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Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT).
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Total CEO Not Betting on Prices Staying at $70 a Barrel
Total's chief executive said on Monday it could take two years for the world economy to recover from the coronavirus pandemic and that oil prices were unlikely to remain at the current high of $70 a barrel."I am not betting on prices staying at $70 a barrel, for me the right price is around $50-$60 a barrel…
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Bedrock Scores $8M in Funding to Fast Track Ocean Data Initiatives
Bedrock Ocean Exploration, which was created to make the business of gathering, processing and disseminating accurate information on the world’s oceans to key stakeholders, has raised an $8M seed round from Eniac Ventures, Primary Venture Partners, Quiet Capital and R7.The funding…
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RENEWABLE ENERGY: Smart Power Buoy - Wave Power Expands Recharge at Sea Possibilities
From powering sensor systems to recharging autonomous vehicles to feeding the power grid, Resen Waves is making step changes in the renewable wave power market. Roland Boysen, CCO, discussed the technology and the potential with MTR.While generations of innovators have attempted, to varying degrees of success…
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Inside the Red-Hot Offshore Wind Energy Market
As the traditional offshore oil and gas markets continue to struggle, the renewable offshore wind market is hot and getting hotter.As the cumulative maritime, offshore, port and logistics marketplace gears up for offshore wind energy on a huge scale, World Energy Reports (WER), in…
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ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus
Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and…
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Geothermal Energy: A New Life for Old Offshore Oil Wells?
Old offshore oil wells could be turned into geothermal energy producers under a plan by a new consortium. The group, The…
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Denmark Might Not Reach Its 2030 Emissions Reduction Goal as It 'Relies on Unproven Tech'
Denmark risks not reaching its goal to cut carbon emissions by 70% by 2030 because it is too reliant on unproven technology…
Latest news
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OPEC+ to Weigh Modest Output Boost, Sources Say
OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said…
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CorPower Extends Equity Funding for Commercial Scale Demo
After securing a private placement of 9 million Euros, CorPower has extended its equity funding to 20.3 million Euros, for…
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Renewable Energy: Wave Power Projects Takes a Big Step
Eco Wave Power has secured the engineering coordination permit from the Municipality of Tel-Aviv Jaffa (permit number 2020…
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Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and…
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Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting…
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Eco Wave Power Commences Grid Connection Works in Israel
While wave power is still in its infancy relative to offshore wind in the renewable power space, several companies are making…
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Video: The Floating Production Market Faces Headwinds, But Opportunities Exist
There are around 200 offshore oil and gas projects currently being planned for development using a floating production system…
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Virtual Conference to Focus on Transatlantic Marine Renewables
Marine industry experts from Portugal and Canada are staging a special Blue Economy conference to spark transatlantic business growth.
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Autonomous Offshore Power Trials Get Underway off Hawaii
With the advent of autonomy on and under the water, part of the value proposition is the ability to stay at sea, on station…
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Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil…
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Chevron Posts Q3 Profit
Chevron on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited…
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GIEK Doubling Down on Offshore Wind
Tasked to provide the financial power to help Norwegian companies export their wares to the world, Wenche Nistad, CEO of…
Exploration
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Nigeria Launches Licensing Round for Marginal Oilfields
Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, the Department of Petroleum Resources (DPR) said on Monday…
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Petronas Farms Out Part of Suriname Offshore Block to Exxon
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary…
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Equinor Exploration Manager Steps Down to Take New Role
Norwegian oil and gas company Equinor has informed that its executive vice president Exploration Tim Dodson will step down…
Drilling
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Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy…
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Melbana Gets More Time to Find Beehive Drilling Partner
Australian oil and gas company Melbana Energy has been given more time to work on its Beehive offshore prospect in the Bonaparte Basin off W.
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US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments
The U.S.
Production
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Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices…
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Equinor's Incoming CEO Wants to Be Best in Offshore Oil, Gas
Anders Opedal, who on Monday was named Equinor's new chief executive, said he wanted the Norwegian oil company to be both…
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ConocoPhillips to Reverse Most Output Cuts by End of Q3
ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last…
