Seadrill has reached an agreement with Daewoo Shipbuilding & Marine Engineering shipyard in South Korea to defer the delivery of two ultra-deepwater drillships, the West Aquila and West Libra, until Q2 2018 and Q1 2019 respectively. Under the terms of the original construction contracts…
Mexico’s federal government has entered into an exclusive agreement with Platts to utilize its oil and natural gas price data in the nation’s pricing formulas as part of its energy reform policy. Image…
Anadarko Petroleum achieved first oil at Heidelberg in the deepwater Gulf of Mexico last week. Map of Heidelberg. Courtesy of Anadarko. Heidelberg is located in Green Canyon 859…
Subsea UK today urged the industry to turn talk into action now to safeguard the future of the UK’s £9 billion subsea sector. The call was issued as Subsea UK announced the final speaker line-up and program for its eleventh annual conference and exhibition…
In contrast to 2015, upstream oil and gas deal activity is set to ramp up this year regardless of what happens to the oil price, according to Wood Mackenzie's M&A outlook for 2016. Should oil prices stay low, companies will be forced to sell assets and merge businesses: to free up capital…
Louisiana-based LLOG Exploration’s Delta House floating production system (FPS) achieved its nameplate oil capacity of 80,000 b/d in the Gulf of Mexico during the last days of 2015. Image of Delta House…
Oil prices have been extremely volatile since the first trading day of 2016 and hit 12-year lows last week with Brent dropping below US$33/bbl for the first time since 2005. The fall in the Chinese manufacturing index, the Saudi-Iran…
North Sea production rose for the first time in 15 years last year, but, the industry will be extremely challenged to sustain this into 2016 and beyond and job losses are set to continue, industry body Oil & Gas UK warns. According to government data…
2015 was a tough year. Spending and headcounts have been slashed across the industry and the specter of bankruptcy is an all too common concern. Recent trends in commodity prices have not helped. Late December saw Moody’s downgrade its…
Shipping and offshore specialist law firm Wikborg Rein says current low oil prices could mean there are bargains to be had for investors in the offshore sector who follow recommended procedures for assessing and acquiring distressed companies…
Bad weather has delayed first oil from Premier Oil's Solan project, in the West of Shetland area, until January, the firm announced on 23 December. Premier Oil stated in its operations announcement that further progress has been made…
Noble Energy revealed a 15,000 boe/d increase in its Q4 2015 sales volumes for both offshore and onshore fields to an estimated 405,000-415,000 boe/d. Map of Noble's Gulf of Mexico assets. Image from Noble…
The Steam Oil Production Co. has agreed a deal with EnQuest to acquire a 100% interest in License P1996, made up of blocks 28/2b and 28/3b, containing the Elke and Narwhal discoveries. The transfer of the interest and assumption of operatorship…
Ophir Energy has cut its planned development cost and signed a heads of agreements for LNG offtake from its Fortuna FLNG project offshore Equatorial Guinea. Gross capital costs on the project - due to be Africa's first floating LNG project…
US-based Freeport-McMoRan (FCX) is cutting two vessels in the Gulf of Mexico in an effort to defer investments in several of the company’s long-term projects due to the oil and gas market slump. Image from FCX…
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