Offshore drilling contractor Seadrill is considering to sell their non-core assets which include its 15.7% stake in oil service firm Archer. This is to reduce their liabilities, according to the firm’s chief financial officer. Controlled by Norwegian billionaire John Fredriksen, Seadrill emerged from the U.S. Chapter 11 bankruptcy proceedings last year. In order to repay...

According to Rystad Energy, crude and lease condesate production in the North Sea is set for lower levels in the coming months for summer. This further tightens the global oil market which is already grappling with several production declines in Iran and Venezuela, OPEC’s cuts and a contamination issue that shut down Russian pipeline supplies...