Following the announcement of the signature of the contracts for FPSO Alexandre de Gusmão in November, SBM Offshore announced that it has entered into a shareholder agreement with its long standing business partners Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha (NYK). MC and NYK have acquired a respective 25%...
(Bloomberg) — TotalEnergies SE is working on a plan to develop gas discoveries in South Africa with its partners and the government, according to its managing director in the country. The oil major starting in 2019 has made discoveries of gas and condensate -- a light liquid hydrocarbon -- offshore the most industrialized nation in Afric...
Like everyone, I’m heartbroken about everything happening in our world right now. As a parent and grandparent, I’m worried about the nation we are leaving for the next generation. In recent years, it has become painfully clear that climate catastrophism has an oversized influence on public policy. An intense focus on reaching the unatt...
(Bloomberg) — Commodities trader Pierre Andurand sees a path for crude oil to get to $200 by the end of the year as historically tight markets struggle to ramp up production and replace lost supply from Russia. He estimates some 4 million barrels per day have been taken out of circulation as a result of Russia’s invasion of Ukraine...
HOUSTON — The Offshore Technology Conference (OTC) announced today the winners of the 2022 Spotlight on New Technology Award. This prestigious award is presented to OTC exhibitors who are revolutionizing the future of offshore energy through technological advancement and innovation. A total of 14 companies, including seven small businesses, were...
Schlumberger announced a major contract award by Saudi Aramco for integrated drilling and well construction services in a gas drilling project. The integrated project scope encompasses drilling rigs and technologies and services, including drill bits, measurement while drilling (MWD) and logging while drilling (LWD), drilling fluids, cementing,...
Wood, the global consulting and engineering company, announced the appointment of Jennifer Richmond as Executive President of Strategy and Development and the latest member of the executive leadership team. In her new role, Richmond will assume executive responsibility for Wood’s growth through strategic planning, business development, mergers...
(Bloomberg) — Canada’s slumbering oil industry is beginning to stir. For years, the country’s drillers, like those in the shale fields of West Texas, have been under great pressure from their investors to avoid the kind of expansion plans that have backfired on them countless times before. So when oil blew past $70 a barrel last year, then...
(Bloomberg) — The United Arab Emirates will OPEC+ to increase oil output faster, but there’s little the Gulf country can do if Saudi Arabia isn’t on board. “Boosting production is not so much an OPEC discussion, it’s a Gulf discussion,” said Bill Farren-Price, a director at Enverus Intelligence Research and veteran observe...
(Bloomberg) — Oil extended its rally as the U.S. and U.K. said they plan to ban Russian oil imports while oil giant Shell Plc announced it will also halt purchases from the country. Brent crude futures surpassed $132 a barrel while West Texas Intermediate rose to $128. The Biden administration is poised to impose a ban on U.S. import...