Chinese oil firm CNOOC says it is planning to invest RMB 105 billion (US$17.35 billion) to 120 billion ($19.82 billion) on projects during 2014. Nexen Inc, bought by CNOOC in early 2013, will account for about 19% of the spending. Overall…
Vagit Alekperov, OAO LUKOIL President, and Emilio Lozoya, General Director of Mexico’s Pemex, signed a cooperation agreement today at the World Economic Forum Annual Meeting in Davos, Switzerland. The document was signed in the presence of Enrique Peña Nieto…
BPZ Energy announced positive year-end results from Block Z1, off Peru. The company said that it boosted Block Z1's current gross production levels in excess of 4,900 bo/d, and that several more development wells are planned to be drilled in the area…
Fundy Tidal Inc.'s turbine project in the Bay of Fundy, off Nova Scotia. www.fundytidal.com
Norway’s government has offered a record 48 companies stakes in 65 new production licenses in its 2013 Awards in Predefined Areas (APA 2013) licensing round. The move sets a record, both in the number of production licenses offered and the number of companies involved…
Middle East-based offshore support vessel company Topaz Energy and Marine has acquired two large and modern anchor handling towage and supply vessels (AHTSV) for about US$100 million. The vessels, the Caspian Challenger and the Caspian Endeavour…
PTTEP and Pertamina agreed to form a 50:50 joint venture to buy Hess’ assets offshore Indonesia for US$1.3 billion. The companies will gain 75% stake in Pangkah field and 23% in the Natuna Sea A field. The Pangkah transaction will be finalized in Q1 2014…
Emerson creates new reservoir modeling software Emerson Process Management released Roxar RMS 2013, the latest version of its reservoir modeling software. RMS 2013 includes model-driven interpretation capabilities and new solutions for seismic…
Schlumberger released the Vx Spectra surface multiphase flowmeter, which enables operators to obtain flow rate measurements in production testing and permanent monitoring. The Vx Spectra 19mm monitors low-rate producing wells down to 30 b/d…
EV launched its Optis HD Electric line camera, which provides vital diagnosis to the well intervention market. It has the capacity to stream color video at a maximum of 25 frames per second. The new camera features improve speeds and picture…
Aker Solutions developed the Casing Stabilizer Arm (CSA), which eliminates the need for a person to be elevated on a derrick for tubular makeup. The stabilizing mechanism is stowed approximately 33 ft. above the drilling floor and includes…
GAC EnvironHull has launched HullWiper, a new innovation offering diver- free, cost effective and eco-friendly underwater hull cleaning. The compact, remotely-operated vessel cleaning vehicle is capable of cleaning up to 2000sq m of hull per hour without damage…
N-Sea’s TUP Diving System® can be equipped with a hyperbaric lifeboat, offering a safer, more efficient solution to the market. The system consists of a 3-man diving bell, launch and recovery system, triple-lock decompression chamber, gas diver control…
Following its 10,625nm (19,678km) voyage from China, the FPSO Cidade de Ilhabela arrived at Brazil's Brasa yard on Jan. 12 ready for the next step in its journey: bare hull and topside integration. Conversion work was completed in China in October 2013…
UK-based engineering and project management firm AMEC has said it has made a provisional offer to buy Switzerland-headquartered Foster Wheeler AG for US$3.2 billion.Foster Wheeler is an international engineering, construction and project management contractor…
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