McDermott International and CB&I today (18 December) unveiled plans to combine in an all-stock transaction valued at US$6 billion. McDermott's DB 50. The companies say the merger will create…
Norwegian engineering and fabrication firm Kvaerner has been awarded a US$120 million (NOK1 billion) contract for delivery of the topside and steel jacket substructure for Valhall Flank West by operator Aker BP. Kvaerner's scope includes procurement…
Using non-intrusive inspection (NII) survey technologies could be worth US$310 million (£242 million) a year to UK North Sea operators through increased production and lower maintenance costs, according to a survey by the Oil & Gas Technology Centre (OGTC) and ABB…
Helix Energy Solutions' Siem Helix 2 newbuild light well intervention vessel has completed the vessel acceptance tests and is now on contract to Petrobras offshore Brazil under a multi-year contract. The Siem Helix 2 joins the Siem Helix 1…
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…
Germany's Wintershall has started production from the Maria subsea tieback offshore Norway a year ahead of schedule and 20% under budget. The Maria field development cost about US$1.43 billion (NOK12 billion), $358.9 million below the original budget…
Norwegian oil major Statoil has awarded three new subsea maintenance framework agreements, extending to 2023, to Aker Solutions, TechnipFMC and OneSubsea, with a total estimated value of more than US$970 million (NOK8 billion). In addition…
US explorer W&T Offshore's ST 224 #1 exploration well, in the South Timbalier license in the US Gulf of Mexico, was considered water bearing, according to partner Otto Energy. The well was drilled in 170ft water depth using the Enterprise 264 jackup and reached a total measured depth of 10…
North Sea minnow Independent Oil and Gas (IOG) has been given extra time to develop its Blythe discovery, in the southern North Sea. The firm has been given an extension on License P1736, by 12 months to 31 December 2018, dependent on…
Norwegian operator Aker BP has submitted three plans for development and operations to the Norwegian Ministry of Petroleum and Energy for projects on the Norwegian Continental Shelf. Aker BP is planning to develop Valhall Flank West…
Cobalt International Energy reported today (14 December) it has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. But the company says it plans to conduct business as usual, with enough cash…
UK Continental Shelf (UKCS) operating costs dropped by 14% in 2016, with operators securing about £1.1 billion reductions in operating expenditure (OPEX), according to the UK Oil & Gas Authority’s (OGA) inaugural report, “Analysis of UKCS Operating Costs in 2016”…
Spanish oil firm Repsol has awarded UK engineering firm Atkins a contract for structural front end engineering design (FEED) and detailed design services for work on the Yme field offshore Norway. Repsol Norge is moving forward with a new attempt to develop the Yme field…
Shell has awarded a contract to UK forge Sheffield Forgemasters for castings for use on the Vito semisubmersible platform for the US Gulf of Mexico (GoM). The project will see the Sheffield Forgemasters' offshore oil and gas specialist…
Believing that major spending cuts are over, Wood Mackenzie expects global upstream capital expenditures to grow slightly in 2018 to a total of US$400 billion. The downturn resulted in nearly $1 trillion being taken out of company spending from 2015 to 2020…