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South Korea's DSME Wins $330M FSRU Order
South Korean shipbuilder Daewoo Shipbuilding Marine and Engineering (DSME) has received an order for a large liquefied natural gas (LNG) floating storage regasification unit (FSRU). In a statement on the Korea Exchange, DSME said the contract was worth around 411 billion South Korean Won…
Hurricane Energy Shuts Lancaster Well. Suspends Output Guidance
Hurricane Energy has shut down an offshore well at its Lancaster field in the UK as its testing to produce oil simultaneously from two wells with the aim to reach 20,000 bopd proved unsuccessful. As a result, Hurricane has backtracked on its 2020 output guidance of net 17,000 bopd.
ABS Launches Guidance and Notations for FPSOs in Brazil
Offshore classification company ABG has launch what it says is industry’s most comprehensive support package for offshore operators in Brazil’s complex regulatory environment, with a detailed technical advisory and two new notations. The ABS…
Delek Looking to Sell Karish & Tanin Royalty Rights
Israeli energy conglomerate Delek Group said on Sunday it was in talks to sell royalty rights to two small natural gas fields and was amending its proposed share offering. Delek said it planned to sign a 300 million shekel ($85 million) deal…
Total Backs Out of Oxy's Ghana Assets Acquisition
French oil major Total is pulling out of the agreed acquisition of Occidental Petroleum's Ghana assets. The two companies in 2019 signed a deal whereby Total was to acquire all of the assets of Anadarko in Africa for about $8.8 billion, following the completion of Oxy's takeover of Anadarko.
Petrobras Sees No Need to Cut Oil Production
Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy.
VIDEO: SBM Offshore's Liza Unity FPSO Moves to Dry Dock
SBM Offshore, the Netherlands-based FPSO supplier, has shared a video of its Liza Unity FPSO Hull going into the dry dock in Singapore. The hull was ordered on speculation in 2017 as the first of what are now five hulls being built as part of SBM Offshore's Fast4Ward standardized-FPSO-hull program.
Brazil's Petrobras Warns Economy has Changed Forever. Books $11.2B Impairment
Brazil's Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent.
Three Firms Compete for Dorado FPSO FEED. WHP Shortlist 'Soon'
Australian oil and gas company Santos, with its partner Carnarvon, is progressing works on the development of the Dorado oil field off W. Australia, with pre-FEED contracts for the FPSO awarded to three "world-class' contractors. The final investment decision date however…
'We Won't Just Weather the Crisis, We'll Come Out Stronger,' SBM Offshore CEO Says
SBM Offshore, one of the world's largest FPSO solutions providers, on Wednesday slightly reduced 2020 guidance due to uncertainty caused by the COVID-19 pandemic and the low oil price environment, but the CEO is optimistic the company will not just weather the storm…
Premier Oil Shelves $1.8B Falkland Islands Offshore Project
UK-based oil and gas operator Premier Oil has said it has suspended the Sea Lion-1 oil project offshore the Falkland Islands. The company said the $1.8 billion offshore oil project would be suspended to minimize ongoing spend in light of the current market conditions.
Rystad: Oil Firms May Need to Kill Old, Loss-Making FPSOs
"The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three-quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11.10 per barrel…
Norwegian Firm Nets Anna Nery FPSO Topside Modules Job
Norwegian offshore EPC contractor Aragon has won a contract to deliver topside modules for Malaysia-based Yinson's Anna Nery FPSO that will produce oil from Petrobras' Marlim field in Brazil. The Bergen-based company, part of Singapore's SembMarine…
Petrobras' Cash Burn could Reach $1B a Month
Brazilian oil giant Petrobras said on Friday that its cash burn could reach $1 billion a month in periods of extreme stress and volatility, noting the current level of uncertainty in being able to accurately predict spending. The state-owned firm…
Ghana Instructs Eni and Local Producer to Combine Oil Fields
Ghana has directed Eni SpA and Springfield E&P to begin talks to combine their adjacent oil and gas fields, according to a letter seen by Reuters. The April 9 letter from Energy Minister John-Peter Amewu to the two companies says seismic data indicates that Eni's Sankofa offshore field…
Guyana's Liza Phase 2 on Track for First Oil in 2022
Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. said Thursday. Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO.
Euronav Sells 2005-Built VLCC for $38M
Tanker operator has sold its 2005-built Very Large Crude Carrier (VLCC) TI Hellas for $38.1 million. Euronav, based in Belgium, said Friday that a capital gain of around $1.6 million will be recorded in the current quarter from the sale of the…
New CEO for Aker Energy
Aker Energy, a Norwegian oil company focused on Ghana's offshore resources, has appointed a new CEO. Aker ASA, Aker Energy's parent company, said Friday in its first-quarter report that Håvard Garseth took over as Aker Energy's CEO in April.
Brazil Oil Production Rose in March Despite Pandemic
Brazil produced 2.973 million barrels per day of oil in March, up 0.1% from February and up 16.1% from the same month a year before, national oil regulator ANP said on Monday. The figures suggest that production cuts announced at the end of…
Guyana Has No Plans to Cut Crude Output
Guyana has no plans to cut crude output despite a plunge in oil prices, the government's top energy official said on Monday, adding that shutting down production could prove costly and harm future output. Mark Bynoe, the director of the Department of Energy…
Woodside Watching Supermajors' Woes for Opportunities
Woodside Petroleum is keeping a close eye out for assets that might come up for grabs from the oil supermajors amid the oil market rout, seeing itself in a position to bid, Chief Executive Peter Coleman said on Friday. The head of Australia's top independent gas producer said…