Petrofac is joining other providers in actions responding to the unprecedented market conditions. As a result, Petrofac will reduce its capex by 40%, reduce salaries across the company, and reduce its personnel by about 20%.
Aker BP has made a minor gas discovery southwest of the Skarv field in the Norwegian Sea.
Australia-based oil and gas company Otto Energy has taken measures to mitigate the effects of the low oil price environment.
Upstream PS, a wholly-owned subsidiary of GR Engineering Services, has entered into a three-year contract with Triangle Energy for the provision of operations and maintenance services to the Arrowsmith Stabilisation Plant (ASP) and Cliff Head Alpha offshore platform in Australia.
Brazilian oil and gas giant Petrobras has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt.
Brazilian oil and gas regulator ANP has temporarily suspended the country’s 17th Bidding Round for the award of offshore exploration and production acreage due to the coronavirus crisis.
Saudi Arabia’s decision to flood the market with crude oil at a time when demand is in doldrums amid coronavirus pandemic is about to create a massive supply-demand imbalance, says BIMCO’s Chief Shipping Analyst, Peter Sand. Liquid fuels production and consumption will be imbalanced during much of 2
In the downturn of 2020, global exploration & production operators will only be able to cut supply chain costs by up to 12%, a Rystad Energy analysis shows.
stralia-based Triangle Energy has joined many other oil and gas companies in efforts to preserve financial stability amid low oil price environment and coronavirus pandemic with a set of cost-cutting measures.
Energean Oil and Gas and Edison have agreed to exclude Edison E&P’s Algeria assets from the previously agreed acquisition.
Tullow Oil has identified further cost savings while its lenders have approved its credit facility with a $1.9 billion of debt capacity.
A hull for the Energean-owned Energean Power FPSO sailed away from the COSCO yard in China on Thursday, April 3, 2020.
Africa-focused oil and gas company Lekoil has approved the immediate and accelerated implementation of the company’s general and administrative (G&A) cost-reduction measures due to the significant drop in oil prices.
Malaysian offshore support vessels and subsea services provider Alam Maritim Resources has been awarded a work order for the provision of anchor handling tug and supply (AHTS) for Petronas Carigali.
