GE has launched GE Marine, a new organization focusing on the merchant, offshore and naval industries, to be led by Tim Schweikert, VP, GE Marine. This new organization brings together GE’s commercial and technological expertise in the…
The Middle East well intervention market is expected to reach US$2.4 billion by 2018, up from $1.37 billion in 2013, with a CAGR of 11.9%, according to a Research and Markets report. The Middle East, with 80.3 trillion cu/m, is home to 43…
Austria's OMV says it is to delay projects, setting back its production targets, due to the 'rapid fall' in oil prices. CEO Gerhard Roiss said the fall in Brent oil prices by 58% since a high in mid-2014 represented a 'seismic shift' for the industry…
Super major Shell is curtailing its spending by more than US$15 billion over the next three years and has futher options to reduce spending, the supermajor announced this morning, citing the dramatic, nearly 60% drop in oil prices over the past six months…
BG Group has signed a six-year global alliance with KBR to provide technical support, services (in both the pre-FEED and FEED stages), and project management expertise across BG Group’s global upstream portfolio. Under the agreement, which has options to extend up to 10 years…
Norwegian explorer Statoil returned three licenses off the west coast of Greenland this month, the company confirmed. The reduction follows the company’s announcement last February that it would cut back on Arctic exploration efforts to control capital expenditures…
DNV GL has opened up a new office in Nanjing to support business growth in the area and be the center for operations in Central China. DNV GL celebrated the opening of its new office in Nanjing. Image from DNV GL…
Okeanus Science and Technology added three types of DT Marine winches to its fleet of oceanographic and marine scientific rental equipment. The winches can be outfitted with various types of cable and synthetic rope to perform nearly…
North Sea oil independent EnQuest is expecting its 2015 production to be at least 10% above previous expectations, and announced a 40% cut in capital spending, easing concerns the firm could breach debt covenants. EnQuest said 2014 production was up 17% compared to 2013…
Oil and gas operators will need to cut costs by US$170 billion, or 37%, to maintain net debt at 2014 levels at a Brent oil price of $60/barrel, analysts Wood Mackenzie said this morning (23 January). Wood Mackenzie also says large-scale…
Precision Polymer Engineering (PPE) announced the official opening of its new manufacturing facility in Brenham, Texas on 12 February 12 2015. The new site, which began production in November 2014, manufactures high performance compression…
J+S created a bespoke engineering solution to terminate HV connectors complete with pigtails onto an existing umbilical. The solution required replacement of a single 3-phase connector with separate phase connections to each core. J+S enabled an in-field assembly onto the existing umbilical…
Schlumberger and Eurasia Drilling (EDC) entered into an agreement in which Schlumberger will acquire 45.65% interest in EDC in a US$1.7 billion deal. The agreement extends the successful long-term relationship enjoyed by the two companies within the strategic alliance signed in 2011…
Acteon announced the start-up of Clarus Subsea Integrity Inc., a new group company created from 2H Offshore’s subsea integrity business segment. Based in Houston, USA, the new company will commence operations in January 2015 and plans to expand globally…
Petrofac awarded CNIMa contract to design, build and commission a cooling system consisting of two custom-made absorption chillers to be installed aboard Petrofac’s new JSD6000 deepwater derrick lay vessel. The JSD6000 will be available in 2017…