The Gulf Coast Ecosystem Restoration Council this week released a draft with a priority list of restoration projects to be funded by the cash obtained from a settlement with Transocean, over the Deepwater Horizon oil spill in 2010. Using the…

Deepsea Metro II, an ultra-deepwater drillship delivered in late 2011, has been put up for sale. Chloe Marine Corporation Ltd. said on Friday it formally resolved to initiate a process to sell the ultra deepwater drillship “Deepsea Metro II”. Pareto…

Danish drilling contractor Maersk Drilling reported its 2Q 2015 profit of $218 million, up from $117 million in the second quarter of 2014. The driller which owns a fleet of 22 offshore drilling rigs said the result was positively impacted…

For generations, Venezuela has formally laid claim to most of its tiny neighbor, Guyana. Many dismissed the case, given Venezuela’s oil wealth and Guyana’s penury. Hugo Chavez, longstanding president of Venezuela, even let it slide, referring to the Guyanese as…

Wells Fargo sees market balance in 2016 A recent note from Wells Fargo Equity Research highlights the continued unresponsiveness of production in the face of low oil prices, but the analysts say they expect the market to rebalance in 2016.…

SINGAPORE (Reuters) – Oil prices stabilised on Thursday, supported by lower U.S. stockpiles and a firm demand outlook, but worries over China’s economy continued to weigh as written by By Henning Gloystein. A 1.7-million barrel drop in U.S. stockpiles last…

The International Energy Agency (IEA) said Wednesday in its Oil Market Report for August that global oil demand in 2015 is expected to grow by 1.6 mb/d, up 0.2 mb/d from IEA’s previous Report and the fastest pace in five…

Tullow Oil, an independent oil exploration and production company, has resumed gas exports from the Jubilee field, offshore Ghana, ahead of the mid-August forecast. Namely, gas export from the Jubilee Field to the Ghana Gas plant at Atuabo was suspended…

Lukoil has reached a landmark by passing a 5 million tonnes (38.6 million barrels) mark in oil production at the Yuri Korchagin field in the Caspian Sea. The Yuri Korchagin field is an offshore oil field in the Russian sector…

Wood Group has been awarded a three-year offshore engineering blanket order by PEMEX Procurement International for field development in Mexico’s Gulf of Mexico waters. According to Wood Group’s press release, the agreement, valued at up to $28 million, encompasses deepwater…