Oil prices have been extremely volatile since the first trading day of 2016 and hit 12-year lows last week with Brent dropping below US$33/bbl for the first time since 2005. The fall in the Chinese manufacturing index, the Saudi-Iran…
Independent Oil and Gas (IOG), the North Sea focused oil and gas company, will delay the Skipper appraisal well until there is greater stability and clarity in the oil market. This follows recent oil price movements and bad weather in the North Sea…
Baker Hughes’ rig count for December 2015 shows decreases across five of the six regions with the US suffering the most, representing a 59.3% drop year-on-year, and the Middle East with the only increase. Image from iStock…
UK-based underground coal gasification (UCG) firm Cluff Natural Resources (CLNR) is in the process of securing industry partners to fund and develop its North Sea work program. Map of CLNR's North Sea assets…
In contrast to 2015, upstream oil and gas deal activity is set to ramp up this year regardless of what happens to the oil price, according to Wood Mackenzie's M&A outlook for 2016. Should oil prices stay low, companies will be forced to sell assets and merge businesses: to free up capital…
2015 was a tough year. Spending and headcounts have been slashed across the industry and the specter of bankruptcy is an all too common concern. Recent trends in commodity prices have not helped. Late December saw Moody’s downgrade its…
A year on since the oil price collapse and the effects are making themselves felt across Northwest Europe, particularly in the UK and Norwegian sectors. The count of exploration and appraisal well spuds in the UK is an all-time low…
2015 truly was the year of ups and downs. At the start of the new year the price of oil tumbled to just below the US$50/bbl mark and by 31 December it rested at just under $40, at $37.04/bbl. However, it is not known what true bottom is for the market…
Louisiana-based LLOG Exploration’s Delta House floating production system (FPS) achieved its nameplate oil capacity of 80,000 b/d in the Gulf of Mexico during the last days of 2015. Image of Delta House…
North Sea production rose for the first time in 15 years last year, but, the industry will be extremely challenged to sustain this into 2016 and beyond and job losses are set to continue, industry body Oil & Gas UK warns. According to government data…
Jon Fredrik Müller and Audun Martinsen, of Rystad Energy, take a look at rising costs and the downturn and share how these two will affect the subsea market going forward. An illustration of the Johan Sverdrup field center…
This year, the offshore oil and gas industry has had to come to terms with the worst downturn for more than a decade. With commodity prices plummeting to an eleven-year low in December, it is time to reflect on the year gone by and consider the outlook for the year to come…
Abu Dhabi National Energy Company PJSC (TAQA) announced first oil from the new Cladhan field development in the UK North Sea on 29 December. The field was developed as a subsea tieback to the TAQA-operated Tern Alpha platform. Peter Jones…
Petroceltic has opted to exit stakes in Greece and Egypt, following an announcement by the company's board that it has initiated a formal strategtic review of its business and assets due to breaching debt repayment obligations. In the 23 December announcement…
Energy analysts Douglas Westwood say the oilfield services market has seen a 39% drop in capex in the last year, with North American expenditure falling the hardest, at 55%. The group, discussing its World Oilfield Services Market Forecast…
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