Analytics

China

China said it will open up oil and gas exploration to private and foreign firms, offering further details of a policy that will help assuage concerns over access to the industry ahead of next week’s signing of an interim trade deal with the U.S. Companies with net assets of at least 300 million yuan ($43 …

Alexandr Novak

OPEC+ output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March. “Oil-production cuts can’t be eternal; we will gradually need to make a decision on exiting” the accord, Energy Minister Alexander Novak said in an interview with state television channel …

environment

Morten Baltzersen, the head of the Financial Supervisory Authority in Norway, says the rush to plow funds into investments that fulfill environmental, social and governance (ESG) standards has opened the door to a new risk. Baltzersen says the worry is that issuers are overstating their green credentials (known as greenwashing) to meet huge investor demand. …

Oilfield services provider Petrofac

Oilfield services provider Petrofac has secured two new framework agreements for the provision of engineering, procurement, construction, and commissioning (EPCC) services in the North Sea.   The first one, a three-year framework agreement awarded by EnQuest as part of a multi-contractor framework, covers EPCC services across the operator’s North Sea and onshore asset base. The …

KCA Deutag

KCA Deutag has been awarded a five-year contract extension by CNR International Ltd for three platforms operating in the UK North Sea. The multi-million pound contract is for the provision of drilling operations and maintenance services on CNRI’s Ninian South, Ninian Central and Tiffany platforms. Commenting on the announcement, KCA Deutag’s Rune Lorentzen, president of …

opec meeting

OPEC and its allies sent more signals that they’ll stick with existing output cuts at their meeting next week. A key advisory committee in Vienna heard that the oil market will be balanced in 2020 if the Organization of Petroleum Exporting Countries maintains current production levels, and it didn’t discuss deeper cuts, according to delegates. …