Offshore - Oil & Gas

  • Qatar set to remain dominant force in global LNG...

    Qatar’s plans to develop an export-oriented gas project in the North Field, with a capacity of about 2bn cu ft a day will help the country consolidate its position as a major LNG exporter while satisfying the rising domestic demand for natural gas.

  • Rosneft said to prepay about $1bn for Iraqi...

    Rosneft’s commitment to pay in advance for crude oil from the Kurdish region of Iraq is about $1bn, according to two people with knowledge of the matter who asked not to named as the supply deal is private.

  • LNG supply gap may form as investment drop...

    The global liquefied natural gas (LNG) industry will face a supply shortfall in about five years because low prices have discouraged investment in new production, major producers said on Tuesday at a gas conference in Chiba, near Tokyo.

  • Nine firms apply for prequalification

    The deadline to participate in the new prequalification round for oil and gas exploration off Lebanon’s coast has passed with nine new companies applying to take part in the first licensing round, said a statement issued by the Energy Ministry and the Lebanese Petroleum Administration.

  • Gas leak from Lunskaya-A platform in Okhots sea

    Gas leak was detected from Lunskaya-A platform in Lunskoye offshore field on 9 nautical miles from Sakhalin east coast in Okhots sea. The crew from the offshore platform were evacuated to standby support vessel and the production was shut down. The emergency works are under way, but there is no treat for the employees on board of the rig. The emergency teams are assessing the quantity spilled and the source of the leak. Also the authorities will request a full report for the environmental impact caused by the gas leak. There were no reports for injuries during the accident and the investigation will be held after the situation is normalized.

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Gulf Drilling International signs US$ 925 million structured financing facility with QIB

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, signs a US$ 925 million (QR 3.4 billion) structured Shari’a compliant financing facility with Gulf Drilling International Limited QSC (GDI). This new facility will be used to re-organize the company’s debt and further enhance its operational and financial performance. QIB successfully originated, structured and executed the transaction which used an innovative financing structure to meet the requirements.

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Norwegian DNO oil and gas reports Q1 net profit, expands drilling in Kurdistan, acquires Origo Exploration Holding

DNO ASA, the Norwegian oil and gas operator, today announced expanded investments, including a doubling of its planned 2017 wells at the Tawke field in the Kurdistan region of Iraq, on the back of strong first quarter results. The company reported quarterly net profit of US$15 million, reversing a net loss of US$31 million in the previous quarter. Revenues were up 83 percent to US$77 million on operated production averaging 115,900 barrels of oil equivalent per day.

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Middle East offshore activity bucks global downward trend with 2.6% increase

2016 witnessed a decline in Offshore Supply Vessel (OSV) activity in all regions of the world except the Middle East. Stronger results expected in 2017, as oil prices head towards $60 per barrel. The Middle East was the only global market to witness an increase in demand in Offshore Supply Vessel (OSV) activity in 2016 of 2.6%, indicating that regional government investment continues to support the sector’s performance since the fall of oil prices in 2014.

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Oil at $50: what it means for offshore companies

This will be more certain in case of those focused on deepwater and ultra-deepwater activities as significant overcapacity precludes OFS companies from negotiating prices much higher than today’s depressed levels, the agency stated.

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Why Trump's offshore drilling order could backfire

US President Donald Trump signed an executive order to extend offshore oil and gas drilling to areas that have been off limits - a move meant to boost domestic production but which could fall flat due to weak industry demand for the acreage.

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