Shipping and offshore specialist law firm Wikborg Rein says current low oil prices could mean there are bargains to be had for investors in the offshore sector who follow recommended procedures for assessing and acquiring distressed companies…
Bad weather has delayed first oil from Premier Oil's Solan project, in the West of Shetland area, until January, the firm announced on 23 December. Premier Oil stated in its operations announcement that further progress has been made…
Marred by corruption and market turmoil, Petrobras, the operator of key pre-salt projects for Brazil’s oil production over the next five years, is one of many Brazilian oil and gas companies facing a difficult financial future in the short term…
Noble Energy revealed a 15,000 boe/d increase in its Q4 2015 sales volumes for both offshore and onshore fields to an estimated 405,000-415,000 boe/d. Map of Noble's Gulf of Mexico assets. Image from Noble…
Energy analysts Douglas Westwood say the oilfield services market has seen a 39% drop in capex in the last year, with North American expenditure falling the hardest, at 55%. The group, discussing its World Oilfield Services Market Forecast…
US-based Freeport-McMoRan (FCX) is cutting two vessels in the Gulf of Mexico in an effort to defer investments in several of the company’s long-term projects due to the oil and gas market slump. Image from FCX…
Total has brought on stream its ninth project since the start of this year, its Moho Phase 1b project, 75km off Pointe-Noire, Congo. The project, with 40,000 boe/d production capacity, sits in 750-1200m water depth and comprises 11 new…
Apache is to increase investment in drilling to 78% of its annual capital spending in 2016-2020, compared to 51% in 2012-2015, a business breakfast was told in Aberdeen this morning. Investment in seismic will double, from 5% of its capital spending to 10%…
It goes without saying that Art Berman with Labryrinth Consulting Services has a belief about oil prices that is likely not shared by many in the oil and gas industry: Berman believes the prices should be lower. “Prices have to fall further…
You’ve found the oil. Now drill into significant cost savings.Having the resources is only the start. It’s knowing how to maximise the potential as cost-efficiently as possible is the key. Based on knowledge gained over 500 global drilling operations…
Even before the drastic drop in oil prices, deepwater extraction costs were under examination, as costs had nearly quadrupled in the past 10 years. The price collapse has created a greater urgency for rethinking how the industry does business…
The Israeli Minister of National Infrastructure, Energy and Water Resources rejected Delek Group’s petition for Alon B/365, Alon F/369, Ruth A/358 and Ruth B/359 licenses offshore Israel. The rejection follows the Oil Commissionaire’s previous decision not to approve the extension request…
Wind farm owners representing 12 % of global turbine assets have founded a new peer-to-peer online platform called o2o Wind, dedicated to the exchange of knowledge and experience on operation and maintenance issues. The o2o Wind forum…
With a mere four orders so far this year the floating production system (FPS) sector is suffering. However, things are anticipated to be better next year, with the US Gulf of Mexico (GoM) in particular, having a surprisingly bright future…
Norway's Det Norske has bought UK-based independent explorer Premier Oil's Norwegian assets for US$120 million, just a month after agreeing to buy Svenksa Petroleum for $75 million. The Premier Oil assets include the Vette development…
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