UK-based drilling specialist Archer reported a 22.5% drop in 2Q 2015 that will lead to cutting 700 jobs in its global workforce. Image from Archer. Revenue for 2Q was US$388…
With just weeks to go before SPE Offshore Europe brings the oil industry to Aberdeen, Neil Golding takes a look at activity on the UK Continental Shelf – and what needs to change. The oil price is being blamed largely for the slowdown…
Chevron’s results for 2Q 2015 show the company in a drastic drop of nearly 90% compared to last year, from substantial impairments that have lead the company to implement multiple efforts to improve future earnings and cash flows. Image…
Global upstream oil and gas deal activity, including capital markets and mergers and acquisitions (M&A), totaled US$19.3 billion from 125 transactions in June 2015, marking a $4.3 billion decrease in value from the $23.6 billion across 119 deals posted in May 2015…
Oil major Shell today said the oil price downturn could last for several years, as it revealed 6500 expected staff and contractor reductions in 2015, as well as further capital and operational spending cuts. “Operating costs are expected to fall by over $4 billion…
North Sea production could finally reverse its 15-year downward trend this year as new fields come onstream and production efficiency measures take hold. According to the Department of Energy and Climate Change provisional 2015 production figures…
Origin Energy is entering a deal to sell 53% stake of its New Zealand subsidiary Contact Energy for approximately US$3.06 ($4.65 NZD) per share in an attempt to reduce the company’s debt and costs. Image of BassGas…
BG Group’s revenue and operating income may have decreased in 2Q 2015, but the soon-to-be acquired company has also hit several milestones, including reaching record production levels in two countries. BG's QCLNG pipeline in Australia…
The Yolla-6 development well at the BassGas project offshore Australia has been successfully tied-in to export facilities on the Yolla platform and production from that well has commenced, according to partner AWE Ltd. Image from Origin…
A busy week for global news mid-July sent crude prices plummeting. The agreement between the Greek government and European financial ministers left a lingering uncertainty hanging over the Eurozone, with several high profile organizations remaining openly critical of it…
Mexico’s national oil company Petróleos Mexicanos (PEMEX) suffered a 62% loss in its net income in 2Q 2015 of nearly US$52 billion ($84.6 billion MXN), a significant difference when compared to last year’s net income loss of $32.1 billion ($52…
In today’s climate, helping the next generation understand the importance and longevity of the oil and gas industry is more important than ever, says SPE Offshore Europe co-chairman Charles Woodburn. Elaine Maslin explains. Charles Woodburn…
The 2010 Deepwater Horizon spill came back to haunt BP once again in 2Q 2015, as the company reported a massive loss of US$6.3 billion, largely due to the deadly Gulf of Mexico incident. Bob Dudley…
In advance of 2015 Deepwater Intervention Forum held in Galveston, Texas, OE’s Managing Editor Audrey Leon discusses the intervention market in the wake of the downturn, and speaks with several forum board members ahead of the show on 11-13 August…
Subsea 7 expects to save US$550 million through its plans to cut 2500 jobs and 12 vessels from its fleet, the firm said today as the offshore industry continues to suffer from low oil prices. The firm, which had announced its staff and vessel reduction plans in May…
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