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OE Daily: 2015 / July

Friday, 31 July 2015 15:10

Afren goes into administration

London-based, Africa-focused Afren is entering into administration after failed refinancing and restructuring efforts. Image from Afren. The board appointed Simon Appell, Daniel Imison and Catherine…
Friday, 31 July 2015 14:18

BG breaks records in 2Q

BG Group’s revenue and operating income may have decreased in 2Q 2015, but the soon-to-be acquired company has also hit several milestones, including reaching record…
Friday, 31 July 2015 10:30

Chevron in 2Q drastic drop

Chevron’s results for 2Q 2015 show the company in a drastic drop of nearly 90% compared to last year, from substantial impairments that have lead…
Friday, 31 July 2015 09:59

Inpex to drill off Japan in 2016

Japan’s Agency of Natural Resources and Energy has chosen Tokyo-based operator Inpex to drill an exploratory well in the country’s offshore waters in the Sea…
Eni subsidiary Saipem is implementing a turnaround and US$1.4 million (€1.3 million) cost-cutting program from 2015-2017 that will downsize the company’s Brazilian and Canadian operations,…
Thursday, 30 July 2015 08:13

Exxon, Rosneft in Mozambique JV

Russia’s Rosneft and US-based ExxonMobil filed joint bids to participate in Mozambique’s fifth licensing round scheduled to close today (30 July). Map of the Angoche,…
Thursday, 30 July 2015 04:04

Shell: Downturn to last several years

Oil major Shell today said the oil price downturn could last for several years, as it revealed 6500 expected staff and contractor reductions in 2015,…
Wednesday, 29 July 2015 09:21

Chevron to cut 1500 jobs globally

US-based Chevron is cutting 1500 employees in its attempt to slash costs by US$1 billion, with Houston employees getting the majority of the job cuts.…
Wednesday, 29 July 2015 03:11

Subsea 7: Cuts will save $550 million

Subsea 7 expects to save US$550 million through its plans to cut 2500 jobs and 12 vessels from its fleet, the firm said today as…
Wednesday, 29 July 2015 02:55

Total beats earnings, sells UK stake

French oil major Total has followed in Statoil's footsteps this morning, announcing 2Q profits which beat predictions as it increased production and refining.  The firm…
Tuesday, 28 July 2015 16:45

Anadarko hits off Colombia

Houston-based independent Anadarko Petroleum has made an important gas discovery at the Kronos well, offshore northwest Colombia, in the southern Caribbean. The Bolette Dolphin (pictured,…
Tuesday, 28 July 2015 13:39

PEMEX plummets in 2Q

Mexico’s national oil company Petróleos Mexicanos (PEMEX) suffered a 62% loss in its net income in 2Q 2015 of nearly US$52 billion ($84.6 billion MXN),…
Tuesday, 28 July 2015 08:46

BP sees red over Deepwater Horizon

The 2010 Deepwater Horizon spill came back to haunt BP once again in 2Q 2015, as the company reported a massive loss of US$6.3 billion,…
Tuesday, 28 July 2015 04:38

Statoil beats estimates but cuts capex

Norway’s Statoil beat profits forecasts thanks to an increase in production and better refining margins but it further reduced its planned capex as oil prices…
Monday, 27 July 2015 15:47

Deepwater Wind lays first foundation

The first foundation was laid for the US’s first offshore wind farm, 3nm off the coast of Rhode Island, the company behind it, Deepwater Wind,…
Houston-based Excelerate Energy received authorization from the Federal Energy Regulatory Commission (FERC) for the Aguirre Offshore GasPort project offshore Puerto Rico. Image from Excelerate.  After…
Monday, 27 July 2015 03:45

Aje edges toward first oil

Drilling has started on the Aje 5 production well in Aje field offshore Nigeria, paving the way for first oil on the floating production, storage…
Friday, 24 July 2015 13:06

Formal charges filed on Odebrecht CEO

Brazilian prosecutors presented formal charges against Marcelo Odebrecht, CEO of Brazil's largest construction firm Odebrecht SA; Otavio Marques Azevedo, CEO of Andrade Gutierrez; and 20…
Friday, 24 July 2015 10:13

Eni signs update to Egyptian agreement

Representatives of Italian explorer Eni and the Egyptian government gathered in Rome to sign updated Head of Agreement terms, following a new offshore discovery made…
The imminent return of Iran to global oil could reshape global oil markets, but foreign investments will only return to the country in the 2020s,…
Thursday, 23 July 2015 11:39

Oceaneering drops BOP business

Houston-based Oceaneering International’s 2Q 2015 results has its revenue down nearly 13% year-over-year, and left the company with the decision to end its blowout preventer…
Thursday, 23 July 2015 10:02

BSEE limits Shell's Arctic drilling

Shell’s arrival in the Chukchi Sea came with limitations from the Bureau of Safety and Environmental Enforcement (BSEE) that allows the supermajor to begin drilling,…
Thursday, 23 July 2015 02:40

New North Sea find near Ekofisk

Norway's Statoil has made a 15-75 MMboe gas and condensate discovery near the 70-200 MMboe King Lear discovery located just 17km from the Ekofisk facilities.…
Wednesday, 22 July 2015 09:17

Petrobras scandal heats up

The Petroleo Brasileiro SA (Petrobras) Lava Jato scandal is in the forefront once again as the Brazil state-run company confirmed the findings of contract irregularities;…
Wednesday, 22 July 2015 03:35

Keppel inks third GoFLNG conversion

Keppel Shipyard has signed its third contract with Golar LNG worth approximately US$684 million for a floating LNG conversion. Keppel Shipyard will convert Golar’s Moss…
Tuesday, 21 July 2015 15:44

FMC remains positive as results fall

FMC Technologies is down 15% from 2014, however, its subsea orders were stronger, and the company expects them to steadily increase to exceed US$3 billion…
Tuesday, 21 July 2015 09:31

Baker Hughes in 2Q dive

Baker Hughes’ revenue of US$4 billion in 2Q 2015 marked a 33% drop year-over-year, and the company says it sees no relief in 2H 2015…
Tuesday, 21 July 2015 09:13

Low oil prices to continue

West Texas Intermediate crude (WTI) fell below US$50/bbl, to $49.93/bbl, on 20 July for the first time since April, despite reports that Saudi Arabian exports…
Tuesday, 21 July 2015 07:11

Dalia 1A boosts Total's Angola output

French oil major Total has started production from its Dalia Phase 1A project, boosting the firm’s deep water Block 17 offshore Angola production by some…
Monday, 20 July 2015 09:42

Halliburton seeing red

Halliburton’s 2Q 2015 results have the company in the red, with a 16% drop in its total revenue, compared to 1Q 2015, that the company…
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