BPZ Energy spudded a new well in the Albacora development well, offshore Peru. Map of Block Z-1. From BPZ. Well A-22D was spudded on 10 January due to positive results from Albacora well A-27D…
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…
Companies in the deepwater drilling market have lost more than half of their value over the last year; Transocean, Seadrill, ENSCO and Diamond Offshore are currently priced 56% lower on average compared to January 2014 in line with the decrease in oil prices…
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…
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)…
UK North Sea industry body Oil & Gas UK has said called on the UK Government to abolish a 30% charge on oil and gas producers as oil fell to its lowest prices in nearly six years. The body says oil and gas producers in the basin are unable to cover their costs at US$50 a barrel…
Italy's Edison is to acquire Apache Beryl I's assets in license P185 Block 15/22 in the UK Central North Sea, including non-operated stakes in the Scott (10.5%) and Telford (15.7%) fields. This deal, which is subject to customary closing conditions…
A selection of the country’s most innovative, dynamic and successful subsea businesses have made it on to the final shortlist for the annual Subsea UK Awards. The gala event, on 11 February at the Aberdeen Exhibition and Conference Centre…
From 2011 to 2014, we observed the largest oil supply shock in history: US shale oil production was adding more than 1 MMbbl/d every year, or more than the growth of global demand for oil. OPEC faced a risk of critical reduction in market share…
First oil production has started from ConocoPhillips Eldfisk II project in the Norwegian North Sea. The Eldfisk II project includes plans to drill 40 new production and water injection wells from the new Eldfisk 2/7 S platform. One of four pre-drilled wells is currently online…
As oil prices move ever lower, Wood Mackenzie assessed at what price the operating cash flow from producing oil fields turns negative. Negative operating cash flow can be an immediate brake on production. While Wood Mackenzie does not think this floor will necessarily be triggered…
Predicting oil price movements is as risky as exploring for oil itself. The average price for crude fell 10.3% from the start of 2014 to the date of the Scottish independence referendum on September 18. It fluctuated over this period – but few…
GlobalData’s Adrian Lara sheds light on the kinds of deepwater projects expected to advance while the price of oil continues to fall. Engineers from Jumbo Maritime deliver 25 MOF caissons for the…
The world's oil and gas exploration companies are expected to cut capital expenditures 17% this year as a deep slump in crude oil prices takes a toll on budgets, according to a survey by Cowen and Company, released Wednesday. The survey…
Drilling rig operator Seadrill has exercised a purchase option for the West Polaris, a 6th generation ultra-deepwater drillship, from Ship Finance International Limited. The West Polaris was acquired by Ship Finance in 2008, and subsequently…
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