‘No guarantee’ that Saudi Arabia will get what it wants at the OPEC meeting, expert says

If Saudi Arabia wants OPEC and its allies to agree to lower oil output, it will likely have to do “a lot of the heavy-lifting,” one oil watcher has told CNBC. OPEC is weighing possible production cuts at its meeting in Vienna on Thursday and Friday. Prices have struggled following… Continue reading

Woodside Petroleum announces approval of Sangomar field development

SINGAPORE: The Sangomar Field Development Phase 1 (Sangomar Development) has been approved by the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture and has entered the execute phase of activities. Woodside, as operator of the RSSD joint venture, has executed the purchase contract for the floating production… Continue reading

Subsea Integration Alliance awarded very large contract offshore Senegal

LUXEMBOURG: Subsea 7 S.A. has announced the award of a very large contract (over USD 500mn) by Woodside to Subsea Integration Alliance for the Sangomar Field Development Phase-1 project located in the Sangomar Offshore and Sangomar Offshore Deep oil blocks, offshore Senegal. Subsea Integration Alliance is a non-incorporated strategic global… Continue reading

Touchstone announces Coho-1 gas test of 17.5 mmcfd

CALGARY, ALBERTA: Touchstone Exploration Inc. has provided production test results for the Coho-1 well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago. As previously reported, the Coho-1 exploration well (Touchstone 80% working interest operator, Heritage Petroleum Company Limited 20% working interest) was spudded on August… Continue reading

MODEC, Mitsui, MOL and Marubeni to proceed with the deepwater FPSO charter project in Brazil

TOKYO: MODEC, Inc.; Mitsui & Co., Ltd.; Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Búzios… Continue reading

S&P upgrades Norwegian oil and gas company Aker BP

STOCKHOLM: S&P Global Ratings have upgraded Norwegian oil and gas company Aker BP to ‘BBB-‘; with stable outlook. Production is increasing and the company retains capital flexibility. The upgrade stems from the view that the production increase stemming from new barrels at Johan Sverdrup will boost Aker BP’s operating cash… Continue reading

GMS wins 4-year contract for a K-Class vessel

DUBAI: Gulf Marine Services (GMS) announced the award of a 4-year contract for a K-Class (Small) vessel. GMS’s customer is a Middle East national oil company, for which GMS will provide support for offshore activities. The work will be undertaken in United Arab Emirates waters, where the vessel will be… Continue reading

Oil prices increase on signs of easing US-China tensions

DUBAI: Oil rose on Wednesday following media reports that China was open to agreeing a partial trade deal with the United States. on the other hand, Turkey’s military operation in northern Syria also supported prices as it could impact regional oil production. Brent crude was up 97 cents at $59.21… Continue reading

MODEC awarded letter of intent by Petrobras related to Búzios 5 FPSO

TOKYO: MODEC, Inc. announced that it has received a Letter of Intent (LOI) for supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel for Petróleo Brasileiro S.A. (Petrobras” for Búzios 5. The firm time charter period of the contract is 21 years. [the_ad id=”31605″]This will be… Continue reading