An oil price below US$70/bbl will not be sustainable long term, according to Norwegian energy analysts Rystad Energy. Speaking at the firm’s offices in Oslo, senior analyst Audun Martinsen outlined how the firm sees current global liquids…
Louisiana-based LLOG Exploration Co. began production from the Delta House floating production system (FPS) in the Gulf of Mexico. Delta House. From LLOG. Delta House is located in Mississippi Canyon 254…
Woodside made a gas discovery at its Pyxis-1 exploration well in production license WA-34-L, offshore Western Australia. Map of WA-34-L. From Woodside. The well intersected approximately 18…
Despite the recent memorandum of understanding (MOU) between Rosneft and Golar LNG, the former’s current gas strategy is narrowly focused on developing domestic reserves and initiating liquefied natural gas (LNG) projects in Russia, according…
The first signs of a recovery in the oil price have been seen and opportunities are opening up in the Mediterranean for Europe to significantly reduce its reliance on energy imports, delegates at the 12th Offshore Mediterranean Conference (OMC 2015) heard this morning…
Several floating wind turbines have been installed in recent years, with operational turbines in Norway, Japan and Portugal. Floating turbines have several benefits over their conventional counter-parts – firstly, they are more economically efficient…
The oil and gas industry is responding to the low oil price environment with exploration budget cuts in 2015 which will average 30%, leading to suggestions that exploration activity could be significantly curtailed. However in an effort to drive value…
An American data analytics and risk assessment firm based in Jersey City has bought Edinburgh, UK-based energy and mining industry analyst Wood Mackenzie. Verisk Analytics has agreed to buy the firm for US$2.8 billion from owners Hellman & Friedman and other Wood Mackenzie shareholders…
CNOOC Ltd. announced that its Qinhuangdao 32-6 comprehensive adjustment project has commenced production. The Qinhuangdao 32-6 oilfield is located at the central north of Bohai Bay with an average water depth of approximately 20m. The…
The recent downturn in oil prices is expected to have minimal direct impact on Gulf of Mexico (GOM) crude oil production through 2016 because of the long timelines associated with GOM projects, according to a new report by the US Energy Information Administration (EIA)…
Woodside Petroleum's proposed acquisition of Houston-based Apache's interests in the Wheatstone, Balnaves and Kitimat projects are moving forward after the Australian Competition and Consumer Commission (ACCC) announced that it will not oppose the deal…
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…
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…
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…
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…
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