Energy Voice | Faroe’s future hangs in balance as DNO offer deadline passes

Faroe Petroleum’s future was hanging in the balance tonight after the deadline passed for a “hostile” takeover offer for the Aberdeen-headquartered oil firm. Norwegian company DNO set a closing date of 1pm on January 2 for Faroe shareholders to accept the its deal, which has led to an increasingly bitter row between both companies. The […]

Energy Voice | Oil rallies as Saudi exports cut, US equities make up ground

Oil prices rallied on the first trading day of 2019 as U.S. equities recovered from early losses and amid signs that Middle Eastern producers were fulfilling a pledge to cut exports. Futures picked up where they had left off in a volatile 2018, with global benchmark Brent crude climbing 5 percent to top $56 a […]

Energy Voice | Innovation key to rise in profits at Global Energy

New ways of maintaining ageing oil and gas assets have helped Global Energy Group achieve a rise in profits, chairman Roy MacGregor has said. He also hailed Global’s Nigg Energy Park facility as establishing itself as “Scotland’s offshore renewables hub”. Accounts loaded at Companies House for the Inverness and Aberdeen-based firm show pre-tax profits rose […]

Energy Voice | China switches on world’s biggest ultra-high voltage line

State Grid Corp. of China has started up the world’s longest and most-powerful ultra-high voltage power line from its far northwest to the heavily populated east. The 1,100-kilovolt direct-current Changji-to-Guquan project stretches 3,293 kilometers (2,046 miles), the nation’s biggest electricity distributor said in a statement Wednesday. That’s roughly the distance between Los Angeles and Cleveland. […]

Energy Voice | Jeff Miller takes up chairman role at Halliburton

The board at US oilfield services firm Halliburton has appointed president and chief executive Jeff Miller as its chairman. It comes after Dave Lesar retired on December 31, 2018. Mr Miller said: “I appreciate the confidence that the board has placed in me. “Halliburton has a 100-year legacy of delivering industry leading returns and superior customer service, […]

Energy Voice | Total celebrates first oil from Egina field

Total has started up production from the Egina field off the coast of Nigeria. At plateau Egina will produce 200,000 barrels of oil per day, which represents about 10% of Nigeria’s production. The Floating Production Storage and Offloading (FPSO) unit for the field is the largest one Total has ever built. Startup has been achieved […]

Energy Voice | RockRose boss says lower oil prices could help seal acquisitions

RockRose Energy’s boss said today that the recent slump in oil prices could strengthen the firm’s hand on the acquisition trail.  Executive chairman Andrew Austin said 2018 had been a busy year for the company and offered a bullish assessment of its prospects. Last year, the London-listed company integrated the acquisitions of Idemitsu, Egerton and Sojitz. It […]

Energy Voice | No end to oil price volatility as supply, economic fears persist

Oil’s beginning 2019 with the same price volatility that marked the end of last year, as uncertainty over crude output and the health of the global economy keep investors wary. Futures in New York slumped as much as 2.1 percent after rising 1.3 percent earlier in day, following a 1.8 percent gain over the final […]

Editor’s Picks for 2018 | Subsea World News

The editors of Subsea World News have selected a few among many worth remembering articles from the previous year that received exceptionally high attention from our readers. In no particular order, here are some of the news to look back on, in case you missed them last year. Enjoy! The finalists have been announced for […]

Energy Voice | Independent valuation shows DNO offer ‘inadequate’, Faroe says

Faroe Petroleum said today that a fresh evaluation of its portfolio highlighted the “inadequacy” of DNO’s takeover bid for the firm. Aberdeen-headquartered Faroe said an independent expert’s assessment showed it was worth between £1.86 and £2.25 per share. In November, Oslo-based DNO tabled an offer of £1.52 per share for the remaining equity in Faroe, having raised […]