Upstream news

Oil prices could fall into the low US$20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months.

The two LNG-fuelled PSVs Island Crusader and Island Contender, as well as a third sister vessel Island Commander, have ben contracted by Lundin Norway.

The contract will see BJ Services' TITAN fracturing fleet deployed in the Haynesville shale.

The company has said it completing a series of "transformational" acquisitions in the Republic of the Congo, West Africa, Tunisia and Italy.

Derek Leith has said that Chancellor Rishi Sunak's decision to make no legislative change for the UK oil and gas industry is "a welcome move."

Fugro and the US National Oceanic and Atmospheric Administration Office of Ocean Exploration and Research are focusing on mapping deepwater areas of the US Exclusive Economic Zone (EEZ).

Ocean Power Technologies, Modus Seabed Intervention and Saab Seaeye are developing an autonomous resident AUV system.

Julie Thomson has ben appointed as the Group's Chief Financial Officer.

The move, beginning from April, is in response to the oil price war between Saudi Arabia and Russia.

The price war will heavily impact service company revenues, even driving some out of the market, according to Rystad Energy.