Louisiana-based LLOG Exploration Co. began production from the Delta House floating production system (FPS) in the Gulf of Mexico. Delta House. From LLOG. Delta House is located in Mississippi Canyon 254…
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…
Young Okunna, GlobalData's upstream analyst covering Sub-Saharan Africa reported that the current downturn in oil prices has not slowed down in the region. Although several firms have cut back on their global exploration budgets, the region continues to attract activity…
China's Zhuzhou China South Rail Times Electric completed a £130 million acquisition of the UK-based ROV and trenching equipment manufacturer Specialist Machine Developments (SMD), also known as Soil Machine Dynamics. Zhuzhou specializes…
Shell takeover target BG Group has continued a dry exploration run offshore Norway with its latest exploration well near the Knarr field. The 34/3-5 well, on production license 373 S, in 403m water depth, was drilled about 5km southeast of Knarr in the Northern North Sea…
While the latest revisions to the terms for shallow water areas in Mexico’s first licensing round have increased the attractiveness of the production sharing agreement terms by improving the contractor’s upside potential, the benefits remain…
The rapid and aggressive response by oil and gas companies to low oil prices has stabilized the sector; the price required for companies to be cash flow neutral in 2015 has dropped by over US$20/bbl to $72/bbl. Wood Mackenzie believes further…
Woodside made a gas discovery at its Pyxis-1 exploration well in production license WA-34-L, offshore Western Australia. Map of WA-34-L. From Woodside. The well intersected approximately 18…
Houston-based BPZ Energy, that is currently under chapter 11 protection, is suspending its Corvina CX15-9D well offshore Peru after failing to produce oil. Map from BPZ. The well…
The first signs of a recovery in the oil price have been seen and opportunities are opening up in the Mediterranean for Europe to significantly reduce its reliance on energy imports, delegates at the 12th Offshore Mediterranean Conference (OMC 2015) heard this morning…
Several floating wind turbines have been installed in recent years, with operational turbines in Norway, Japan and Portugal. Floating turbines have several benefits over their conventional counter-parts – firstly, they are more economically efficient…
Despite the recent memorandum of understanding (MOU) between Rosneft and Golar LNG, the former’s current gas strategy is narrowly focused on developing domestic reserves and initiating liquefied natural gas (LNG) projects in Russia, according…
The oil and gas industry is responding to the low oil price environment with exploration budget cuts in 2015 which will average 30%, leading to suggestions that exploration activity could be significantly curtailed. However in an effort to drive value…
The MacArtney Group is premiering its latest feats of innovation and system development within the realm of underwater technology with the brand new NEXUS MK VII multiplexer. The group says that the NEXUS MK VII is a highly versatile HD and standard video…
Kristian Siem was early in his career when in 1978, with the market at rock bottom, he formed an investment group to take a punt on a rig. Now 65, the founder and chairman of Siem Industries, and chairman of Subsea 7 and Siem Capital, as well as director of a host of other companies…
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