Petrofac’s Engineering and Production Services (EPS) business has announced the award of a two-year contract with UK’s NEO Energy.

Under the terms of the agreement, Petrofac will provide Well Management and Well Operator support for 25 production wells across the Affleck, Balloch, Dumbarton, Flyndre and Lochranza fields. The contract also positions Petrofac to support future well construction and intervention campaigns.

Today’s announcement builds on Petrofac’s previously"...

Australia's Woodside Petroleum is considering whether to block Lukoil from becoming a partner in the $4.2 billion Sangomar oil project off Senegal, after the Russian firm agreed to buy Cairn Energy's Senegal assets.

Woodside, 35 per cent owner and operator of the Sangomar project, has a right to match Lukoil's $400 million offer for Cairn's 40 per cent"...

MHI Compressor International Corporation (MCO-I), a leader in the design and manufacture of compressors, steam turbines and associated auxiliary systems, has launched a new performance test stand for API617 centrifugal compressor testing in Houston.

The new test stand means the Gulf Coast region now has a global manufacturer with a significant regional presence. MCO-I"...

Oil prices edged higher on Thursday, although gains were capped by a surprise build in US crude oil inventories, while a persistent surge in new coronavirus cases continued to dampen a recovery in fuel demand.

US crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp rise in coronavirus cases starts to hit US consumption.

Brent"...

Rrubis Terminal, a joint venture between global international infrastructure fund manager I Squared Capital, and Rubis, a French listed company specialising in the storage of petroleum products, has acquired TEPSA, a European leader in the storage of bulk liquids.

The transaction value was not disclosed, but Rubis Terminal has an enterprise value of approximately €1"...

The approval of new projects in the oil and gas sector is set to plunge by more than 75 per cent in 2020 to $47 billion (Dh172.6bn) as energy companies reduce spending on exploration and production due to the coronavirus pandemic, according to a new report from Norway based Rystad Energy.

“At the beginning of this year, the project commitments forecast for 2020 were expected to be comparable to 2019, but the industry downturn thanks to Covid-19"...

More than $5 billion has been invested in the home energy management (HEM) sector since the beginning of the new century, with venture investments worth $3.2 billion during the past five years alone, according to a report by Lux Research.

These investments show a strong innovation interest, as attention is coming from incumbents in the space such as electric utility"...

Weir Solutions continues to develop its relationships and demonstrate its commitment to national oil companies across the Asia Pacific with a new agency agreement in Brunei Darussalam.

The agreement is the culmination of several months of collaboration with PTAS, based in Kuala Belait, Brunei Darussalam, to develop a strategy to leverage the strengths of the two companies"...

Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.

Brent crude fell 29 cents, or 0.7%, to $42.95 a barrel by 0510 GMT while US West Texas Intermediate crude was at $40.25 a barrel, down 30 cents, or 0.7%.

Oil was little changed last week as"...

Indian shares closed higher for a fifth straight session on Tuesday, as gains in IT and beaten down financial companies helped Mumbai's main indexes outperform other stock markets after a week-long rally.

The NSE Nifty 50 index ended up 0.33 per cent at 10,799.65, while the benchmark S&P BSE Sensex rose 0.51 per cent to 36,674.52, both closing at four-month peaks.

Including"...