Tuesday, April 7, 2020

Industry News

As Oil Crisis Deepens, Hedge Funds Sense a Turnaround

© nattapon7/AdobeStock

Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts…

Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World

© Geoff Tweddle / Adobe Stock

Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire. It's the same with the new coronavirus and climate change.Since the…

ABB Accelerates Remote Connectivity Rollout

(Photo: ABB)

Technology comany ABB said it has expedited the rollout of and access to its remote service tools and digital solutions across critical industry as companies around the world find new ways to maintain operations throughout the coronavirus crisis.“During the COVID-19 crisis, governments and companies are having to make difficult choices, balancing people’s safety with economic livelihood.

Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts

Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at $33.45 by 0532 GMT, down 66 cents, or 1.9%. West Texas Intermediate crude fell 98 cents, or 3.5%, to $27.36 a barrel…

Subsea 7 Scores 'Sizeable' Offshore Wind Deal in Germany

Image Credit: Subsea 7

Offshore installation and construction company Subsea 7 has said it has won a sizeable contract - meaning worth between $50 million and $150 million, for work on a wind farm offshore Germany.Subsea 7 said Friday the contract was with innogy Kaskasi for the Kaskasi offshore wind farm project, located approximately 35km northwest of Heligoland in the German sector of the…

OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand

Image by OSORIOartist - AdobeStock

OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled for Monday, April 6, Azeri's energy ministry said, but details were still thin on the exact distribution of production cuts.

Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal

© Pavel Ignatov / Adobe Stock

Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects…

Oil Storage at Sea Approaching Record Levels

© aerial-drone / Adobe Stock

Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far…

Belgium: Offshore Wind Farms Break Record

Image Credit; Belgian Offshore Platform

Offshore wind farms in the Belgium North Sea had a record winter when it comes to electricity production.According to the Belgian Offshore Platform, during the Nov 2019 – March 2020 winter period, offshore wind farms in Belgium produced 60% more electricity compared to the 2019 winter. This winter the wind farms produced 3.2 TWh, compared to 2 TWh in 2019.Due to rapidly advancing technology and new wind farm installations…

Oilfield Equipment and Services Spending to Fall to 2005-Low

Image by NickEyes - AdobeStock

Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Wednesday by consultancy Spears & Associates, as oil and gas producers slash spending.The decline comes as the coronavirus pandemic has crushed oil and gas demand, and Saudi Arabia and Russia pump full bore in a grab for market share that has shale producers reeling. U.S.

Huisman Crane for Penta-Ocean's Wind Turbine Installation Rig

Image Credit: PaxOcean

Dutch offshore equipment manufacturer Huisman has signed a contract with PaxOcean Engineering for the delivery of a 1,600mt Leg Encircling Crane. The crane will be installed on the new self-elevated platform (SEP) of Japanese company Penta-Ocean Construction, which ordered the unit from PaxOcean earlier this year.With this Huisman crane, the new jack-up unit will be capable to install 12 MW wind turbines and various foundations including monopiles.

Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal

A GMS self-elevating rig - Image credit: GMS

Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations. It has been hurt by a downturn in the oil and gas services industry triggered by…

ABS to Class Silver Eagle's New Jack-Ups

ABS, a classification services provider to the marine and offshore industries, will provide classification for a series of "highly innovative Self-Elevating Drilling Units (SEDU)" for Silver Eagle Global.Silver Eagle, of Manama, Bahrain, says the self-propelled design is capable of working at greater water depths and in harsh environments. According to Silver Eagle Global…

Italian Marine Cable Laying Firm to Cut Dividend

Cable Enterprise cable laying vessel. Image credit: Prysmian

Italian marine cable installation company Prysmian plans to cut the dividend by 50 percent, citing the effect of the coronavirus pandemic and its effects on the global economy.Citing the spread of the pandemic and its potential duration, and given the uncertainty surrounding the terms and geographical extent of the restrictions to production and logistics around the world…

Norway to Admit Non-Resident Europeans Working in Oil Industry

Offshore workers - Image by wanfahmy - AdobeStock

Norway will allow entry to certain European citizens for work in sectors critically short of labor including agriculture and the oil industry despite its lockdown to fight the coronavirus pandemic, the government said on Monday.The measure, which takes immediate effect in the Nordic country, relaxes some of the restrictions on foreign travelers imposed to combat the…

Opinion: COVID-19, Climate Change ... & Changing the World, Together

Asbjørn Halsebakke, Product Manager, Yaskawa Environmental Energy / The Switch

Our planet is facing its greatest challenge, and it’s not coronavirus. Asbjørn Halsebakke, Product Manager, Yaskawa Environmental Energy / The Switch, ponders how greater political action could help the maritime industry meet its most ambitious environmental goals.Why hasn’t the climate crisis elicited the same urgent response from global governments as the corona pandemic?

Norway Offers 36 Offshore Blocks, None in Barents Sea

Illustration; Offshore rigs in Norway - Image by mariusltu - AdobeStock

Norway is offering oil firms 36 offshore exploration blocks in this year's licensing round in mature areas and for the first time in a decade did not offer any blocks in the Barents Sea.All the blocks are offered in the western part of the Norwegian Sea, with interested parties asked to send their comments by May 11, the oil and energy ministry said."In demanding times…

Nigeria Announces Offshore Oil Worker Restrictions to Battle Coronavirus

© Jan/AdobeStock

Nigeria's petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus, according to a circular seen by Reuters.Health experts fear a widespread outbreak in Africa's most populous country, which has about 200 million inhabitants, and the country is keen to protect oil production…

FairWind Completes 59 Transition Pieces for Borssele 1+2 OWF

Image by FairWind

Wind industry solutions provider FairWind has completed its largest electrical and high voltage project in company history, completing 59 transition pieces (TP’s) for client Bladt.The TP segments were assembled in Aalborg harbor in Denmark, to be installed at Borssele 1+2 offshore wind farm. Transition Pieces are used to connect the monopile and the tower of an offshore…

Brent Crude Drops to $26.35. Outlook Bleak

Oil markets received a lift from the U.S. stimulus chatter, but for the most part activity remains rudderless, awash in a sea of oil, - Illustration by OOSORIOartist - AdobeStock

Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8%, to $23.55 a barrel.