U.S. Largest Offshore Oil & Gas Auction set for March
The Trump administration on Friday said it would offer the largest oil and gas offshore auction in U.S. history on March 21 for areas in federal waters off the Gulf Coast, less than a year after a similar sale yielded little corporate interest. The Interior Department said it would offer 77.3 million acres (31.3 mln hectares) offshore Texas, Louisiana, Mississippi, Alabama and Florida for oil and gas development, an auction that includes all available unleased areas in the Gulf of Mexico.
U.S. Drillers Add Rigs for Fourth Consecutive Week
U.S. energy companies added oil rigs for a fourth week in a row even though crude pulled back from three-year highs over the past couple of weeks as more drillers boost their 2018 spending plans. Drillers added seven oil rigs in the week to Feb. 16, bringing the total count up to 798, the highest level since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
BP Plans No Azeri Platform Shutdowns in 2018
British oil major BP, which operates a number of oil and gas fields in Azerbaijan, plans no maintenance shutdowns of platforms there this year and intends to advance with new projects, BP's regional president told Reuters. "There aren't any turnarounds planned for this year. I think there are some planned for 2019," Gary Jones, BP's head for Azerbaijan, Georgia and Turkey, said. He said the company would use different ways to conduct inspections…
Merkel Sees No Threat in New Gas Pipe to Russia, Poland Disagrees
The planned Nord Stream 2 gas pipeline connecting Germany and Russia poses no threat to Europe's energy security, Chancellor Angela Merkel said on Friday, publicly disagreeing with her Polish counterpart. Poland, Ukraine and Baltic states fear the pipeline to be laid under the Baltic Sea would increase Europe's dependence on Russian gas and could cut off Ukraine - still fighting a conflict with Russian-backed separatists - from gas transit fees.
Turkish Blockade off Cyprus 'out of Eni's control'
A Turkish blockade of a ship hired by Eni to drill for gas off the Cyprus coast is a diplomatic issue that is out of the Italian oil company's hands, Eni's CEO said on Friday. Last week, the Saipem 12000 drill ship heading from a location southwest of Cyprus towards an area southeast of the island was stopped by Turkish military ships and told not to continue because of military activities in the destination area. The ship is still halted, a Saipem spokesman said.
Tidewater Names Rynd President, CEO
Tidewater Inc. (NYSE: TDW) appointed John T. Rynd as the company's new President and CEO and a member of the Board of Directors effective March 5. He replaces Larry T. Rigdon who has served as interim President and Chief Executive Officer since October of 2017. Tom Bates, Chairman of the Board of Directors, said "After completing a comprehensive search, the Board is very pleased to welcome John to the team.
Congo Defends Right to Explore for Oil in National Parks
Democratic Republic of Congo's oil minister on Thursday defended the country's right to explore for oil anywhere on its territory after media reports that President Joseph Kabila approved drilling in Africa's largest tropical rainforest reserve. Oil minister Aime Ngoy Mukena declined to confirm a report in Germany's Die Tageszeitung newspaper that Kabila had this month authorised exploration inside Salonga National Park, but he said that no land should be off-limits.
Dutch Plan to Build Giant Offshore Solar Power Farm
An offshore seaweed farm in the North Sea will be turned into a large solar power farm that aims to pipe energy to the Dutch mainland in roughly three years. The project comes at a critical time for the Netherlands, which is struggling to curb fossil fuel use and meet greenhouse gas emission targets after years of underinvestment in renewable energy sources. After an initial pilot next year, a consortium comprising energy producers…
Sparrows Wins BP Contract in Angola
BP has awarded Sparrows Group a three-year contract to manage crane operations and maintenance, and deck services off the coast of Angola. The contract covers four cranes utilized on two Floating Production Offloading and Storage (FPSO) vessels, the Greater Plutonio and the PSVM, located in Blocks 18 and 31 respectively, which are situated 160km north-west of Angola’s capital Luanda. Sparrows has two bases in Angola located in Talatona and Malonga and first worked with BP in the region in 2006.
