The International Energy Agency (IEA) anticipates the global oil market will remain oversupplied into 2018 due to rising US oil production and failure of some OPEC members to comply with production targets. According to IEA’s June market report…
Premier Oil’s Sea Lion project is on the path to being sanctioned next year following substantial progress, with first oil targeted in 2021, according to partner Rockhopper Exploration. Sea Lion schematic Phase 1…
McCubbin. Images from OTC. Offshore Technical Compliance (OTC) has appointed David McCubbin as chief operating officer (COO) and Dan Phelps as director – compliance inspection services…
What is thought to be the world’s first commercial controlled-from-onshore ROV operations started at IKM Subsea headquarters in Norway this week. Soon, up to three work class ROVs and one observation ROV on Statoil’s Snorre B and Visund…
TechnipFMC has been awarded an extension to its ongoing engineering, procurement and construction (EPC) contract from Statoil in the Norwegian North Sea. The ongoing EPC project covers the provision of subsea equipment including template structure…
The key to governing a late life oil province like the North Sea is getting the balance right between initiatives to maximize recovery in late life assets with the practicalities of planning for decommissioning. Fail on the first and…
General Electric’s (GE) investment arm GE Ventures on Tuesday announced the startup of Avitas Systems, which will use predictive data analytics, robotics, and artificial intelligence to deliver advanced inspection services to the oil and gas…
Just like other oil and gas provinces, the global deepwater industry is adjusting to the new normal of low oil prices. However, that adjustment has not been as quick or granular as the response of US tight oil to OPEC’s 2014 decision not to cut production…
Erin Energy is expecting to double its production by 6000-7000 b/d with help from the Oyo field offshore Nigeria, as the company plans to accelerate drilling in the area. The Pacific Bora, from Pacific Drilling…
Sevan Marine has sold its remaining 51% stake in Kanfa to Technip Norge for nearly US$240,000 (NOK $2 million). In February, Sevan received a formal notification of Technip Norge’s intention to exercise their option to buy Sevan Marine’s remaining shares in Kanfa…
Italian giant Eni has submitted its proposal to the Bureau of Ocean Management (BOEM) for a drilling program offshore Alaska, from the man-made island, Spy Island Drillsite (SID) in the Beaufort Sea. Map of SID…
Ocean Yield has agreed to acquire two platform supply vessels (PSVs) from BP Shipping for a total consideration of US$105.4 million. Both vessels are on long-term charters to Aker BP.NS Orla. Image from Golden Energy Offshore.The two vessels…
McDermott International recently completed the load-out and installation of the first jacket fully fabricated by the company at its recently opened Dammam fabrication yard in Saudi Arabia. The Safaniya 264 jacket is part of McDermott’s…
Faroe Petroleum has announced positive results from its Brasse appraisal well in the Norwegian North Sea, confirming Brasse as a commercial discovery. The firm says it now plans to perform a drill stem test (DST) and potentially side track the well…
Improvements in oil and gas contractor confidence both on the UK Continental Shelf (UKCS) and internationally suggests some businesses are seeing signs of recovery and are focused on the future, according to an industry report released today…
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