Decisions over large field developments in the North Sea continue to be deferred, but some fields are coming through, in the form of subsea tiebacks, and costs have been cut. According to Wood Mackenzie, 2016 to date has seen five final investment decisions made across the North Sea…
Pressure is mounting on the global oil and gas industry to reduce environmental footprint at the same time as the industry is under significant cost pressure. Since business as usual is not an option, DNV GL has launched two papers to advise…
Some US$50 billion has been dropped from the Norwegian oil and gas investment hopper from 2014 up to 2020, according to figures presented at the ONS exhibition and conference in Stavanger today. The fall, amid a $1 trillion drop in global spending in the same period…
Wired drill pipe has been a long time coming. As operators look at cost savings across the full life cycle, the benefits are now being recognized, says NOV’s Leon Hennessy. Drill floor operations…
Norwegian geoscience firm Electromagnetic Geoservices (EMGS) has announced plans to cut its headcount by a further 15%, following a 20% reduction in workforce made last year. Actual staffing numbers were not given. EMGS said the changes…
Statoil has cut its average project cost per barrel from US$70/bbl to around $40/bbl, but the work has just started and the changes need to be permanent, even if prices increase, CEO Eldar Sætre said this morning. Speaking at the Subsea Valley conference in Oslo…
Global oil prices are bound to turn around to play its part of the oil and gas industry’s cyclical series that has been in place for decades, with standardization playing a key role, industry experts said at IHS CERAWeek in Houston on Tuesday…
Despite the already difficult North Sea market and painfully high cost levels, a new research report published today by DNV GL reveals that more short-term cost cuts are expected in 2016. Sixty-five percent of UK respondents think mistakes made in previous downturns are being repeated…
Jon Fredrik Müller and Audun Martinsen, of Rystad Energy, take a look at rising costs and the downturn and share how these two will affect the subsea market going forward. An illustration of the Johan Sverdrup field center…
You’ve found the oil. Now drill into significant cost savings.Having the resources is only the start. It’s knowing how to maximise the potential as cost-efficiently as possible is the key. Based on knowledge gained over 500 global drilling operations…
The high costs surrounding deepwater developments and the low price of oil is a challenging combination for operators. Khalid Mateen. Photo from OE Staff. For deepwater operators, such as Total…
Floating offshore wind has the potential to deliver cost effective, secure and safe low carbon energy for the UK from the mid 2020s according to the latest insights report published by the UK's Energy Technologies Institute (ETI). With…
Electromagnetic Geoservices ASA (EMGS) is extending its cost reduction plans by removing another vessel from its fleet, and reducing staffing levels in a move that will reduce operation costs by up to US$35 million annually, and $70 million for 2015…
Trinidad and Tobago-focused Trinity is undergoing a multi million dollar cost reduction program that will include a management shakeup. Image from Trinity. According to Trinity…
In a comprehensive analysis looking at the impact of cost deflation on the global upstream oil and gas sector, Wood Mackenzie concludes that while operators are seeking an average cost reduction of 20-30% on projects, supply chain savings…
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