Italy to Turkey: Legal Solution to Dispute Expected
Italian Foreign Minister Angelino Alfano on Tuesday met with Turkish counterpart Mevlut Cavusoglu and told him that he wanted a solution to the standoff preventing Italy's Eni from exploring for natural gas off the coast of Cyprus. The two, who are both attending an anti-Islamic State coalition meeting in Kuwait, agreed both countries should maintain a relationship of trust because of "possible further projects in the energy sector…
Jack-up Vessel Seafox 5 Departs DVR
The 151-meter, self-propelled, DP2 jack-up rig Seafox 5 has left the Damen Verolme Rotterdam (DVR) shipyard following a four-month refit in which the boom of its main crane was lengthened to prepare it for a new contract, along with a range of maintenance and other upgrade works. Seafox 5 is now equipped to undertake offshore wind projects involving the next generation of larger wind turbines in water depths of up to 65 meters.
Trump Proposes $200 Mln Budget for BSEE
President Donald Trump today proposed a $199.9 million Fiscal Year (FY) 2019 budget for the Bureau of Safety and Environmental Enforcement (BSEE) as the Administration aims to support a ramp up in domestic oil and gas production. The FY 2019 budget request includes an estimate of $67.9 million in offsetting collections. Offsetting collections includes $20.3 million for rental receipts, $3.8 million for cost recoveries and $43.8 million for inspection fees.
Big Oil Takes Stage for Post-austerity Beauty Contest
With years of austerity in their rear-view mirrors, the world's biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards. Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook.
Sonatrach Eyes More Vessels to Boost Asia Gas Sales
Algeria will acquire more vessels to transport gas to Asia as it eyes increased sales in that region, the chief executive of state energy firm Sonatrach said on Monday. "With Russia and the U.S., gas competition is tough," Abdelmoumen Ould Kaddour told reporters during a visit to the Hassi Messaoud oilfield. He gave no details. Kaddour also said Sonatrach's oil drilling in Algeria's southern neighbour Niger…
IKM Subsea Singapore Starts 2018 with Multiple Contracts
IKM Subsea Singapore said it has kicked off 2018 with a double contract award. The first is a contract to provide two remotely operated vehicles (ROV) for a floating liquefied natural gas (FLNG) mooring installation in Bangladesh. IKM Subsea provided one Merlin WR200 and a Comanche with the necessary toolings onboard the vessel Jumbo Javelin. IKM said it was chosen due to previous experience with the client, Jumbo Offshore, and the ability to perform in strong weather conditions in Bangladesh.
BP, Kosmos Move Closer to Senegal and Mauritania Offshore Project
BP and Kosmos Energy have moved closer to approving development of the Tortue natural gas field offshore Mauritania and Senegal after the two West African countries agreed to split production from the cross-border field. Kosmos said on Monday it expected to make a final investment decision (FID) on the project in 2018, with first gas expected in 2021. BP had previously indicated it expected to reach an FID on the project towards the end of this year.
Eni Ramping up Production at Zohr Field
Production from Egypt's huge Zohr offshore gas field in the Mediterranean will reach 2.9 billion cubic feet per day by mid-2019, Italy's Eni said on Monday. Speaking at an industry event in Cairo, CEO Claudio Descalzi said the goal was to reach output of 1.8 bcf to 2 bcf per day by the end of 2018 and then ramp up to 2.9 bcf per day by mid-2019. Discovered in 2015 by Eni, the field contains an estimated 30 trillion cubic feet of gas.
OPEC Sees Balanced Oil Market by Year-end
OPEC said on Monday the world oil market would return to balance only towards the end of 2018 as extra barrels from the United States and other non-member producers offset an OPEC-led deal intended to clear a supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said outside producers would boost supply by 1.4 million barrels per day (bpd) this year. That was the third consecutive rise from 870,000 bpd forecast in November.
Diamond Offshore Revenue Beats Estimates
Diamond Offshore Drilling Inc's fourth-quarter revenue beat analysts' estimates on Monday, helped by higher demand for its ultra-deepwater rigs. The company's revenue from its ultra-deepwater rigs rose more than 24 percent to $288.28 million in the fourth quarter. Total revenue fell nearly 12 percent to $346.21 million, but beat analysts' estimate of $331.91 million, according to Thomson Reuters I/B/E/S.
France Eyes Role as Tidal Energy Powerhouse
French Secretary of State for the Ecological and Inclusive Transition, Sébastien Lecornu, announced preliminary studies to the launch of a tidal energy tender in Paris yesterday evening. The announcement is an important first step and strong message to the sector. A tender for tidal energy will see France become the global center of tidal energy manufacturing. The tides in northern France are among the most powerful in the world.
