Oil & gas news

A Rystad Energy analysis reveals that stocks in oilfield services companies have collectively lost half their value since the beginning of 2020.

Oil prices rose this morning, stabilising above US$30 Brent, as traders welcomed a hinted demand recovery and saw a slight decrease in US stock builds.

Under the company’s Fast4Ward programme the total number of hulls ordered to date stands at five, with three allocated to projects.

The new class notation IVBS-BRA developed by Bureau Veritas will help clients to demonstrate compliance with Brazilian regulations for operating FPSOs and FPUs in the country's deepwaters.

The survey took place in water depths of 750 to 3500 m and is Nigeria’s first regional multi-client multibeam and seafloor sampling (MB&SS) study.

Petrobras is revising all exploration and production projects as a result of its new oil pricing assumptions.

The company is targeting additional savings to those in April, and now expects to reduce overhead and project support costs by at least US$125 million in 2020 and by up to US$200 million in 2021.

The IEA has adjusted its global 2Q20 demand prediction upwards by 3.2 million bpd – still sharply down on last year by 19.9 million bpd.

The guidelines aim to help companies understand good practice in how to identify, rank, approve and carry out opportunities to optimise production.

Oil prices rose this morning as US onshore stock builds fell for the first time since January.