Around 3.4 million barrels per day (b/d) of oil production is cash negative at a Brent oil price of $35, Wood Mackenzie, a source of commercial intelligence for energy sector says in its latest report. Since the dramatic drop in prices from late 2014, there have been few halts in production – with a
Sakhalin Energy, the operator of Russia’s LNG plant in Prigorodnoye, said Friday that the repair and recovery work related to a technical “glitch” that occurred on January 26 will last until March. The Sakhalin-2 project reported production problems last week at its 9.6 mtpa LNG export facility afte
BG Group, a UK-based oil and gas giant – soon to be acquired by its larger peer Shell – posted a 54 percent drop in its quarterly earnings. Excluding special items, the company’s earnings for the fourth quarter of 2015 were 423 million, down from 915 million a year ago. However, including disposals,
Unite, Britain’s biggest offshore oil trade union, has warned the UK government that billion-pound losses announced this week by oil industry super-majors could, without serious interventions, bring an end to meaningful production in the North Sea within years. The union highlighted results by Shell
BG Group, the UK-based LNG player being acquired by Shell, reported on Friday a 54 percent decline in its fourth-quarter profit due to a downturn in oil and gas prices. BG’s earnings stood at $423 million in the fourth quarter as compared to $915 million a year earlier. The company’s full-year earni
Third international conference dedicated to floating offshore wind turbines will be held in Marseilles from 10 to 11 March this year. Representatives from a large number of French and international companies and organisations involved in the sector will discuss their activities, present recent resea
Australian oil and gas company MEO Australia has said its senior staff members have voluntarily agreed to a 20% reduction in the cash component of their annual remuneration package in exchange for Exercisable Performance Rights. On an annualised basis the revised arrangements result in a reduction i
Chinese imports of LNG declined by 1.1% year-on-year in 2015 for the first time since the country began importing chilled gas in 2006, the U.S. EIA said in a report on Thursday. LNG World News previously reported that China’s imports dropped to 19.63 million tonnes in 2015. Chinese LNG imports have
ConocoPhillips, a U.S. oil and gas company, on Thursday posted losses both for the fourth quarter and full year, and said it would slash the dividend and capital expenditure. The company posted a fourth-quarter 2015 net loss of $3.5 billion compared with a fourth-quarter 2014 net loss of $39 million
Decommissioning is a hot topic within the Offshore Energy industry and will also be a topic during the Offshore Energy 2016 conference. Over the past months a worldwide first has taken place with the dismantling of Yttre Stengrund wind farm owned by Vattenfall. The wind farm had been operational sin
The Hague-based energy giant Shell said it is postponing final investment decision on its multi-billion LNG Canada project in British Columbia to late 2016. “We are making substantial changes in the company, reorganising our Upstream, and reducing costs and capital investment, as we refocus Shell, a
Singapore Exchange said in a report on Thursday it expects screen trading of liquefied natural gas to start in 2017 once liquidity builds. SGX, which recently revealed the first trade of the new SGX FOB Singapore SLInG LNG derivatives contract, said this in a white paper published on Thursday on the
Bristow Group has been ordered to keep all of its Sikorsky S-76C helicopters on the ground in Nigeria, following this week’s offshore helicopter ditching, 75 nautical miles offshore Lagos. To remind, Bristow on Wednesday said one of its helicopters of the Sikorsky S-76C++ type, was involved in a “co
Ignoring industry leaders and human rights and environmental organisations, ship owners continue to profit from dangerous and dirty shipbreaking practices on South Asian beaches in 2015, according to new data released by the NGO Shipbreaking Platform. According to the Platform, 768 large ocean-going