Enpro Subsea Wins Frame Agreement with Tullow
Production optimization specialist company Enpro Subsea has been awarded a frame agreement contract to support leading multinational exploration and production (E&P) company Tullow Oil as part of the operator’s strategic activities in Ghana. The contract will see the Aberdeen-headquartered firm delivering its innovative subsea intervention technologies to support Tullow’s plans with new and existing wells in the Jubilee & TEN fields.
Lebanon Will Use Energy Block Disputed by Israel
Lebanese Energy Minister Cesar Abi Khalil vowed on Friday there would be full exploration in offshore energy Block 9, part of which lies in waters disputed by neighbouring Israel. Lebanon said on Friday it had signed its first offshore oil and gas exploration and production contracts for two energy blocks. A consortium of France's Total, Italy's Eni and Russia's Novatek signed contracts for two of the five blocks that Lebanon put up for tender.
LNG Rebounds as Asian Buyers Replenish Inventory
Interest for prompt spot cargoes still keen; demand could roll over to April. Asian spot liquefied natural gas (LNG) prices rebounded this week as persistently cold weather in North Asia forced buyers to enter the spot market to replenish inventory. Spot prices for March <LSG-AS> delivery in Asia climbed 40 cents to $10.60 per million British thermal units (mmBtu) this week, according to several LNG traders in Asia.
Ardiseis, CGG Complete Highest-Density Seismic Survey
Ardiseis, subsidiary of the Arabian Geophysical and Surveying Company (ARGAS), the Middle East’s seismic acquisition specialist, and its technology partner, CGG, have announced the successful completion of the world’s highest-density broadband seismic survey ever acquired onshore or offshore. The ultra-high density of the data recorded on the West-Kalabsha survey on behalf of Apache Corporation (Apache)…
Eni/Total Find NatGas off Cyprus
Italy's Eni and France's Total have discovered a promising natural gas field off Cyprus, Eni said on Thursday, saying the find looked geologically similar to the mammoth Zohr field off Egypt. Further analysis was required to determine the range of gas volumes and define further exploration and appraisal operations, Eni said. "Calypso 1 is a promising gas discovery and confirms the extension of the 'Zohr like' play in the Cyprus Exclusive Economic Zone (EEZ)," Eni said in a statement.
Oil Dips Below $65 as U.S. Output Soars
Brent falls to 2018 low before recovering some losses. Oil prices fell to their lowest in six weeks on Thursday after data showed U.S. crude output had reached record highs and the North Sea's largest crude pipeline reopened following an outage. A stronger dollar, on track for its biggest weekly rise since November 2016, was adding pressure by making it more profitable for holders of other currencies to sell dollar-denominated assets such as oil.
North Sea Forties Pipeline Ramps Up Again Slowly
Buzzard oilfield restarts, pumping below full rate-source; Forties has temporary flow restriction. Oil and natural gas flows along Britain's biggest and most important oil pipeline, Forties, were ramping up slowly on Thursday as the system restarts after its second unplanned outage in two months, industry sources said. The pipeline, whose oil underpins the Brent oil pricing benchmark, was shut on Wednesday…
California to Ban Crude from Trump Offshore Drilling Plan
California will block the transport of petroleum from new offshore oil rigs through its state, officials told Reuters, a move meant to hobble the Trump administration’s effort to vastly expand drilling in U.S. federal waters. California's threat to deny pipeline permits for transporting oil from new leases off the Pacific Coast is the latest step by states trying to halt the biggest proposed expansion in decades of federal oil and gas leasing.
FairfieldNodal Welcomes New Member to Its Board of Directors
Seismic nodal technology and services firm FairfieldNodal has welcomed Knut Eriksen as the newest member of its Board of Directors. Eriksen recently retired from Oceaneering International where he served as Executive Officer and Senior Vice President of Business Development. He has also held other key executive positions in the oil and gas industry, on the operator, service company and contractor sides of the business.
