The depressed oil price environment is painting a gloomy outlook for North American exploration and production (E&Ps) companies, and further, significant CAPEX cuts are needed in order for the group to demonstrate real financial discipline and align spending more closely with cash flow…
Wood Mackenzie's latest global oil production analysis* indicates that 3.4 MMbbl/d of oil production is cash negative at a Brent oil price of US$35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with around 100…
Audrey Leon chats with Gerald (Jerry) Stone, senior vice president, Fluor Offshore Solutions, about his unlikely career in engineering, his take on the current market situation, and his work in harsh environments. Jerry Stone…
Norwegian giant Statoil took at hit in 2015 as it posted a net loss in its Q4 income at US$1.08 billion (NOK 9.2 billion), and a $4.4 billion (NOK 37.3 billion) loss for the full year 2015, that the company said was a result of lower short…
China’s CNOOC commenced production at the Kenli 10-4 oilfield, offshore China. The Kenli 10-4 oilfield is located in the South of Bohai at about 15m water depth. In addition to fully utilizing the existing facilities of Kenli 10-1 oilfield…
Many companies often try to replicate successful prior projects and one such company that has managed to do so is Houston-based independent Anadarko Petroleum. The Lucius spar. Anadarko Petroleum kept the Heidelberg design 87% identical to Lucius’…
Baker Hughes suffered a net loss of US$1 billion in Q4, in addition to a 36% dip in its revenue year-on-year that the company said is from global pricing pressures, and the steep decline in activity. Image from Baker Hughes…
Ratings and investor service firm Moody's has lowered its price estimate for Brent crude in 2016 to US$33/bbl, from $43/bbl, and suggests crude 'will remain well below $50/bbl through 2018.' West Texas Intermediate has also been lowered to $33/bbl…
Despite a multibillion dollar backlog of projects, put on hold amid US$30-50/bbl oil prices, exploration firms are still eyeing resources in arctic waters. New areas of the Barents Sea were offered to oil firms in Norway’s 23rd licensing round…
A series of talks aimed at young oil and gas industry professionals in Aberdeen launches with a look at risk management and collaboration early next month. The SPE Aberdeen Simplified Series is run by the Society of Petroleum Engineer's Young Progessionals section in Aberdeen…
Aberdeen headquartered engineering consultancy Project Development International (PDi), today announced it is under new ownership following an acquisition by Tattva International Holdings. Tattva International Holdings, based in Singapore…
Halliburton posted a 42% loss in its total revenue year-on-year for Q4 2015 that the company said is a result from the impact of reduced commodity prices creating widespread pricing pressure and activity reductions on a global basis. Image…
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…
Saudi Arabia’s reluctance to cut production to maintain its share of the global crude market has paid off. By not “blinking first”, the Kingdom has succeeded in driving rigs out of the US shale market with current rotary rig counts down 65% from 2014 highs in September…
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