China’s Nexen Plans Gulf of Mexico Oil Exit Amid Trade War -Sources

By Jessica Resnick-Ault and Ron Bousso NEW YORK/LONDON, Sept 26 (Reuters) - Nexen Petroleum, a unit of China's CNOOC Ltd, plans to exit the United States, divesting its stake in giant oil and gas developments in the Gulf of Mexico as trade tensions between two countries mount, three people familiar with the plan told Reuters on Wednesday. Nexen has not determined whether it … [Read more...]

Deepwater Oil Rigs on Brink of Recovery After Years in Doldrums

By David Wethe (Bloomberg) -- Deep-sea oil drillers are once again riding the wave of investor enthusiasm that next year will be better for profits. But this time there seems to be a bigger chance it will actually happen, according to analysts at Credit Suisse Group AG and Morgan Stanley. Some of the world’s biggest owners of rigs that drill oil wells in more … [Read more...]

Maersk to Spin Off Drilling Unit, Hand Total Shares to Investors

By Jacob Gronholt-Pedersen and Stine Jacobsen COPENHAGEN, Aug 17 (Reuters) - A.P. Moller-Maersk said on Friday it would spin off its offshore drilling operation and list it in Copenhagen next year, the latest move by the Danish shipping company to focus entirely on transport and logistics. Maersk, which cut its full-year profit outlook this month, sold Maersk Oil to … [Read more...]

Mega Oil and Gas Projects Are Back

By Dan Murtaugh (Bloomberg) -- Investors are about to find out whether the world’s largest oil companies have learned their lesson from $80 billion of cost blowouts in major projects during the era of $100 crude. From liquefied natural gas in Mozambique to deep-oil in Guyana, the world’s biggest energy companies are gearing up to sanction the first slate of … [Read more...]

Sembcorp Marine Swings to Q2 Loss, Says Outlook Gloomy

  SINGAPORE, July 20 (Reuters) - Singaporean rig builder Sembcorp Marine Ltd swung into the red in the second quarter, and cautioned a trend of negative operating profit would continue in the near term as overall business volume remains low. It turned in a loss of S$55.6 million ($40.68 million) for the three months ended June, compared with a profit of S$5.1 million … [Read more...]