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Offshore drillers face up to $3 billion in contract cancellations – Rystad Energy

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The Covid-19 epidemic and the ongoing oil price war have ravaged global energy markets during the last two months, and offshore drilling in particular is among the most affected industry segments. A Rystad Energy impact analysis estimates that drillers...
News

CNOOC plans to cut 2020 investment by up to 15%

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(Reuters) - China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a...
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Canada leads global list of those in trouble, set to see above 1.1 million bpd halt

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The COVID-19 pandemic has devastated global oil demand triggering the start of shut-ins at operations around the world, led by Canada. A Rystad Energy analysis shows that Canada is the oil producer most affected so far, with the damage estimated...
News

JPMorgan wants to dump sovereign fund loans from Saudi Arabia, UAE

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(Reuters) - JPMorgan is seeking to sell at a discount loans raised by the sovereign wealth funds of Saudi Arabia and the United Arab Emirates, according to two sources and a document cited by Reuters, as banks brace for...
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OPEC, allies agree to slash production by 10 million barrels per day

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(Bloomberg) - Major oil producers agreed to slash output as feuding members of the OPEC+ coalition buried differences in an effort to lift the market from a pandemic-driven collapse. The Organization of Petroleum Exporting Countries and its allies, meeting by...
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Project delays likely as construction yards close on COVID-19 concerns – SBM Offshore

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Construction activities being carried out by Dutch floater-specialist SBM offshore at several locations across the world, including Singapore where the Liza Unity FPSO is being built for ExxonMobil’s second development project in Guyana, could face some project execution delays...
News

Halliburton cuts 350 jobs, executive pay as oil bust deepens

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Oilfield services firm Halliburton Co said on Monday it was cutting about 350 employees in Oklahoma, according to a filing with the state, and that its executives would reduce their salaries amid a deepening oil price rout, Reuters said...
News

OPEC+ is set to face oil challenges head-on in Thursday’s virtual meeting

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(Market Watch) In a sign of the times, the Organization of the Petroleum Exporting Countries and allied oil producers will hold a virtual meeting Thursday to make a decision on global crude production that could make or break the...
News

TechnipFMC in worldwide effort to produce visors for healthcare workers

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TechnipFMC says its teams worldwide are helping to protect medical workers during the COVID-19 outbreak by using 32 printers to produce visors at its facilities. The Edvard Grieg Project team prototype medical visor was approved for use in Norway, and...
Exploration

Multi-billion-barrel wells facing delays in Guyana, US and elsewhere – Rystad Energy

OilNOW -
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the COVID-19 virus and the oil price war,...
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Ali names 25-member cabinet; Vickram Bharrat back at oil ministry

President Irfaan Ali of Guyana unveiled 25 ministerial Cabinet appointees on Saturday evening, as the government embarks on its...

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