Oil & Gas

Oil and gas industry's credit under pressure

New credit ratings for the global oil and gas industry show that UK companies have seen the biggest setbacks. However, the entire business's credit situation bears more risk than three years ago, looking at the biggest companies.

New study concludes gas will remain indispensable

A new analysis commissioned by Nord Stream 2 AG concludes that natural gas will be difficult to replace in industry and the electricity sector for at least the next 20-30 years due to both supply security and price concerns.

Flex LNG executive following new loss: "A cold shower"

The first half of 2019 was a cold shower for most of the LNG market, says Flex LNG's chief executive in connection with the gas carrier's presentation of yet another deficit. However, he believes improvement might be just around the corner.

Seadrill books new major deficit

John Fredriksen-controlled rig company Seadrill reports a triple-digit million-dollar deficit for the second quarter. The company also lost half a million USD on its bottom line in the first half of the year.

Equinor buys out Shell in Gulf of Mexico field

The Norwegian oil major expands its stake in the Caesar Tonga field in the Gulf of Mexico, buying out Shell, which initially planned to sell to another party. Equinor now holds almost half the field.

Oil companies persuade states to make pipeline protests a felony

After years of lobbying, several US oil companies, including Koch Industries Inc., Marathon Petroleum Corp. and Energy Transfer Partners LP, have thus far convinced nine states to criminalize protesting near energy infrastructure. Opponents say such measures underline the undemocratic role of corporate capital and violate free speech.

Rates for offshore service ships reach new heights in the North Sea

The rates for anchor handling vessels in the North Sea have soared, and according to Finansavisen, several ship operators have signed contracts worth more than half a million NOK per day – more than a doubling compared to just a week ago and the highest level so far this year.

Equinor extracts first oil from Mariner field

The first drops extracted from the Mariner field in the UK North Sea has arrived. But more than drops is anticipated, as the field is expected to yield more than 300 million barrels of oil.

Trump deregulates methane

The oil industry worries that US President Donald Trump's latest deregulation of the sector might destroy confidence in natural gas as the fossil fuel of the future.

ABB names new CEO

Björn Rosengren will take up the position as chief executive of the industrial conglomerate in February.

Petoro increases billion-dollar cheque to Norwegian state

Despite fluctuating oil and gas prices, state-owned oil company Petoro has once again increased its contribution to the treasury – this time with a transaction to the Norwegian Oil Fund that is EUR 300 million higher than in last year's first half.

BP expands on Indian market

BP continues its efforts to gain a foothold on the Indian energy market. The British oil and gas company has entered a new cooperation in the country involving plane fuel and establishing a network of gasoline stations.

Shell considers solar panels to power main refinery

British-Dutch Shell is already underway with installing solar panels on a series of production facilities in Asia and Europe. Now the oil major is considering whether its largest refinery should be powered by solar energy.

Noreco hires new CFO

The Norwegian oil company secures its new chief financial officer. The new CFO hails from the financial sector and has previously acted as adviser to the company.

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