The world's oil and gas exploration companies are expected to cut capital expenditures 17% this year as a deep slump in crude oil prices takes a toll on budgets, according to a survey by Cowen and Company, released Wednesday. The survey…
Nigeria-based Seplat Petroleum Development confirmed Afren’s “highly preliminary approach” regarding a possible merger of the two companies made on 22 December. Image from Afren. In a statement released by Seplat…
In a year during which the oil price remained stable at circa US$100 per barrel until the last quarter when a significant collapse in commodity price began, activity levels in both the UK and Norwegian sectors have continued to show a distinct divergence…
Five companies have been awarded licenses covering 10 exploration blocks in the Adriatic Sea in Croatia's first licensing round. The round had offered 29 blocks in the eastern Adriatic Sea covering a total of 36,822sq km. Bids were received from six companies for 15 exploration areas…
As the offshore industry grows in complexity – in terms of projects and geographies – software is playing an increasing role in engineering, both to aid engineering and collaboration, as projects increase in complexity and diversity. Meg…
BP awarded a US$200 million contract to Bredero Shaw's pipe coating division for the Shah Deniz Stage 2 development project. The contract is scheduled to be executed at the Caspian Pipe Coatings (CPC) plant in Baku, Azerbaijan. The contract…
Wood Group PSN (WGPSN) has been awarded a five year contract worth about $750million by BP for engineering, procurement and construction services on six UK continental shelf (UKCS) offshore upstream assets and the Forties Pipeline System (FPS) onshore midstream facilities in Grangemouth…
The Neon Energy board is moving forward with the “superior proposal” from Evoworld and calling off its merger plans with MEO Australia. Image from Neon. Neon entered into a bid implementation agreement (BIA) with Evoworld on 19 December…
BP awarded Emerson Process Management a US$40 million contract to be the main automation contractor for the Shah Deniz Stage 2 development project in the Azerbaijan sector of the Caspian Sea. Upon the terms of the agreement, Emerson will…
TAM International unveiled its new 22-in. casing annulus packer, or LongCAP. The new LongCAP was designed for a major international company and follows TAM’s recent design and qualification of a 22-in. port collar. Together, the LongCAP…
Aberdeen City Council has called for a summit, bringing together governments, trade unions and industry bodies, to see if there are way to save jobs in the city. The industry has seen a tide of cut backs and redundancies in the facing of the plummeting oil price…
Det norske oljeselskap ASA (Det norske) received consent from the Petroleum Safety Authority (PSA) of Norway for exploration drilling on the three appraisal wells in Ivar Aasen field in the North Sea. Illustration of Ivar Aasen…
Schlumberger Oilfield UK has been awarded the contract to provide integrated drilling and well services on the Statoil-operated Mariner heavy oil development in the UK North Sea. Mariner is the largest field development on the UK Continental Shelf (UKCS) in more than a decade…
China National Offshore Oil Corp. (CNOOC) and Kuwait Foreign Petroleum Exploration Co. (KUFPEC) signed three production sharing contracts (PSC) for Blocks 52/22, 52/26, and 63/13 located in the Yinggehai basin, in the South China Sea. According to the terms of the PSCs…
Spain's Repsol has agreed a deal to buy Canadian exploration and production company Talisman Energy for US$8.3 billion plus debt - amounting to the largest international deal by a Spanish company in five years. The deal, which had been rumored for some months…
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