With delays and COVID-19 restrictions hampering oil and gas project timelines in 2020, 2021 is forecast to see a bump in both field starts and final investment decisions across the Europe, Middle East and Africa (EMEA) region, according to GlobalData.

Baker Hughes and Akastor have announced an agreement to create a joint venture company that will bring together Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s wholly owned subsidiary, MHWirth. The new company will deliver a global full-service offshore drilling

Neptune Energy and its partners announced drilling has commenced on the Dugong appraisal well, located in the Norwegian sector of the North Sea. The well is being drilled by the Deepsea Yantai, a new semisubmersible rig owned by CIMC and operated by Odfjell Drilling.

Chevron has announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets. This investment round includes existing Baseload Capital investors

International oil companies (IOCs) are primed for a V-shaped recovery in free cash flow and may generate record figures this year if oil prices average $55/bbl, according to a Wood Mackenzie analysis. Spot Brent is currently at $67/bbl

Neptune Energy has agreed to acquire interests in several oil and gas fields in the Emsland and the Grafschaft Bentheim region of Germany from Wintershall Dea. The agreement will increase Neptune’s existing interests in the Adorf, Apeldorn and Ringe gas fields and in the Adorf-Scheerhorn, Georgsdorf and Ringe oil fields

Keppel Corp announced today that, amidst the global energy transition and major disruptions facing the oil industry, the company will carry out a comprehensive transformation of its wholly owned subsidiary, Keppel Offshore & Marine (Keppel O&M). The goal is to create a more competitive Keppel O&M that is well-placed to support the energy transition.

Under the farm down agreement, Zarubezhneft will carry Premier for its share of a two-well campaign to appraise the Tuna discoveries offshore Indonesia, scheduled to commence in the second quarter of this year. In addition, the companies secured Indonesian government approval for a one-year extension to the exploration period of the Tuna PSC to March 2022.

New research published by DNV GL indicates a boost in investment for technologies that help the industry adapt to a lower-carbon future. According to the report, 57% of senior oil and gas professionals say their companies are planning to increase investment in renewables, up from 44% in 2020.

While large offshore discoveries at Brulpadda and Luiperd offer South Africa the chance to develop significant gas resources, there is no clear route to commercialization for operators in the area, according to GlobalData. Development of the country's gas resources face competition from established imports flowing from Mozambique, among other things.