Oil & Gas

Oil price balances between growth unrest and Iran sanctions

There is a concern that growth in some of the world's fastest-growing new markets will hit a few speed bumps over the coming period.

Ineos executives relocate to tax haven

Jim Ratcliff, majority share holder and founder of chemical multinational Ineos, which purchased Danish utility Ørsted's oil and gas fields, is among the UK's richest individuals.

Europe to import more LNG from the US

The US wants to export more LNG to Europe, and the continent is prepared to accepted it, provided the price is competitive, says the EU Commission president according to Bloomberg.

China acquires large gas project in Iran

Trump's sanctions against Iran have prompted French Total to withdraw from a billion-dollar project in Iran.

Trafigura to build large oil terminal in Texas

Swiss-based commodity trader Trafigura has filed for permission to build a terminal in Texas which can be used by the largest oil tanker vessels. The project will facilitate the growing export of US crude oil.

Analysts see USD 90 oil price after Iran sanctions

While the oil price has already increased significantly this year, offshore companies and carriers may be the ones who benefit most. According to the founder of US Energy Aspect, Amrita San, US sanctions against Iran will push up prices from the beginning of November.

Trade war hits US export of LNG and crude oil

An unintentional consequence of US President Donald Trump's trade war on China is that China proposes to impose tariffs on the import of LNG and crude oil from the US, according to Reuters.

Aker Solutions and Kvaerner secure Svedrup contract extension

The two Norwegian subcontractors have secured extension of a contract with Equinor for utility and commissioning work related to the riser platform in giant field Johan Sverdrup.

Shipowners accuse OW Bunker of acting in "bad faith"

A number of shipowners wants a US court to determine whether OW Bunker continued to sell oil even though senior management knew the company was beyond recovery. If determined, it could open up for damage claims in the US, says lawyer.

The oil and gas industry is prepared to enter another huge market

The market for decommissioning offshore oil and gas rigs as well and wind farms is emerging, and several operators are now starting to negotiate agreements and enter contracts, tells partner and attorney at Danish law firm Poul Schmidt, which provides legal council to the industry.

Maersk lowers expectations for full-year result

Maersk lowers its expectation for the full-year result for 2018 due to, among other issues, high fuel costs. The company also reveals some of the financial details of its half-year report to be published Friday 17 August.

Investors pressure oil industry: When will global oil demand peak?

The day is approaching when global oil consumption will peak, stagnate and then fall. Investors want to know how well global oil companies are prepared for that development.

"The coming years will be entirely unique in Equinor's history"

Equinor is poised to earn more during the 2018-2020 period than the previous 17 years, if the oil price maintains its current level, says an analyst from Pareto.

Prosafe lands deal with Cosco for problem rigs

Accommodation rig company Prosafe has settled a large deal with Cosco's yard in Qidong, which provides some financial buffering for Prosafe and will halt repeated delays of hotel rig deliveries.

Oil company tumbled over disappointing earnings despite increased investments

After disappointing earnings in the second quarter, shareholders at Noble Energy are sending down the share price.

Contaminated ship fuel in Singapore may be just the tip of the iceberg

News of contaminated ship fuel findings in Singapore is one the one hand trivial, because it is hardly the first time such has occurred in the shipping industry. On the other hand, it could be an indication of something much bigger, sources say.

Joint venture Maersk Drilling og Maersk Supply Service

Maersk exec on billion-dollar market: There is no real competition in this area

Maersk's new joint venture, Maersk Decom, is expected to take 10 percent of the growing market for decommissioning in the North Sea.

Transocean books billion dollar impairment in the second quarter

Swiss-American drilling company Transocean emerged from Q2 with a loss of millions of USD on the bottom line after a USD 1 billion impairment. CEO Jeremy Thigpen is positive about the future, however.

American oil production is growing more slowly than expected

US shale oil growth is slower than expected.

BP's Q2 result exceeds expectations, showing a few green investments

British oil and gas giant BP is raking in money due to rising oil prices and investments in new fields. The company has also increased its green investments, but to a far lower degree than some of its competitors.

Oil prices decline after OPEC countries' production costs rise

A study from Reuters shows that OPEC countries' production rose in July by 70,000 barrels per day to USD 31.6 million per day.

Ship fuel prices could increase 25 percent throughout 2018

Higher oil prices will make ship fuel prices increase by 25 percent throughout 2018 compared to last year, projects rating bureau Scope. This development will strain the finances at box carriers despite otherwise positive tendencies.

Subsea 7's bottom line close to halved in Q2

The Luxembourg-based offshore carrier saw its bottom line decline significantly in the second quarter with fewer finished projects and lower prices. The number of new orders in the market has increased, however, says CEO Jean Cahuzac.

US oil giant in the red after a disappointing bottom line

Exxon Mobile's second quarter production was recorded at 3.647 million barrels of oil equivalent against analysts' expectations for 3.83 million.

Oil rises after fourth weekly decline as supply risks persist

Oil rose in New York after a fourth weekly decline as a weaker dollar boosted the appeal of commodities and concerns over global supply disruptions persisted.

EnergyWatch