With the Covid-19 pandemic reducing global oil demand by devastating numbers, oil storages are filling quickly in the US, forcing producers to start shutting output in the country and creating a big tanker congestion on its coasts.

Total Company revenue was $3,130.3 million. Net loss was $3,256.1 million, or $7.28 per diluted share. These results included after-tax charges and credits totaling $3,207 million of expense, or $7.17 per diluted share. Adjusted net loss was $49.1 million, or $0.11 per diluted share.

China, one of the largest consumers of transportation fuel globally, had a lot at stake when it became the ground zero for coronavirus (COVID-19) and subsequently announced countrywide lockdown to arrest the spread. This resulted in sharp decline in the domestic fuel demand, forcing some of the state-owned refiners to make deep production cuts.

Opinion by Merrill Matthews

Fugro has secured a long-term contract for two remotely operated vehicles (ROVs) and a full survey positioning package on Global Marine Group’s (GMG’s) newly chartered vessel, the Normand Clipper.

The stringent measures adopted to contain COVID-19 pandemic in India has led to a sharp decline in natural gas demand due to fall in industrial and domestic consumption.

Subsea clean energy specialists EC-OG have received £1.6m from an investment consortium led by Par Equity.

The U.S.-China Phase 1 Trade Agreement should be reinterpreted for the long term so both countries can benefit from a multibillion-dollar energy component of the deal — a reinterpretation that can lead to job creation in the U.S. energy sector — say experts at Rice University’s Baker Institute for Public Policy, Ken Medlock and Steven Miles, fellows at the Center for Energy Studies at the Baker Institute.

The last five years have been one of the longest and most challenging downturns the offshore industry has ever experienced. Since the oil price drop of 2014/2015, the Offshore vessel market has been plagued by bankruptcies, consolidations, takeovers and mergers, forced fleet sales and most importantly a significant decrease in asset values.

This week, Greater New Orleans, Inc. is recognizing the 10-year anniversary of the Deepwater Horizon oil spill.  The final settlement resulted in Louisiana receiving over $7.29 billion in funding for coastal restoration.
 


With coronavirus (Covid-19) being declared a global pandemic by the World Health Organization (WHO) and the oil price war resulting from the OPEC+ disagreement, the oil and gas industry in Asia is facing an unprecedented uncertainty.

Diamond Offshore Drilling, Inc. (NYSE: DO) ("Diamond" or "the Company") has announced that the Company and select subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the "Chapter 11 Cases").

Following the historic fall of the West Texas Intermediate (WTI) futures price for May delivery into negative territory, going as low as negative US$37.6 per barrel;

A digital twinning and smart data asset management tool from Bureau Veritas, a world leader in testing, inspection and certification services, can save between 9% and 15% on total decommissioning project costs, research has revealed.