Subsea 7’s cost reduction program announced today includes cuts to its workforce by almost 20%, vessels by 28%, and is expected to lead to a corporate restructuring. Image from Subsea 7. The…
Spain’s Repsol is rolling out a new organizational structure following the acquisition of Canadian oil company Talisman Energy that places Repsol as one of the world’s largest private oil companies. Imaz…
Ultra-HPHT, other technologies advance despite oil price drop, but actual deployment in Gulf of Mexico could slow. Bruce Nichols puts it in perspective. Anadarko’s Lucius Truss Spar, located in 7100ft of water…
In the words of a wildly popular weekly US television series: “BP, you are in danger. Hess…you’re safe!” Due to current low oil price realizations, BP's consolidated cash flows in 1Q fell to about US$1.9 billion, a significant fall from a year ago…
Celebrating its 40th Anniversary, Offshore Engineer (OE) and Hasbro Inc, an American multinational toy and game company, teamed up to create a custom MONOPOLY Game for the offshore industry. The OE 40th Anniversary Collector’s Edition MONOPOLY…
BP and Total beat analysts’ predictions by reporting better than expected results this morning, despite consistently low oil prices. French oil major Total saw its fastest production growth in more than a decade and gains in its refining…
Low oil prices are challenging oil and gas operators. Two Houston-based companies, Fieldwood Energy and Schlumberger, whose operations are mainly in the Gulf of Mexico (GoM) discussed some challenges that their companies face due to today’s…
Jeannie Stell looks at offshore heavy oil development economics with an eye on the current low-price environment. ExxonMobil expects its 52-well Hebron development project offshore Newfoundland to bring in first oil in 2017…
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…
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…
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…
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…
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