Crude Oil:

BP’s announcement that it is going to write down the value of its exploration assets by $8-10 billion (56-70%) shows the accounting impact of its energy transition strategy.

Investments in solar and wind energy projects by the world’s oil majors until 2025 are expected to exceed $18 billion, a Rystad Energy analysis finds.

Rystad Energy has kickstarted its global emissions coverage, gathering key data and ranking the world’s oil and gas producers by how much CO₂ is emitted in connection with their upstream activities.

ADIPEC Webinar told oil and gas operators need to work more closely with suppliers to mitigate financial impact of oil price collapse, stabilize supply chains and build long-term resilience

Mitcham Industries, Inc. (NASDAQ: MIND) ("Mitcham" or "the Company") has announced financial results for its fiscal 2021 first quarter ending April 30, 2020.

America’s marine economy, including goods and services, contributed about $373 billion to the nation’s gross domestic product in 2018 and grew faster than the nation’s economy as a whole, according to the marine economy statistics released on June 2, by two Department of Commerce agencies.

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) issued further details of the cost reduction program, following initial guidance provided on April 30.

Global demand for oilfield services (OFS), measured in the total value of exploration and production (E&P) company purchases, is set for a massive 25% yearly drop in 2020 as a result of the Covid-19-caused downturn, a Rystad Energy analysis shows.

Cables specialist Nexans Norway AS has won a comprehensive design, engineering, production and installation contract to supply high-voltage transmission cables both offshore and on land for the Seagreen offshore wind farm under development off Scotland.

The intrinsic uncertainty surrounding the duration of beleaguered global oil and gas demand and low oil prices has led to varied responses from E&P companies to cope with the current economic climate. Analysis of the impact on the top Australian E&P companies reveals that domestically focused operators are positioned at the lowest risk to the short-term impacts of COVID-19 and weakened oil prices due to shelter from external market dynamics and robust reserve lives, says GlobalData, a leading data and analytics company.  

Through a private placement, Kongsberg Digital has acquired additional shares in NorSea Digital, now KONCIV, together with the private investor Jacob Møller. NorSea remains its largest owner. The company provides digital logistics services through its cloud solution. 

The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil by around 282 billion barrels.

The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022.

Energy companies have been slashing exploration and production budgets since the Covid-19 pandemic took hold and sent oil prices tumbling, but, with few profitable investment alternatives, operators are now likely to increase spending in decommissioning work. Rystad Energy estimates the total value of the global pool of decommissioning projects that will accumulate through 2024 could reach $42 billion.

Fugro has received USD 17.3 million from the sale by Global Marine Group of a 30% stake in Huawei Marine Networks (HMN) to Hengtong Optic-Electric Co Ltd. This transaction was announced in a press release on October 30, 2019.