Angola's state oil company Sonangol plans to divest 52 joint ventures, reduce staff and focus on its core business, part of an ongoing reorganization and package of reforms designed to lure back investors, its chairman said on Friday.'We are going to sell…
Global Energy Group, the provider of contract services to the oil and gas industry, has bought a majority stake in Aberdeen-based Apollo Offshore Engineering, forming a new contractor firm.The new company will be named Global Engineering and Construction (E&C)…
Brazilian independent oil firm PetroRio SA, which already owns 70 percent of the Frade oil field, has approached Petrobras about buying its 30 percent stake in the field, a person familiar with the matter said.PetroRio recently signed a deal…
China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.The company plans to spend 70 billion to 80 billion yuan ($10…
General Electric Co's unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil's Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields…
Norway's Statoil is set to triple its production in Brazil after agreeing to acquire a 25% stake in the Roncador oil field in Brazil's Campos Basin from Petrobras. Statoil CEO Eldar Sætre (left) and Petrobras…
Gaspar Franco Hernández, of CNH, discusses the abundant opportunity to develop Mexico’s over 200 mature fields (First published in the December 2017 OE, access the full issue here). Map of Mexico’s mature fields. Image from CNH. There are several definitions of mature fields…
New tax measures aimed at making it more attractive for North Sea oil and gas assets to change hands have been welcomed by industry. In his Budget statement made in the UK Parliament yesterday (22 November), the Chancellor of the Exchequer Philip Hammond…
While the trend in spending for oil and gas companies since the crash in oil prices has been a steep decline, production has remained relatively stable since 2015. This might lead to the conclusion that companies have found ways to remain just as productive in the new price environment…
Petrobras has signed a heads of agreement (HoA) with Norway's Statoil to commit to assessing cooperation opportunities aligned with their business strategies relating to deepwater mature fields. The agreement is in continuity with a memorandum of understanding signed in August 2016…
Buchan Alpha. Image from Veolia Twitter. Repsol Sinopec Resources UK awarded Veolia the decommissioning job of the Buchan Alpha facility in the UK North Sea, which has ceased production on 12 May 2017 as planned…
Norwegian subsea industry focused group GCE Subsea has elected OneSubsea's Jon Arve Sværen as its chairman. Sværen is currently employed as VP Business Strategy Processing in OneSubsea. 'I am convinced that subsea technology has a bright future despite the current downturn in the industry…
Halliburton (HAL) has developed a new offering in the SPECTRUM family of real-time coiled tubing services, the SPECTRUM FUSION service. The FUSION service includes the first real-time system in the market using hybrid cable technology that…
GustoMSC has unveiled its latest jackup design for the NG-5500X-LD self-propelled jackup, the NG series. Illustration of the NG-5500X-LD self-propelled jackup, from GustoMSC. Based…
BP and EnQuest signed a US$85 million deal that will see EnQuest take over operatorship and 25% stake in the Magnus oil field in the North Sea, with a future option to take full ownership of the field. Image from EnQuest…
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