Oilfield services companies are putting a brave face on the continuing market downturn, despite some reporting shrinking order books. Subsea 7 and Fugro reported shrinking order books in their 1Q results this morning. Subsea 7’s…
Optimism continues to fall in the UK oil and gas industry according to the 1Q 2015 Oil & Gas UK Business Sentiment Index published 30 April 2015, which shows confidence in the sector has dropped from minus 23 points to minus 31 on a -50/+50 scale…
Battered by the ramifications of rapidly declining oil prices, oil and gas company share prices continued to fall in 1Q 2015, but the share price declines have lagged behind the drop in oil prices, suggesting the market is pricing a recovery into the stocks…
International oilfield services firm Weatherford will cut another 2000 jobs from its workforce, taking the total number of planned job cuts to 10,000. Weatherford’s move follows Schlumberger announcing last week a further 11,000 job cuts…
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…
James Fisher Offshore, part of James Fisher and Sons, has reached an agreement with KPMG in Scotland to acquire a number of subsea assets free from encumbrances from Specialist Subsea Services. The assets include work-class ROVs, inspection class ROV and survey equipment…
Activity in the Black Sea is set to ramp up this year as oil firms eyes deepwater prospects and move to exploit resources like the significant Domino discovery, according to oil and gas analysts Wood Mackenzie. The firm, which has been…
The Offshore Technology Conference (OTC), the world’s foremost event for the development of offshore resources, announced that it will offer complimentary registration during Open Access Day on Thursday, 7 May. Attendees will be able…
Young Okunna, GlobalData's upstream analyst covering Sub-Saharan Africa reported that the current downturn in oil prices has not slowed down in the region. Although several firms have cut back on their global exploration budgets, the region continues to attract activity…
Ophir Energy is to commission 2D and 3D seismic with a view to drilling on 2016-17 on four deepwater production sharing contracts (PSCs) in Indonesia it has now acquired from Niko Resources. Image from Ophir…
This year’s OTC Spotlight Awards showcases innovation in offshore seismic, drilling, subsea operations, inspection, performance maintenance and monitoring, and more. Congratulations to the recipients! MultiNode…
The Kenli 10-1 field offshore China is now online, according to China National Offshore Oil Corp. (CNOOC). Image from CNOOC. Production at the field located in Bohai Bay began on 23 April at an average water depth of 17m…
A tribunal has rejected a bid by the Ivory Coast to stop oil and gas exploration and development activities in a disputed area between its waters and offshore Ghana. The ruling paves the way for UK-headquartered Tullow Oil to continue with its TEN Project offshore Ghana…
Norway-based North Atlantic Drilling (NADL) and Russia's Rosneft recently agreed to extend the termination date of the 2014 framework agreement until May 31, 2017. The agreement states that either party can end the agreement, including any offshore drilling contracts…
Baker Hughes Inc. issued its international rig count that showed 1251 rigs operating worldwide in March 2015 outside of the US and Canada. Unsurprisingly, global rig counts have dropped significantly due to an approximate 50% drop in crude oil prices since 2014…
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