% to 359 million tons in 2019, according to Shell’s latest annual LNG Outlook, bolstering LNG’s growing role in the transition to a lower-carbon energy system. 2019 saw key developments that are helping to reshape the industry: an industry record of 40 million tons of additional supply becoming available
Saudi Arabia’s oil exports dropped by 10.75 percent year on year in 2019, according to data from the Joint Organisations Data Initiative (JODI), as carried by local news outlet Mubasher. The total Saudi oil exports, including crude oil and petroleum products, averaged 8.339 million barrels per day (bpd) in 2019, down from an average 9.344 million
Italian offshore oilfield services company Saipem has activated safety measures to protect its workers, after the coronavirus outbreak in the country. According to a report by Reuters, Italy is the most affected country in Europe, with coronavirus cases rising on Saturday to more than 150. The report, published Monday morning further said that with three
Saudi Arabia gave the clearest signal yet of its concerns about the impact of the coronavirus on oil markets, comparing the situation to a blaze that needs the fire brigade. In his first public comments on the virus since January, when he said the epidemic would have a “very limited impact” on oil demand, Saudi
There are already signs that the latest U.S. sanctions thrown at Venezuela are failing. Rosneft Trading SA, the top buyer of Venezuelan crude last year, was sanctioned on Feb. 18 for helping sell the commodity that bankrolls the regime of President Nicolas Maduro. Now, another company affiliated with Moscow-based oil giant Rosneft PJSC that isn’t
In a move that might make some nervous, the United States — through its “strategic” investment arm, the newly enlarged International Development Finance Corporation — has announced plans to invest USD 1 billion on unspecified European energy projects. The caveat, judging by Tweets from Secretary of State Pompeo and his online Munich Security Conference Speech