The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year, with global investment in oil and gas is expected to fall by almost one-third in 2020, according to the International Energy Agency (IEA)
Industry
Petrofac extends Iraq oil contract
Petrofac’s Engineering & Production Services division (EPS) has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP)
Axiory Global launches two new products to combat negative oil prices
Leading Global Forex Brokerage firm Axiory Global has launched two brand new products that have been especially designed to combat negative oil prices: the US Oil Index and the UK Oil Index
Operators to increase expenditure on oil and gas decommissioning work
Energy companies have been cutting exploration and production budgets since the COVID-19 pandemic struck and sent oil prices down, but operators are now likely to increase expenditure on decommissioning work with few profitable investment alternatives
Oceaneering wins asset integrity scope contract in Middle East
Engineering services company Oceaneering International has been awarded a significant asset integrity contract from a major operator based in Dubai, UAE
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