Offshore drilling rig operators have put a positive spin on the tough market conditions, suggesting that the downturn could improve the global fleet and offer opportunities to buy distressed assets. Seadrill CEO and President Per Wullf said while…
Statoil and Wood Group Mustang Norway (WGMN) completed the hook-up of the Valemon platform in the North Sea. Valemon. From Statoil. WGMN teamed with the Korean engineering, procurement…
The outlook for mergers and acquisitions in the oil and gas service sector in 2015 will hinge upon the resilience of businesses and a recalibration of pricing expectations, according to energy specialist corporate advisory firm Simmons & Co…
MEO Australia is eying drilling on its Beehive oil prospect after an international exploration company executed an option which will allow it to farm-in to any of MEO Australia's WA-488-P, AC/P50 and AC/P51 permits off northwestern Australia…
Rosneft CEO Igor Sechin addressed the International Petroleum (IP) Week forum in London, stating that the oil markets are in a fairly acute crisis. Image from Rosneft. “In the second half of 2014 there was a drop in oil prices…
Fugro launched its G4 service, in the field of GNSS augmentation systems for offshore positioning applications. The new satellite correction service is the first to take advantage of all four GNSS (global navigation satellite systems): GPS…
Singapore-based KrisEnergy increased its stake in Blocks 105 and 120 offshore Vietnam. Map of Block 105. From KrisEnergy. KrisEnergy now holds 33.33% in each block after Neon Energy…
US oilfield services giant Weatherford has joined its big three competitors in announcing a headcount reduction amounting to thousands as the industry faces cut backs into 2015. Weatherford says it is targeting a 5000 cut in staff, more than 85% of which will be in the Western Hemisphere…
Subsea industry leaders were told not to 'waste a good crisis' today (February 11), with simplified engineering, a calibration of costs and better collaboration key focus areas. A sense of urgency is needed to re-baseline costs, which should have been addressed already years ago…
A three phase asset management strategy could help counter costs, says ABB’s Will Leonard. In mid-December, the price of oil fell further after the International Energy Agency (IEA) forecast weaker demand in 2015. Brent crude fell to around US$60 a barrel…
Gas has been found in great quantities offshore East Africa. What will be the challenges around getting it to shore? Alex Hunt takes a look. The East African coastline. Image from the GRID-Arendal Continental Shelf Programme…
Kuwait Petroleum Corp.'s (KPC) CEO today said the company would be increasing output, a move he says will put pressure on deepwater projects as well as the likes of onshore oil sands and expensive unconventional projects. Nizar Al-Adsani said the market…
Oil and gas industry sentiment in the UK plunged dramatically in Q4 2014, according to the results of a survey published today. Oil & Gas UK’s Business Sentiment Survey says optimism in the oil and gas industry fell 16 points to -23 points on a -50/+50 scale…
Voluntary oil production cuts to support oil prices have been ruled out in favor of a brutal process of natural selection to correct the market. The most efficient producers will be left standing as growth slows and companies cut capital budgets and reduce headcounts…
With oil prices depressed, Greg Hale argues that automation could make a much needed difference in the offshore industry. The scenario is set and it is time for everything to play out: automation can come to the rescue of the offshore oil and gas industry…
Subscribe
