Statoil has launched Cap-X, a new subsea development concept designed to reduce cost and increase efficiency. The Norwegian oil giant, more than half of whose production comes from some 500 subsea wells, has already been exploring ways to reduce subsea development costs…
ExxonMobil has started oil production at its US$4 billion Julia oil field in the Gulf of Mexico with the first production well currently online, and a second well set to start production in the coming weeks, the supermajor announced. Image…
Norwegian independent Det Norske has agreed to buy Centrica Resources Norge's operated stakes in the Frigg Gamma Delta and Rind discoveries in the Norwegian sector of the North Sea. Subject to the deal being agreed by regulatory authorities…
Some 65 MMboe will be left untapped offshore Norway due to the early shut down of fields and the failure of the Vette project to meet economic margins, according to a report by the International Energy Agency (IEA). The IEA's April Oil…
Offshore drilling firm Paragon Offshore has picked up two contract extensions, having reduced day rates. In the Middle East, a contract with ADMA OPCO for the M1162 jackup has been extended from mid-January 2017 to late January 2019 and…
Tidal energy firm Atlantis is looking to form a joint venture to develop a 150MW tidal stream site off Indonesia. The firm is joining forces with SBS, a privately owned international marine, subsea and renewable energy developer, which…
Sequa Petroleum is dropping out of two deals to acquire stake in the Gina Krog and Ivar Aasen projects in the North Sea due to the current market conditions. Image of Ivar Aasen, from Det Norske…
Independent Oil and Gas (IOG) is planning to submit a field development plan for the southern North Sea Blythe field and nearby discoveries. The move is likely to involve a small unmanned platform, with pre-installed risers for future tie-back opportunities…
Noble Corp.’s fleet report has revealed a two-year extension with supermajor Shell, dayrate adjustments, and the addition of another semisubmersible drilling rig to the cold stack list. The Noble Globetrotter I…
While Ensco adds two more rigs to its cold-stacked list, the rig provider sold one of its semisubmersibles for US$1 million. The Houston-based company has also seen several of its contracts shortened. Image from Ensco…
Offshore rig count for March 2016 declined 33.4% when compared to March 2015, and 5% compared to February 2016. Image from Baker Hughes Twitter. According to Baker Hughes, there were a total of 241 vessels operating last month…
Statoil has cut its average project cost per barrel from US$70/bbl to around $40/bbl, but the work has just started and the changes need to be permanent, even if prices increase, CEO Eldar Sætre said this morning. Speaking at the Subsea Valley conference in Oslo…
Supermajor Chevron has cut 655 upstream jobs from its Houston workforce, adding to the list of oil and gas companies that have been hit by the low oil prices. John Watson, from Chevron. “In light of the current market environment…
It's hard to quantify accurately recovery rates on the UK Continental Shelf (UKCS). Estimates from the Department of Energy and Climate change put it at about 46%. Global estimates point to somewhere between 30-35%. However, the well known dictum…
All eyes will be on the current and future potential of Mexico’s oil and gas industry at the 22nd annual Petroleum Exhibition & Conference of Mexico (PECOM),taking place 5-7 April in Villahermosa, Tabasco. PECOM 2015 exhibit floor…
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