News

Brazil's National Petroleum Agency (ANP) issued new rules and procedures on Monday for deactivating mature oil and natural gas fields that should result in about $5 billion in investments over the next five years as Latin America's biggest producer...

BP's first quarter profit has dived by two thirds after the global coronavirus crisis hit demand for oil. The oil giant warned it was facing an "exceptional level of uncertainty" after a sharp reduction in the need for its products. Lockdowns...

Dutch floater specialist SBM Offshore on Monday announced the sailaway of the last two modules for the Turret Mooring System, destined for Singapore for integration into the hull of Equinor’s Johan Castberg FPSO. This milestone represents the successful completion...

OPEC rotating president and Energy Minister of Algeria, Mohamed Arkab, believes oil prices will rise to $40 per barrel following the implementation of the OPEC+ output cut deal on May 1. Speaking during an interview on the country’s national radio...

Malaysian oil and gas company Petroliam Nasional Bhd (Petronas) over the weekend refuted media reports that it had deactivated 14 of its oil rigs. “Petronas would like to clarify that the Company has not shut down any of its rigs,...

The Liza Unity Floating Production Storage and Offloading vessel (FPSO) being built by Dutch floater specialist SBM Offshore is the first of its kind to be constructed under the company’s pioneering Fast4Ward program which aims to transform business by...

Oil prices fell on Monday on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic. According to a Reuters report, U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage...

UK-based multinational oil and gas company BP said on Monday it had amended some financial terms of the $5.6 billion sale of its Alaska business to privately held Hilcorp following the recent slump in oil prices, which may lead...

While trading at Brent futures does not necessarily provide insulation from the oil price volatility gripping the global industry at present, it puts producers in this class in a better position to rally as storage space for crude continues...

The International Energy Agency (IEA) says low oil prices impact the livelihood of millions of people employed along the oil industry’s extensive value chain. The IEA said too that low prices damage the economies of weaker producing countries where...