As oil prices appear to be stabilizing and supply and demand move towards equilibrium, there’s growing confidence in the sector that the worse is perhaps over. Image from iStock. PwC’s latest report…
Petrobras completed the first well in the Santos Basin’s Libra pre-salt field last week, with the anticipation of starting production next year, connected to the Pioneiro de Libra floating production and storage offloading (FPSO) unit. The West Carina…
Engineering, technical and business services organization Lloyds Register has acquired RTAMO, a software-enabled consultancy based in Aberdeen which provides data-driven solutions designed to reduce maintenance costs for asset owners. Murray Douglas…
Partners on the Chinguetti oil field offshore Mauritania are considering options for its decommissioning. Production on the field, which is produced via the Berge Helene floating, production storage and offloading vessel (FPSO), is expected to end next year…
Start up on the Stella field will mark a step-change in operator Ithaca Energy's business, the firm said this morning. First oil on the field, due at the end of this month, will see the firm's production more than double to 20-25,000 boe/d and unit operating costs drop to under US$20/boe…
Statoil has confirmed to the Oil and Gas Authority that it will drill a well on the Verbier prospect in the North Sea, in summer 2017, according to partner Jersey Oil & Gas. Jersey says the prospect, which is in production license 2170…
North Sea intervention firm Altus Intervention has won a fixed term, five-year contract to provide well intervention services for Maersk Oil UK. Altus Intervention was awarded the contract for the provision of slickline services, coiled tubing services…
Italy's Fincantieri has offered to buy out all the shares in shipbuilder Vard. Shipbuilding group Fincantieri, which is listed in Italy and is currently the majority shareholder in Vard, with 55.63% of shares, is offering S$0.24 a share in cash for Vard…
Mexico’s national oil company Petróleos Mexicanos (Pemex) unveiled its 2016-2021 business plan that will see the company take advantage of the Energy Reform with an aggressive farmout program, expecting to increase production by 15%. Image from Pemex…
Sonangol and its Block Zero partners Cabinda Gulf Oil Co., Total E & P Angola, and Eni Angola, started the early production system (EPS) operations at the South Wellhead Platform of the Mafumeira Sul project, off the Coast of Malongo, in the province of Cabinda on 31 October…
Subsea 7’s revenue fell more than US$1 billion in the first nine months of the year, however, the company remains positive that there will be a surge in subsea, umbilical, riser, and flowline (SURF) projects within the next 18 months. Image…
Total investment in oil and natural gas extraction in Norway was 21% lower in 1H 2016 compared with 1H 2015, a decline of about US$3.5 billion (NOK 20.9 billion). However, investment cuts have affected some segments of the industry more than others…
Sonomatic, a provider of automated ultrasonic inspection services, has developed a tool for the internal inspection of caissons. The integrity of caissons is critical to safe and efficient operation of offshore structures. As offshore facilities age…
The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) received nearly US$563 million (CAD $758 million) in work commitments in its latest deepwater bid round for the East Newfoundland and Jeanne d’Arc regions, offshore the Canada-Newfoundland and Labrador areas…
China Oilfield Services' 12-streamer HYSY 720 seismic vessel has completed the operations of two 3D seismic data acquisition in the Arctic Barents Sea recently. The campaign covered three blocks and follows a previous campaign covering 1820…