Israel Seeks Diplomatic Solution to Med Gas Spat with Lebanon
Israel seeks a foreign-mediated diplomatic resolution with Lebanon over a disputed Mediterranean gas field, the Israeli energy minister said on Wednesday after a surge in hostile rhetoric between the enemy countries. "We hope for, and are prepared to move forward on, a diplomatic resolution to this matter," Yuval Steinitz told the Ynet news site when asked about the Block 9 field, for which Lebanon has issued an oil and gas exploration tender…
Allseas Plans World's Largest Construction Vessel
Swiss offshore services firm Allseas is planning to build a vessel big enough to be able to remove the world's largest oil and gas platforms when they reach the end of their production lives, its chief executive said. The vessel, to be called Amazing Grace, is designed to remove the heaviest platforms in a single lift and could reduce decommissioning costs for global oil and gas producers, the firm said.
Statoil Raises Dividend, CapEx as Oil Sector Rebounds
Stock is best performer of European oil index. Norway's Statoil will raise its dividend, investments and exploration spending in 2018, it said on Wednesday, after higher oil prices helped it beat fourth-quarter earnings forecasts. Like other oil companies, Statoil is also benefiting from efficiencies it pushed through during the sector's downturn, when firms were forced to slash jobs, projects and investment.
Chevron Mulling Participation in Brazil's March Oil Auction
Chevron Corp is considering taking part in an oil auction next month in Brazil as part of a consortium of companies, Brazilian oil regulator ANP said on Tuesday on its website. The auction, slated for March 29, will offer 70 blocks in the offshore Ceará, Potiguar, Sergipe-Alagoas, Campos and Santos basins and on-shore basins of Parnaíba and Paraná. The deadline to register for the auction is Wednesday. Chevron did not immediately respond to a request for comment.
Deep Sea Mooring Bags Quadrant Contract
Deep Sea Mooring (DSM), a Vryhof company, said it has secured a contract with Quadrant Energy to provide turnkey pre-lay mooring solutions to the Transocean GSF Development Driller 1 semisubmersible drilling rig offshore Australia. The deal – a continuation of previous work for Quadrant Energy – begins in March 2018. The agreement, with the project scope and engineering consultancy coordinated out of Perth…
Offshore Achievement Awards: Young Professional Finalists Revealed
Four young offshore industry professionals have been recognised for their career achievements after securing places on the shortlist for the 2018 Offshore Achievement Awards (OAAs), sponsored by TAQA. Chris Stewart, engineer at Expro, Laura Steedman, graduate mechanical engineer at BP, Lyndsey Thomas, offshore operations engineer at Nexen, and Jennifer Brown, offshore HSEA supervisor at Nexen, are the finalists in the Young Professional award category.
CNOOC: Stampede GoM Project Starts Output
Chinese offshore oil and gas company CNOOC Ltd said on Tuesday production at its Stampede deepwater oil and gas field in the U.S. Gulf of Mexico has started. Subsidiaries of CNOOC, Hess Corp, Chevron Corp and Statoil ASA each have a 25-percent stake in the project, while Hess is the operator.
Seadrill Postpones Restructuring Hearing
Drilling rig company Seadrill said in a court filing it postponed an initial hearing on its restructuring plan to Feb. 26, buying more time to consider alternative plans. Seadrill, one of the world's largest offshore drilling rig operators, filed for bankruptcy in September after a steep drop in crude prices caused drastic cutbacks in oil company investment. The company, controlled by Norwegian-born billionaire John Fredriksen…
Greenpeace Appeals after Losing Norwegian Arctic Lawsuit
Environmental groups launched an appeal on Monday after an Oslo court rejected their arguments that Norway's oil and gas exploration in the Arctic violates citizens' right to a clean environment. Greenpeace and Nature and Youth disputed the Oslo District Court's verdict last month, particularly that Norway could not be held responsible for greenhouse gas emissions from the use of its oil and gas exported abroad.
Statoil Contracts West Hercules Rig
The West Hercules semi-submersible rig has been contracted for drilling two exploration wells in the Barents Sea in 2018, and options to drill another five exploration wells. Statoil and the licence partners have signed a contract with North Atlantic Norway Ltd for use of the 6th generation West Hercules rig. The total estimated contract value is USD 15-20 million for the two permanent wells. Portrait - Geir TungesvikGeir Tungesvik, head of Drilling and Well in Statoil.
US Could Unwind Wind, Solar Restrictions on Federal Lands
The administration of U.S. President Donald Trump is considering changes to a plan that set aside areas for renewable energy development in the California desert, a move it says would promote more wind and solar projects on federal lands. The U.S. Bureau of Land Management, in a statement on Thursday, said it would consider amending the Desert Renewable Energy Conservation Plan as part of a broader federal effort to unwind regulations that impede energy development.
