“We have to be a simpler, more streamlined, more competitive organization,” CEO Ben van Beurden said in a statement. “In many places, we have too many layers in the company: too many levels between me, as the CEO, and the operators and technicians at our locations.” SourceContinue Reading

The potential for extra Libyan supplies is putting pressure on oil prices just as traders fret about the outlook for energy demand with the coronavirus pandemic still raging. Brent crude is down 3.6% this week to around $40.50 a barrel, increasing its loss this year to almost 40%. SourceContinue Reading

Daily consumption is still 4 million to 5 million barrels day below where it was expected to be before the pandemic, said Russell Hardy, the chief executive of Vitol Group, the biggest independent oil trader. He doesn’t expect a meaningful pickup in demand until at least the summer of 2021. SourceContinue Reading

Baker Hughes worked with Wintershall DEA to cut the subsea wellhead from an abandoned exploration well in 360-metre water depth in only 35 minutes. By comparison, alternative abrasive cutting methods could take as long as five or six hours for the cut alone. SourceContinue Reading

The new PowerSet Solo power charges, with a built-in initiation device, are the only power charges on the market that operate without an igniter. This provides additional operational savings and efficiency. SourceContinue Reading

“Hywind Tampen is a new chapter in Norway’s narrative as an energy nation. With support from the Norwegian authorities, we’re not only building Norway’s first offshore wind project; we’re refining floating offshore wind technology along with the Norwegian supplier industry,” says Equinor president and CEO Eldar Sætre. SourceContinue Reading

The vessel will be built at a combination of Edison Chouest’s shipyards in Florida, Mississippi and Louisiana, creating well over 300 new construction jobs. The construction of this vessel will also have a broader economic impact on other U.S. states hosting suppliers of major components, with some notable beneficiaries being North Carolina and Illinois for...Continue Reading

Futures in New York tumbled as much as nearly 6% on Thursday as U.S. equities pared gains and the dollar moved off its session lows. A Politico report that House leader Nancy Pelosi was skeptical about reaching a deal reined in hopes of the U.S. government providing a much needed boost to demand. SourceContinue Reading

The United Arab Emirates cut its oil exports to the lowest level in almost two years last month, a sign that the country may be making good on its pledge to OPEC+ to compensate for pumping too much crude previously. SourceContinue Reading

Along with its European peers, Shell is embarking on a transformation to become a cleaner, greener company with much fewer assets in oil by the middle of the century. While many investors have welcomed the new direction, others question a pivot into less-profitable renewables SourceContinue Reading