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…
Aberdeen-based, Hydro Group invested US$454,000 in state-of-the-art machinery, by installing and commissioning an advanced armoring line at its facility in Bridge of Don, Aberdeen, enabling the company to offer cable products which will improve and support subsea operations…
Fairmount Marine’s Fairmount Expedition tug delivered the biggest component of the 120m high J-Lay tower for one of the world’s biggest crane vessels, Saipem 7000, offshore Burgas, Bulgaria. The tower component was loaded on Saipem’s cargo barge S42…