Mero Field to Produce 40,000 bpd by End of Feb
Brazil's Mero field in the offshore Libra area should begin producing 40,000 barrels of oil per day by the end of February as part of a long duration test, an official at state-controlled oil company Petroleo Brasileiro said on Friday. Fernando Borges, Petrobras' manager for Libra, said the area is already producing 20,000 bpd, adding that the company completed an initial shipment of 500,000 barrels of oil. Reporting by Marta Nogueira and Alexandra Alper
MagnaDense Aggregate Keeps Hywind Wind Turbines Floating Upright
LKAB Minerals supplied high density MagnaDense for Hywind Scotland, the first commercial floating wind park. The design concept is based on a floating spar-type platform which is anchored to the seabed. The floating spar’s turbine is much taller than the hull and has a moving rotor that harnesses the strong offshore winds in the North Sea. The waves, currents and winds are strong external forces and keeping the very heavy and tall floating wind turbines upright in open sea is a big challenge.
EnerMech Acquires Denholm Valvecare
EnerMech is expanding its valves division with the acquisition of the UK valves business of Denholm Valvecare (DV). The global integrated engineering services group has acquired the UK trade and assets of the valves division of family-owned Denholm Oilfield Services for an undisclosed sum. EnerMech expects its UK valves business to generate around £7m ($9.9 mln) revenue in 2018 following the deal, which will see all DV valves equipment…
The Role of Safety in the Offshore Environment
On rigs and offshore vessels, the safety of crew and passengers is a top priority in the energy industry. However, with the particularly hazardous environments of remote offshore worksites, accidents can happen, and it’s up to the operators to ensure their crew members are well-equipped to handle an emergency situation. One of the ways they can provide safe conditions on their assets is to invest in the newest…
Shell Makes Big Deepwater Oil Discovery in Gulf of Mexico
Oil major Royal Dutch Shell said its U.S. unit had made one of its biggest oil discoveries in the past decade in the Whale deepwater well in the U.S. Gulf of Mexico. The Whale is operated by Shell and co-owned by U.S. oil giant Chevron Corp. "Evaluation of the discovery was ongoing, and appraisal drilling is underway to further delineate the discovery and define development options," Shell Offshore Inc said in a statement without giving figures.
Lebanon Vows to Protect Maritime Borders from Israel
Lebanon vowed to protect its maritime borders from Israeli threats, Energy Minister Cesar Abi Khalil said on Wednesday. "Lebanon will use all available methods to fend off the Israeli aggression that was announced today," he said in televised comments. Israel described as "very provocative" a Lebanese offshore oil and gas exploration tender in disputed territory on the countries' maritime border, and urged international firms not to bid.
Aberdeen Firm Enhancing AR Capabilities for O&G
Aberdeen-based Return To Scene Limited, part of James Fisher and Sons plc, continues to push boundaries in visualization and data solutions for oil and gas has announced a working relationship with Dundee-based tech start-up Mozenix. Having completed a successful prototyping phase late last year, Return To Scene and Mozenix are now developing a mobile AR application, R2S AR, to support the digitization and automation of oil and gas.
Israel, Lebanon Argue over Offshore Block, Beirut Slams 'Threat'
Israel described as "very provocative" on Wednesday a Lebanese offshore oil and gas exploration tender in disputed territory on the countries' maritime border, and urged international firms not to bid. Lebanese President Michel Aoun, whose country considers Israel an enemy state, described the comments as "a threat to Lebanon". "When they issue a tender on a gas field, including Block 9, which by any standard is ours ...
Total Announces Major Deepwater Oil Discovery in US Gulf
French oil and energy group Total said on Wednesday that it had made a significant oil discovery at the Ballymore prospect in the deep offshore in the U.S. Gulf of Mexico, its largest discovery in the area. "This major discovery gives us access to large oil resources and follow on potential in the emerging Norphlet play," Arnaud Breuillac, Total's president for exploration and production, said in a statement.
Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto…
Alaska Requests Limits on US Offshore Drilling
Alaska Governor Bill Walker said on Tuesday he has asked U.S. Interior Secretary Ryan Zinke to pare back a Trump administration plan for oil and gas leasing off the state's coast. While Walker supports offshore oil development, he said the Interior Department should focus on the most prospective areas off Alaska – the Beaufort and Chukchi seas in the Arctic and Cook Inlet in southern Alaska – and drop all others from the leasing plan.
