Petrobras CEO Maria das Gracas Foster and five directors stepped down from their posts on Wednesday (4 February) following months of scandals. Gracas Foster has been at the helm of the national operator since 2012, and spent over 30 years with Petrobras…
Orderbooks reflect reined-in spending based on conservative near-term oil price estimates. ABS’ James Graf sets out the detail. MODU new construction projects through 4Q/14. Source: ABS. Weak demand…
Super major Shell is curtailing its spending by more than US$15 billion over the next three years and has futher options to reduce spending, the supermajor announced this morning, citing the dramatic, nearly 60% drop in oil prices over the past six months…
Over supply of oil, diminishing returns and an increasing rig fleet will challenge rig operators in 2015. Rystad Energy’s Joachim Bjørni and Oddmund Føre look for a ray of light. Graphs from Rystad. Throughout 2014…
Trelleborg Sealing Solutions’ (Trelleborg) new website, the Knowledge Center, will showcase best practice in sealing technology and aim to bridge the gap between design engineers’ needs and standard technology documentation, bringing useful information together as part of one digital portal…
US$75-80 barrel oil price will be the new norm, industry commentators predicted Tuesday morning. But how long it will take to get there is the greatest uncertainty. Elaine Maslin reports. Uncertainty around how long oil prices will remain around US$50/bbl and…
New York-headquartered Hess says it is cutting its 2015 capital and exploration budget by 16%, compared to 2014, to US$4.7 billion. While the firm said most of the cash (45%/$2.1 billion) would be spent on its unconventional shale resources…
With Mexican oil open to private investment for the first time, the country’s initial bidding round is expected to remain competitive despite low oil prices, delays and a number of uncertainties, according to research and consulting firm GlobalData…
Deloitte’s Petroleum Services Group’s latest North West Europe Review has revealed a drop in drilling, deals and new field start-ups in 2014. Deloitte says the drop in drilling was consistent with expectations, given recent trends and market conditions…
Egypt’s bid to pay off its mountain of debt to international oil companies and improve contract terms could create a rush of activity to make up for lost time. Patrick Werr reports. Former chairman of Egypt’s state-owned gas holding company…
High costs and weaker oil prices could drive cost cuts, which, while leading to a short-term drop in activity, would strengthen Norway's petroleum industry over the long-term, according to the Norwegian Petroleum Directorate (NPD). The…
Independent oil firm Premier Oil is sticking to an eight-well exploration campaign in 2015, including its four-well campaign in the Falkland Islands, due to start in March, and its first well in the emerging Mandal High play offshore Norway…
Lekoil Nigeria is eying a two-phase field development plan for its Otakikpo marginal field project offshore Nigeria. The firm, which received approval, in early December 2014, to perform planned recompletions of the 002 and 003 wells on Otakikpo…
A new oilfield consultancy has been launched by GE Oil & Gas and McDermott International to “transform the development of front-end solutions for offshore fields.” Io oil & gas consulting, deliberately spelled without capital letters by the firms…
An urgent report to address major concerns about the health of the North Sea oil industry amid the plummeting oil price has been commissioned by the UK Government. The UK Secretary of State for Energy and Climate Change, Rt Hon Edward Davey MP (pictured)…
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