BP unveiled its long-term strategy and how it’s managing the company’s upstream business in a presentation to investors, including reducing capital spending by US$1-2 billion across the group, which could incur $1 billion in restructuring charges over the next five quarters…
Spain's Repsol has agreed a deal to buy Canadian exploration and production company Talisman Energy for US$8.3 billion plus debt - amounting to the largest international deal by a Spanish company in five years. The deal, which had been rumored for some months…
Kosmos Energy and partner Europa Oil & Gas are eyeing exploration drilling on new prospects offshore Ireland following new 3D seismic data on frontier exploration licenses (FEL) 2/13 and 3/13 licenses in the South Porcupine Basin. Kosmos Energy acquired the new 3D seismic in 2013…
Floating production and mooring specialists SBM Offshore is cutting 1200 jobs and relocating its headquarters from Monaco to Amsterdam, the firm announced this morning. SBM said: 'In light of market conditions and in order to optimize the company's cost base…
Ophir Energy signed a production sharing contract (PSC) with the Myanmar Ministry of Energy to finalize the award of Block AD-03, offshore Myanmar. Upon the terms of the agreement, Ophir will be the operator with a 95% interest in the 10…
Australia's WHL Energy has identified new leads offshore after assessing the Junon 3D seismic dataset acquired within its offshore Seychelles project area. WHL Energy received an interim PreSTM data set for the Junon 3D seismic survey…
While high development costs are deeming many Australian liquefied natural gas (LNG) projects economically unfeasible, the country should stay focused on these rather than gambling on floating liquefied natural gas (FLNG) technology too soon…
Stone Energy’s Cardona deepwater development in the US Gulf of Mexico came online in November ahead of its sanctioned schedule and under budget. Image from Stone Energy. Cardona is located…
Petrotrin workers called for a strike by the Oilfields Workers’ Trade Union (OWTU) after management refused wage increases. The action could shutter the country's refinery. Energy Minister Kevin Ramnarine addressed the Trinidad and Tobago Parliament today on the financial status of Petrotrin…
Weatherford International plc signed a definitive agreement with an affiliate of the Lubrizol Corp. for the sale of the Weatherford’s engineered chemistry and integrity drilling fluids business. The businesses will be sold for US$750 million in cash…
Petróleos Mexicanos (Pemex) installed the CA-Litoral-A production processing and compression platform in the Tsimin-Xux development project in the Bay of Campeche, Gulf of Mexico (GoM). Image from Pemex…
Petrobras hit first oil with the floating production and storage offloading unit (FPSO) Cidade de Ilhabela in the Sapinhoá field in the pre-salt Santos basin, offshore Brazil. Cidade de Ilhabela. From BG Group…
Leading industry executives including BP CEO Bob Dudley cautioned against “over-reacting” to current low oil prices at global industry forum. 'While there has been some speculation that the high cost of unconventional oil production might…
Fosun International subsidiary Transcendent Resources has almost completed its off-market takeover bid of Roc Oil. The Hong Kong-based Fosun announced that it has received acceptances of 92.595% of all existing Roc shares, which translates to 363…
Upstream market growth is expected to remain strong in the Middle East, despite falling oil prices and the potential impact this might have on offshore activity globally, predict analysts and oilfield services firms. Speaking ahead of this week's ADIPEC conference in Abu Dhabi…
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