Wood Mackenzie's latest global oil production analysis* indicates that 3.4 MMbbl/d of oil production is cash negative at a Brent oil price of US$35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with around 100…
Faroe Petroleum’s exploration drilling program for the year will see the UK-based explorer begin drilling at its operated Brasse prospect in the North Sea this summer using the Transocean Arctic rig. Map of Oseberg…
The Petroleum Safety Authority Norway (PSA) has granted ConocoPhillips consent to use the Rowan Norway mobile drilling facility for plugging and abandonment of wells at Ekofisk 2/4 B. Ekofisk is an oil field lying in 70-75m of water in the southern North Sea…
BG Group ended the year on top with its total earnings coming in at US$2.3 billion, a significant improvement from a $1.1 million loss in 2014. However, the UK giant did report a loss of $29 million in Q4 2015. BG's QCLNG pipeline…
Almost 7000 visits were made to this week's Subsea Expo - Europe’s largest subsea event, held in Aberdeen, despite the industry facing its toughest year ever. The exhibition and conference, organized by Subsea UK, attracted just under 5000 individual delegates…
Schlumberger has received approval from the European Commission (EU) for the US$14.8 billion takeover of Cameron International, after the EU concluded that the proposed acquisition would raise no competition concerns. Schlumberger…
The University of Aberdeen has taken delivery of rock mechanics equipment that could play a major role in maximizing oil and gas recovery in the North Sea and West of Shetland area. The high-pressure, high-temperature rock deformation apparatus…
Statoil awarded Nexans the contract to supply static and dynamic cabling and associated accessories for the world's first floating wind farm, following a successful demo facilitated by Nexans' cables which has been in operation since 2009…
Fabricom Offshore Services has been contracted for brownfield modification work on GDF Suez's recently installed Cygnus installation in the southern North Sea. As part of the work, it will use AVEVA's LFM Server and AVEVA Laser Model Interface…
Norwegian giant Statoil took at hit in 2015 as it posted a net loss in its Q4 income at US$1.08 billion (NOK 9.2 billion), and a $4.4 billion (NOK 37.3 billion) loss for the full year 2015, that the company said was a result of lower short…
Weatherford International reported a 46% decrease in its 2015 revenue, along with the announcement of reducing its workforce by 6000 by 1H 2016 in its Q4 and full year 2015 report due to the steep drop in oil prices, which hurt the company’s drilling and exploration activity…
At Subsea Expo, Subsea UK has announced that it will sponsor an initiative which inspires budding subsea engineers for a second year. The body which represents the US$13.1 billion (£9 billion) subsea industry has now committed over $29…
Shell’s Q4 2015 earnings fell 57% along with its full year earnings taking a major plunge of 80%, as the Anglo-Dutch supermajor confirms the reduction of some 10,000 across both Shell and BG Group, once the mega merger is complete in a few weeks…
It's day two of Subsea Expo. Despite the down turn, there's still some good news, including new technology coming to the market. OE, official media sponsor of the show, being held in Aberdeen this week, spoke to ABB's John Guthrie, Regional Sales Manager…
Aker Solutions was recognized as the best subsea company of the year at last night's the Subsea UK awards, with Subsea 7's David Bloom picking up the outstanding contribution to the subsea industry accolade. The awards, which seek to…