OMV joins line of oil and gas operators making budget cuts for 2020

Joining other oil and gas operators in actions to safeguard their businesses amid coronavirus crisis and the oil price war, Austrian oil and gas company OMV has decided to reduce its investments in…

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Rystad: Oil price drop to slash African state budgets

Africa’s expected production is set to decline for most of this decade and energy-reliant state budgets to take significant hits, as top planned oil and gas projects were expecting sanctioning under… …

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Coronavirus spread pushes Bahamas well drilling to October

Bahamas Petroleum Company (BPC) has further pushed back the drilling of its first exploration well in The Bahamas, the Perseverance #1.

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Over million oilfield jobs on the line due to oil price war and coronavirus, Rystad says

More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad… …

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Maersk drillship’s gig with Tullow cut short

Maersk Drilling has received a notification from Tullow Oil of early termination for convenience of the drilling contract for the drillship Maersk Venturer.

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Kvaerner management cuts its salaries amid coronavirus crisis

The management team of Norwegian engineering and construction services company Kvaerner has decided to cut its salaries to alleviate the effects of the coronavirus outbreak. …

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Prosafe to claim full contract value after EnQuest cancels rig mobilization

Following EnQuest’s cancellation of mobilization of the Prosafe-owned Safe Zephyrus accommodation rig in the North Sea, Prosafe has said it will claim the full value of the contract. 

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Chevron orders umbilicals for Gulf of Mexico projects from Aker Solutions

Aker Solutions has entered into a master agreement to provide umbilicals for the Chevron-operated oil and gas fields in the US Gulf of Mexico. …

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Popular news, March 16 – 22, 2020

Offshore Energy Today’s most popular news of the past week.

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OKEA to postpone all sanction decisions for drilling and seismic programs

As a result of an unprecedented combination of a global pandemic coupled with a dramatic fall in oil prices, Norwegian oil and gas company OKEA will postpone all project sanction decisions and, where…

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