ExxonMobil’s US upstream earnings recorded a loss of US$429 million for full-year 2017, excluding US tax reform and impairments. With US$7.6 billion of tax reform benefits and US$521 million in asset impairments, the super-major reported US$6.6 billion in US upstream earnings in 2017. US…
US oil production surged above ten MMbpd for the first time in four decades, another marker of a profound shift in global crude markets. The milestone comes weeks after the International Energy Agency said the US is poised for “explosive” growth in oil output…
First oil from Norway’s giant Johan Sverdrup field could come in October 2019, one of the partners, Sweden’s Lundin Petroleum, said in presentation material accompanying its earnings report on the 1st February. Alex Budden, Lundin’s head of communications and investor relations, told analysts and…
Aker BP has received consent from the Petroleum Safety Authority (PSA) to drill an exploration well in the Norwegian Sea using the Deepsea Stavanger rig. The well is located in block 6507/5 in production licence 212 in the Norwegian Sea, some five kilometres west…
Chinese offshore oil and gas company CNOOC Ltd said on the 1st February it planned to ramp up spending by at least 40 percent in 2018, as well as raise production, thanks to a more “suitable” oil price. The company, the listed upstream arm of state-owned China National…
The Dutch safety watchdog said on the 31st January that cross-border cooperation with neighbouring Germany and Belgium needs to be improved to ensure the nations are properly prepared to deal with a nuclear accident which could impact all three countries. The Dutch Safety Board…
Light, sweet crude oil for March delivery on the New York market tumbled to settle below US$65/bbl on the 30th January as US production inches closer to historic levels. Earlier this year, the US Energy Information Administration said it expects US production climb above…
Radio Holland Netherlands has won a tender to supply Navigation/Communications packages for six new-build vessels of Dutch shipping company Wijnne Barends (Delfzijl). Wijnne Barends was established in 1855 and has a longstanding relationship with Radio Holland spanning around 50 years. The company currently has more…
Rolls-Royce Commercial Marine has received an order to deliver a battery-powered energy system for six offshore vessels (PSVs) which have been built by the Cosco Guangdong yard in China. The delivery includes the Energy Storage Container System (ESSU), an upgrade of the existing Rolls-Royce…
Following its successful 13-well drilling campaign last summer, Wintershall Holding GmbH is expanding production in the western part of Germany’s largest existing onshore oil field. The wells are connected to the Cretaceous Bentheim sandstone, which lies at a depth of 700-900 metres. To date,…
