While the oil and gas industry shows signs of stabilization, the imbalance in value and margins between exploration and production (E&P) companies and the oilfield service segment is significant, according to a report by Deloitte.A major worry related to the current downturn revolves around the skewed and unhealthy migration of values and margins to E&P companies, who are recovering and even growing…
Exxon Mobil Corp will wind down oil production in Equatorial Guinea and leave the West African country after its license expires in 2026, two sources close to the matter told Reuters. The departure reflects a wider move by major oil producers…
To thrive in the long term, the offshore industry must turn its attention to extracting—and making the most of—another key resource: data. This will help companies stay afloat in an increasingly challenging economic context and enable them to play their part in the energy transition…
Energy industry software solutions provider AGR Software has agreed to acquire the Deloitte Digital portfolio application ‘RIG’ for digital rig scheduling.'The acquisition will expand AGR Software’s portfolio of applications which enable game…
OGUK, an industry body representing interests of the UK offshore oil and gas industry said Monday that the country's energy transition could be under threat unless the government can provide vital support for the sector grappling with the after-effects of the pandemic…
Occidental Petroleum Corp will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday.The U.S. oil producer is trying to shed nearly…
Upstream companies cut 208 deals worth $156 billion in 2019, with value up $26 billion year-on-year. However, the number of transactions was 40 percent below the five-year trend, pointed out latest report by Deloitte.That, combined with the…
Power companies including Ørsted, Vattenfall, Innogy, SSE and Scottish Power and financial investors such as infrastructure and pension funds are active in UK offshore wind power, said Deloitte.Japan, China and other countries in Asia are also showing increasing interest in the market…
Action is needed now to retain, retrain, recruit and renew the workforce in a rapidly changing UK oil and gas sector.These are the findings presented by energy skills body OPITO, who has set out a strategy to prepare the UK oil and gas industry…
In times of oil price volatility, operators can take certain actions to reorient their businesses, generate sustainable value and reignite investor interest.According to the “New horizons: Strategic choices for upstream oil and gas companies…
Equatorial Guinea, one of Africa's top natural gas producers, is struggling with the reality of dwindling oil and gas resources and the hurdle of attracting financing for the monetization of the current output from its offshore fields.The country…
Nigeria's Ministry of Petroleum Resources has recently reiterated its intention to push for an increase of the share to the national crude oil production from indigenous oil and gas companies to 30% in the short-term, but it is not definite…
The high cost of producing offshore reserves is increasingly driving operators to seek out efficiencies, such as doing more with the data they collect.“A lot of people reconsidered how to handle offshore when the downturn came,” Nate Clark, principal at Deloitte Consulting…
Norwegian offshore shipping company GC Rieber Shipping announced acting chief executive officer Einar Ytredal has appointed to the CEO role on a permanent basis. At the same time, Øystein Kvåle was named new chief financial officer (CFO) and…
A new report by Deloitte sheds light on a new vulnerability within oil and gas – cyber-attacks. Elaine Maslin reports. Image from iStock. The oil and gas industry is often accused of being behind the times…
