Major offshore upstream investment has dwindled to such a level that we may be able to count the number of projects that reached a final investment decision (FID) on just one hand, according to Wood Mackenzie Principal Analyst Angus Rodger…
Baker Hughes’ revenue of US$4 billion in 2Q 2015 marked a 33% drop year-over-year, and the company says it sees no relief in 2H 2015 as unfavorable market dynamics are expected to continue. Image from Baker Hughes Facebook…
PA Resources has submitted an updated plan of development for the Zarat field to Tunisian authorities. The updated plan, developed by PA and partner, state oil company, L’Entreprise Tunisienne d’Activités Pétrolières (ETAP) will see a two phase development…
While at first the oil price seemed to spur a rash of big M&A deals in 2014 and early 2015, analysts at GlobalData and IHS say the market could slow if the oil price doesn’t increase. Jeannie Stell reports. Image from Baker Hughes…
Halliburton’s 2Q 2015 results have the company in the red, with a 16% drop in its total revenue, compared to 1Q 2015, that the company says is due to the industry’s recent downturn. Image from Halliburton…
UK-listed small-cap exploration firm Xplorer has today signed a memorandum of understanding for the acquisition of a working interest in five shallow offshore exploration permits off the coast of Morocco. Xplorer has negotiated the acquisition from Teredo International of Teredo Morocco…
FMC Technologies is down 15% from 2014, however, its subsea orders were stronger, and the company expects them to steadily increase to exceed US$3 billion in 2015. Image from FMC. The company’s 2Q 2015 revenue came in at $1…
UK-based Cluff Natural Resources says it has made 'significant progress' on its plans for exploration drilling in southern North Sea licenses. The company was formed to exploit underground coal gasification (UCG), but it is also exploring for natural gas in the southern North Sea…
North Sea industry stakeholders have called on UK Chancellor George Osborne (pictured) to introduce additional measures to support the ailing oil and gas sector. The Chancellor is due to unveil his Summer Budget tomorrow (8 July). It…
Despite over 37 billion bbl remaining in proven reserves, oil production in Nigeria is forecast to falter due to underinvestment, with the country’s oil and gas sector in desperate need of reforms and transparency to reverse this trend, according…
Mexico’s ALFA S.A.B. and US-based Harbour Energy are terminating the proposed US$5.3 billion acquisition of Toronto-based Pacific Rubiales Energy. Image from Pacific Rubiales. 'The…
China’s national oil companies, Sinopec and CNOOC, want more interests in Brazil’s oil and gas assets, reports Seeking Alpha. The two companies bought into Brazil’s giant deepwater oilfields two years ago, and now seek to increase their holdings as Petrobras continues to sell assets…
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Hungarian exploration outfit MOL Group has completed a deal with UK independent Ithaca Energy, giving it its first step into the Norwegian offshore sector. MOL has bought Ithaca's Norwegian subsidiary, which has stakes in 14 licenses…
Chancellor George Osborne (pictured) has thrown a bone to the North Sea oil industry in his Summer Budget speech today (8 July). Osborne confirmed that the UK Government plans to broaden the types of investment qualifying for the Investment Allowance and cluster area allowances…
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