The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced. The Brent benchmark will average US$70 a barrel in 2019, almost a third higher than its price on the 26th December, according to…
The socialist government of Venezuela and its political opponents at home who have been starkly divided over the past two decades on the best path forward for the country, have suddenly united around a common theme: the century-old dispute with Guyana. The neighbouring countries…
Offshore driller Transocean has entered into an offshore rig deal with Chevron which will see Transocean lease “industry’s most capable ultra-deep-water drillship” to Chevron for Gulf of Mexico operations starting in 2021. Transocean said on the 27th December that it had signed a rig design…
Many people will tell you that the production rate of Saudi Arabia’s Ghawar oil field, which has yielded five million barrels of petroleum per day for decades, will never be surpassed. In fact, no other oil field has ever come close to topping the production…
In March 2018, Saudi Aramco participated in the Saudi-US CEO Forum held in New York to promote bilateral business and cooperation between the two countries. During this forum, Aramco discussed US$10 billion commercial collaborations with 14 American companies including: Schlumberger Ltd, Baker Hughes, A…
Angola, Africa’s second-biggest oil producer, should lower the economy’s dependence on oil and its vulnerability to the commodity’s price fluctuations so that enough resources can be made available to improve living standards in the nation, International Monetary Fund Managing Director Christine Lagarde has said. …
Total has begun drilling the Brulpadda-1AX re-entry well offshore South Africa, partner Africa Energy Corporation announced on the 27th December. The well is located on Block 11B/12B offshore South Africa, for which Africa Energy holds a 4.9 percent interest. Block 11B/12B is located…
The Rowan jack-up Ralph Coffman has received a 180-day contract in Trinidad. The contract is expected to start in April 2019. The previously announced contract with CGX Resources in Guyana will follow this programme. Ralph Coffman, a 240-C Class harsh environment jack-up,…
In a consortium with Heerema Marine Contractors (HMC), AF Gruppen has signed a contract with Fairfield for the removal and disposal of the Dunlin Alpha topside on the UK continental shelf. A letter of intent to enter into the contract for the removal and…
Total and Petrobras are pleased to announce that they have achieved significant progress in the scope of their Strategic Alliance, signed in March 2017. The first concrete results of jointly implemented R&D projects. Examples of such work include in particular: With regard to…
