With uncertainty and mounting challenges on the horizon for the oil industry, many rig owners are already - or will soon - be facing the question of whether or not it is time to stack their offshore drilling rigs...

CNOOC Limited announced that Qinhuangdao 33-1S oilfield phase I project has commenced production. A total of 13 producing wells are planned, including nine production wells and four water injection wells...

Equinor and Aker BP have entered into an agreement on commercial terms for a coordinated development of the licenses Krafla, Fulla and North of Alvheim on the Norwegian Continental Shelf...

Baker Hughes has announced that the Baker Hughes international rig count for May 2020 was 805 down 110 from the 915 counted in April 2020, and down 321 from the 1,126 counted in May 2019. The international offshore rig count for May 2020 was 195, down 33 from the 228 counted in April 2020...

According to Wood Mackenzie, the oil price crash has come at a time when the US Gulf of Mexico is leaner and nimbler and is better prepared to weather the storm compared to the last downturn...

The Offshore Operators Committee Oil & Gas Blockchain Consortium announced the successful completion of its first pilot leveraging blockchain technology...

The Department of Petroleum Resources, on behalf of the Federal Government of Nigeria, has announced the commencement of its 2020 Marginal Field Bid Round exercise.

While offshore drilling contractors entered 2020 hoping this would be the turnaround year, it’s becoming clear they will continue to be plagued by dayrate and utilization challenges in the short term...

The global oilfield service market is expected to decline by 15% in 2020 compared with 2019, Martin Opdal, Consulting Principal, said during a virtual meeting held by the IADC Southeast Asia Chapter on 14 May...

US producers are curtailing about 1.75 million bbl/day of existing production by early June due to operating cash losses, lack of demand and storage capacity, and an unwillingness to sell resources at the low prices available since the onset of the COVID crisis...