Global oil supply will outpace demand throughout 2019, the International Energy Agency forecasted in its latest Oil Market Report. Since midyear, oil supply had increased sharply with gains in the Middle East, Russia, and the US more than compensating for falls in production in…
Lloyd’s opens Brussels office Lloyd’s has opened its insurance subsidiary in Brussels which is set to allow the market to continue operating and serving its clients in the EU after Brexit. Lloyd’s Brussels is Lloyd’s first Europe-wide operation and will bring Lloyd’s expertise closer…
The well-heeled, buttoned-down world of international oil now has competition from cowboy boots and jeans. EOG Resources Inc’s US$1.1 billion in third-quarter adjusted net income vaulted the biggest American shale driller into the same league as Italian oil giant Eni SpA, ConocoPhillips and Occidental…
Equinor has informed partner Jersey Oil & Gas that appraisal drilling of the Verbier oil discovery in the UK North Sea will get under way in the first quarter of 2019. The semi-submersible West Phoenix, scheduled to drill the well, is presently working on…
Airswift, a global workforce solutions provider for the energy sector, has opened a new office in Aberdeen, strengthening its commitment to the North Sea. Airswift said on the 13th November that the office was set up to support the company’s growth and provide on-the-ground…
Results from an exploration well located in the Sampang PSC offshore Indonesia operated by the London-listed Ophir Energy continue to indicate hydrocarbon bearing zones. The Sampang PSC is operated by Ophir Energy’s subsidiary Santos Sampang Pty Ltd with a 45% interest with Singapore Petroleum Company (40%)…
A unit of independent refiner HollyFrontier Corporation, Dallas, has signed a definitive agreement to buy Sonneborn US Holdings Inc and Sonneborn Cooperatief UA for US$655 million, including working capital estimated at US$72 million. Sonneborn, of Parsippany, NJ, makes specialty hydrocarbon products such as white…
Slowly but surely the energy mix is changing. Renewables, increasing efficiency, electrification of end-use demand including electric vehicles (EVs) are all driving the energy transition. Even so, we will depend on coal, oil and gas for quite some time. Demand for fossil fuels continues…
The Abu Dhabi National Oil Company (ADNOC) announced on the 12th November that it has signed a framework agreement with Saudi Aramco “to explore potential opportunities for collaboration in the natural gas and Liquefied Natural Gas (LNG) sectors”. Under the terms of the agreement,…
Norway’s Petroleum Safety Authority (PSA) has given Aker BP consent to drill an exploration well offshore Norway using the Saipem-owned Scarabeo 8 drilling rig. The exploration well 25/11-29 S is located in production licence 916 where Aker BP is the operator. The well is…
