Centrica has cut its exploration and budget 40% saying that it thinks oil prices will remain low for the rest of 2015 and potentially also into 2016 and 2017. The comments, made by the firm's CEO Iain Conn, echo BP CEO Bob Dudley's…
Getting engineering back to basics isn’t just about standardization anymore. Industry executives at the annual GE Oil & Gas summit in Florence advocated for simplicity in order to keep costs low and get projects done right. Elaine Maslin reports…
Is the oil industry good at lessons learned but not at learning lessons? – asks Jan-Erik Nordtvedt, SPE Intelligent Energy program committee chair 2014 and President and CEO, Epsis Almost a year has passed since the SPE Intelligent Energy 2014 conference…
Offshore drilling rig operators have put a positive spin on the tough market conditions, suggesting that the downturn could improve the global fleet and offer opportunities to buy distressed assets. Seadrill CEO and President Per Wullf said while…
Statoil and Wood Group Mustang Norway (WGMN) completed the hook-up of the Valemon platform in the North Sea. Valemon. From Statoil. WGMN teamed with the Korean engineering, procurement…
The outlook for mergers and acquisitions in the oil and gas service sector in 2015 will hinge upon the resilience of businesses and a recalibration of pricing expectations, according to energy specialist corporate advisory firm Simmons & Co…
Fugro launched its G4 service, in the field of GNSS augmentation systems for offshore positioning applications. The new satellite correction service is the first to take advantage of all four GNSS (global navigation satellite systems): GPS…
A three phase asset management strategy could help counter costs, says ABB’s Will Leonard. In mid-December, the price of oil fell further after the International Energy Agency (IEA) forecast weaker demand in 2015. Brent crude fell to around US$60 a barrel…
The Prysmian Group and Siemens consortia completed and delivered the BorWin2 and HelWin1 projects to TenneT in the North Sea. Prysmian Group Cableship Giulio Verne operating by the HelWin converters platforms…
EMAS AMC’s flagship vessel, the Lewek Constellation, is close to completion at Huisman’s yard in Schiedam, Netherlands. Image from EMAS. The latest addition to EMAS AMC’s fleet has…
Voluntary oil production cuts to support oil prices have been ruled out in favor of a brutal process of natural selection to correct the market. The most efficient producers will be left standing as growth slows and companies cut capital budgets and reduce headcounts…
With oil prices depressed, Greg Hale argues that automation could make a much needed difference in the offshore industry. The scenario is set and it is time for everything to play out: automation can come to the rescue of the offshore oil and gas industry…
Kuwait Petroleum Corp.'s (KPC) CEO today said the company would be increasing output, a move he says will put pressure on deepwater projects as well as the likes of onshore oil sands and expensive unconventional projects. Nizar Al-Adsani said the market…
Heerema Marine Contractor’s new multi-purpose construction vessel Aegir completed its first job in the Gulf of Mexico. Meg Chesshyre reports. Aegir. Images from Heerema Marine Contractors. The…
North Sea oil independent EnQuest is expecting its 2015 production to be at least 10% above previous expectations, and announced a 40% cut in capital spending, easing concerns the firm could breach debt covenants. EnQuest said 2014 production was up 17% compared to 2013…
Subscribe