Exxon Plans Major US Investments Due to Tax Reform -CEO
Exxon Mobil Corp plans to invest billions of dollars in the United States due in part to recently approved corporate tax rate cuts, the company's chief executive said on Monday. Darren Woods, head of the world's largest publicly traded oil producer, said in a blog post on the company's website that Exxon expects to spend $50 billion in U.S. projects over the next five years. The company also is "actively evaluating" projects now in planning stages as a result of new tax and regulatory changes…
Statoil Quits Talks Over a Stake in Mozambique Offshore Block
Statoil decided to quit negotiations over a 25.5 percent stake in Mozambique's offshore A5-A block after more than two years of talks, a company spokesman said Monday. "Statoil has decided to disengage from negotiations on block A5-A in Mozambique... We are not part of this any more, it is up to the other partners to make any moves regarding the stake," spokesman told Reuters. Statoil, Eni, South Africa's…
Siemens Gamesa Gets DNV GL Type Certificate for Wind Turbine
DNV GL has awarded Siemens Gamesa Renewable Energy with the Type Certificate for its eight megawatt (8 MW) offshore wind turbine SWT-8.0-154. Fully compliant to the international wind turbine standard IEC-61400-22, the turbine is now ready for immediate market implementation. New technologies like large offshore wind turbines with an output rate of 8 MW are vital to support the growing wind energy industry in reducing the levelised cost of energy.
Keppel Posts First Quarterly Loss in 14 Years
Singaporean conglomerate Keppel Corp swung to its first quarterly net loss in 14 years, after accounting for a huge fine its rig-building unit agreed to pay to resolve investigations into charges it bribed Brazilian officials. Keppel, last month, said its offshore rig-building business had agreed to pay more than $422 million to resolve the bribery probe brought against it by authorities in the United States, Brazil and Singapore.
Subsea 7 Bags Contracts Offshore Norway
Subsea 7 S.A. said it was awarded a contract from Statoil for the Johan Castberg field development, located 240 km from Hammerfest in Norway. The contract comprises the design, coating, fabrication and installation of a 53 km rigid flowline including 34 km of pipe-in-pipe flowline. Project Management and engineering will commence immediately at Subsea 7’s offices in Stavanger, Norway. Fabrication will take place at Subsea 7’s spoolbase at Vigra…
DNV GL Alliance for Offshore Wind Energy Development in Vietnam
Singapore-based Enterprize Energy and partner Renewable Energy Global Solutions (REGS), together with PetroVietnam consortium comprising Petroleum Equipment Assembly & Metal Structure (PVC-MS) and VietSovPetro (VSP), MHI-Vestas Offshore Wind (MVOW), and DNV GL signed a series of exclusive Agreements forming an alliance for multi-phased, utility-scale wind developments, offshore Southern Vietnam, including feasibility, environmental, development, financing planning through implementation.
Lamprell Sees Full-year Revenue at Low End of Guidance
British oil rig builder Lamprell sees full-year revenue slipping to the bottom of its guidance range because of stagnant oil sector investment and losses at a windfarm project, it said on Wednesday, sending its shares sharply lower. The company said that total losses on its East Anglia One (EA1) offshore windfarm project would be about $80 million because of mounting costs for unplanned staffing and equipment requirements.
Eni Halts Drilling in Rosneft-led Offshore Project Over US Sanctions
Italian oil and gas group Eni has suspended drilling in the Black Sea in a Rosneft-led offshore project because of U.S. sanctions, the company's chairwoman said on Wednesday. "We asked authorisation to the U.S. and so we obtained the authorisation from the U.S. so we started to drill this well, but then now we have to stop because… sanctions are hitting this," Emma Marcegaglia said at the World Economic Forum in Davos. Reporting by Denis Pinchuk; Writing by Gabrielle Tétrault-Farber
Big Oil Flush With Cash Again, But No Party Yet
The world's top oil companies are expected to generate more cash in 2018 than at any other time this decade after three painful years of cuts, but it isn't party time yet. The shift in sentiment has been rapid as crude prices have risen by more than 50 percent over the past six months to reach $70 a barrel, a level not seen since the crash year of 2014, thanks to global supply cuts led by OPEC. Only a year ago…