Despite high drilling rates on the Norwegian Continental Shelf, discovery rates have been low and investment fell 16% in 2015, according to the Norwegian Petroleum Directorate (NPD). Fifty-six exploration wells were spudded, with just…
Total, the operator for production license 618 in the North Sea, has received consent from the Petroleum Safety Authority (PSA) of Norway, to drill exploration well 1/5-5 using Maersk Gallant. Maersk Gallant is a jackup drilling facility…
Norwegian oil major Statoil has acquired an 11.93% stake in Swedish exploration firm Lundin Petroleum's shares. Statoil says the move increases its indirect exposure to core assets on the Norwegian Continental Shelf (NCS), including the Johan Sverdrup and Edvard Grieg fields…
Independent Oil and Gas (IOG), the North Sea focused oil and gas company, will delay the Skipper appraisal well until there is greater stability and clarity in the oil market. This follows recent oil price movements and bad weather in the North Sea…
CGG launched a US$378.8 million (€350 million) rights offering to existing shareholders to fund its “transformational plan” to convert CGG from a seismic acquisition company into an integrated geosciences group. The CGG Oceanic Vega…
Subsea UK today urged the industry to turn talk into action now to safeguard the future of the UK’s £9 billion subsea sector. The call was issued as Subsea UK announced the final speaker line-up and program for its eleventh annual conference and exhibition…
Ophir Energy has appointed Dr John Bell to the position of director – Asia and Dr Oliver Quinn to the position of director – Africa and Global New Ventures. Both Bell and Quinn start their new roles with immediate effect, reporting directly to COO Dr Bill Higgs…
The European Commission (EC) has authorized Italy’s Eni to sale 12.5% of its stake in its subsidiary Saipem to Fondo Strategico Italiano (FSI). Image from Saipem. According to the Italian giant…
Fugro entered into a sale and leaseback agreement with Icon Investments for two of its geotechnical vessels, the Fugro Scout and the Fugro Voyager. The Fugro Scout. Image courtesy of Fugro. The…
Statoil awarded IKM Ocean Design a contract worth an estimated US$22.5 million (NOK 200 million) for the Johan Castberg subsea integration pre-FEED and FEED project. Image of the contract signing in Oslo of Peder Hoås and Geir Paulsen…
UK oil giant BP plans to cut approximately 4000 jobs across its global upstream sector in the next two years to simplify its business, improve efficiency, and reduce costs. Image from BP. BP…
First production from the Greater Stella Area development in the UK North Sea has been set back once again. Sail-away of the FPF-1 floating production facility is expected to be delayed by six-12 weeks due to slippage in completion of…
The shortlist for the 2016 Offshore Achievement Awards, supported by OE, has been announced today. With approximately 100 entries received this year, a record since the awards were re-launched in 2011 by the Society of Petroleum Engineers (SPE) Aberdeen Section…
Norwegian technology firm Badger Explorer has signed a memorandum of understanding with China's CNPC DR, signaling the firm's intention to become a full partner in the Badger Explorer development program. The Badger Explorer is a…
Norwegian Energy Co. (Noreco) has been served a notice of default on the North Sea Huntington license. The notice comes after the firm failed to make payments as a joint operating partner in the license and not finding a buyer for its 20% stake in the field…