Swedish oil exploration and production firm Lundin Petroleum has dropped its capital spending budget 26% compared to 2016, but still expects a positive year as production at Edvard Grieg ramps up. Lundin's exploration spending will drop 64% compared to 2015…
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…
Schedule slippage is an ever-present reality for exploration and production (E&P) projects, especially for the more complex mega-projects, says Norwegian oilfield analysts Rystad. 'In addition to subsurface challenges, above-ground issues…
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…
Shell shareholders approved the US$70 billion takeover of BG Group in a landslide vote of 83.08% in favor of the mega merger today (27 January) in The Hague, The Netherlands. Shell CEO Ben van Beurden…
Oil services giant Schlumberger posted more than a US$1 billion loss in its Q4 and full year 2015 results, in addition to a further 10,000 job cuts, bringing its workforce reduction to some 30,000 for the year. Kibsgaard…
Searcher Seismic has started Phase 2 of the Silver-Eye Broadband 3D survey in the Barents Sea, offshore Norway. Following the successful acquisition of Phase 1; comprising 2663 sq km, Searcher is now acquiring additional broadband 3D data in the area…
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…
Irish oil explorer Providence Resources has agreed to a license deal with seismic firm Searcher Seismic covering its Newgrange prospect in the southern Porcupine basin. Searcher had already announced a major new multi-client 3D seismic program…
Beijing-based China National Offshore Oil Corp. (CNOOC)’s 2016 business and development plan shows a slight reduction of about 5% when compared to 2015 due to continued challenges with low oil prices. Image of CNOOC's Golden Eagle…
Ophir Energy, as operator, has dropped its stake in exploration licenses covering three blocks offshore the Seychelles, in the Indian Ocean east of South Africa. The UK-based explorer had farmed in to the blocks – 5B/1, 5B2 and 5B3 – with Australia’s WHL Energy…
Shell’s full year 2015 results are expected to record a significant drop of about 54% compared to 2014, in addition to a reduction of some 10,000 positions across BG Group and Shell in an effort to streamline and integrate the two companies…
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…
Statoil is decreasing cost estimates for the first phase of the giant Johan Sverdrup field by up to 42%, with development costs expected to decrease further, according to partner Det norske. Illustration of the Johan Sverdrup field…
Embattled Brazilian state owned firm Petrobras has made deeper cuts to its previously announced 2015-2019 business plan, with the company announcing a 25% drop in capex today (12 January). Petrobras will drop its planned capital expenses by US$32 billion in its 2015-2019 business plan…
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