Hibiscus Petroleum Bhd, an independent oil and gas exploration and production (E&P) has acquired oil and gas rights offshore of the United Kingdom’s sector in the North Sea, worth USD5 million. Hibiscus mentioned that its indirect wholly-owned subsidiary, Anasuria HIbiscus UK Ltd, has entered a conditional non-binding term sheet during a filing with Bursa Malaysia today. This was to acquire License P2366 from United Oil & Gas PLC and Swift...Continue Reading

For repairs on one of the 3 processing units, Ineos, the operator of the main UK North Sea crude oil transport route is progressively reducing to 150,000 bpd flow on the Forties Pipeline System, said on Monday. A key transit route for North Sea oil, the Forties pipeline and the Forties crude blend is the key component of the Brent-Forties-Oseberg-Ekofisk-Troll (BFOE) complex, setting the basis for future contracts with brent....Continue Reading

For the first time in a week, oil fell due to the slowing global economy that took more prominence over geopolitical tensions. With this happening, investors are waiting for clues on the Federal Reserve’s rate-cut path. Despite Futures in New York losing 0.3%, it declined as much as 0.6% on Monday. The Fed Chairman, Jerome Powell is scheduled to testify to Congress on Wednesday & Thursday. The chances of resolving...Continue Reading

Tata Steel secured a contract in providing High Frequency Induction (HFI) line pipe for an oil and gas project north-east of Shetland in the UK North Sea. More than 10km of HFI pipeline from its 20-in mill will be manufactured from the company. The contract duration lasts for 28 weeks where the work scope involves 5 different types of wall thickness and 5 different diameters. For over 24 years, Tata...Continue Reading

Shares have increased up to 6% for Wood after the engineering giant highlighted that it was well on its path to achieve strong earnings growth with the recovery of oil and gas markets. Since late 2016, there has been further evidence of crude price rise as told in an update from Aberdeen-based Wood. This has encouraged oil and gas firms to invest again in developing facilities after facing a few...Continue Reading