Norwegian firms have chalked up yet another subsea first on the country's continental shelf. Just weeks after Statoil brought the Aasgard subsea gas compression project online, on 17 September, Statoil has announced it has now also started…
In Repsol's 2016-2020 Strategic Plan, unveiled today, the company vowed to cut spending by 38% and divest US$7.1 billion (€6.2 billion) in non-strategic assets. The company said it expected to make half of those divestments in the next two years…
While much of SPE Offshore Europe focused on the North Sea, there was also a strong global focus, via UK Trade and Industry’s country briefings, as well as keynote sessions looking at global security issues. John Bradbury sat in on the “Security of staff and assets” keynote…
The recently introduced 4-stroke diesel engine, Wärtsilä 31, has been selected to power a new generation icebreaker currently under construction at the PJSC Vyborg Shipyard. The ship is being built on behalf of FSUE Atomflot, the enterprise of ROSATOM…
London-listed oil and gas industry service provider Petrofac is facing legal action from a Chinese yard after terminating a construction contract for its newbuild JSD 6000 deepwater multi-purpose offshore vessel. Petrofac says the termination…
Petrobras has further revised down its investment plans for 2015 and 2016, opting to cut US$3 billion in spending in 2015, and $8 billion in 2016, the Brazilian state-owned firm announced on 5 October. In June, embattled operator approved a new five-year investment plan for 2015-2019…
Phoenix, Arizona-based minerals company Freeport-McMoRan (FCX) may be done with its foray into the oil and gas sector, nearly three years after the journey began. On Tuesday, the company announced that in consideration of spinning off its oil and gas business…
Arctic drilling has made headlines since the announcement of Shell’s 2015 summer drilling campaign. Paired with the low oil prices due to a surplus of supply, many people wonder why we even need to drill in the Arctic when there is so much oil right now…
Nominations have opened for the 2016 Subsea UK Awards. Now in its 10th year, the awards seek to recognise companies and individuals who are leading the way in Britain’s successful £9billion subsea sector. Entries are being sought for the best subsea company of the year (large and small)…
In response to the decline in crude oil prices since mid-2014, the number of active offshore rigs has declined worldwide, dropping close to 20%, says the US Energy Information Administration (EIA). There were 304 offshore rigs operating in August 2015…
When the oil price drops, people want to know how long the decline will last and when it will go back to “normal.” Audrey Leon reports on how market watchers and researchers tried to make sense of the downturn at this year’s SPE Offshore Europe conference…
Most of the building blocks are in place for the all-subsea solution. But do they offer an attractive proposition? Elaine Maslin looks at DNV GL’s current thinking. Operations during the Åsgard…
Statoil's US$2.34 billion Asgard subsea gas compression project came onstream last week as the world's first subsea gas compression facility 300m below the surface of the Norwegian Sea. In this illustrated video, the Norwegian giant shows the installation and how it will work…
Sustained low oil prices could lead to a long-term drop in upstream oil and natural gas investment, according to a new report by the US Energy Information Administration. “Given the fall in oil prices that began in mid-2014 and the relationship between oil prices and upstream investment…
In a comprehensive analysis looking at the impact of cost deflation on the global upstream oil and gas sector, Wood Mackenzie concludes that while operators are seeking an average cost reduction of 20-30% on projects, supply chain savings…
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