Atlantic Petroleum entered into a US$1.1 million (DKK 7 million) sale and purchase agreement with Bridge Petroleum for its 25% interest in the Orlando development, offshore the UK. The deal also includes a deferred consideration in the…
Offshore wind is headed toward new highs with the North Sea region serving as the backbone of the global market, says Douglas-Westwood’s Celia Hayes. Image from iStock. The offshore…
Global upstream capital spending from 2015 out to 2020 has been reduced by 22% or US$740 billion, however, when cuts to conventional exploration investment are included, the figure increases to just over $1 trillion, Wood Mackenzie said. Image…
Some 28% of UK-based subsea industry firms have seen their sales drop by 50% of more since the start of the oil price collapse, according to a snapship survey by industry body Subsea UK. Yet, almost 80% of those surveyed said they were…
Saipem has been awarded new drilling contracts and extensions to existing contracts in Portugal, Norway, Morocco, Saudi Arabia, Kazakhstan and Latin America, with a cumulative value of approximately Euro 150 million (US$170.48 million). Eni…
Jobs supported by the UK’s offshore oil and gas industry, currently under the severe strain of continued low oil prices, will have fallen by the end of 2016 by an estimated 120,000 since their peak in 2014. New employment figures based…
Shell’s deepwater production could double, to some 900,000 boe/d in 2020, compared with 450,000 boe/d in 2015, the super major said this morning. Setting out its capital spending plans up to 2020, which are to be capped at US$25-30 billion a year…
Petrobas' pre-salt production has reached 40% of all the state-oil firm's production in Brazil and 12 more systems are due online in the Santos Basin alone by 2020, the firm has said. The milestone was reached as over all pre-salt production set new highs…
French group ENGIE's Norwegian business has hailed an increase in gas production on its Gjøa field by 17.5% and an increase in the ultimatly recoverable reserves by 60 MMboe. 'Gjøa was originally designed to export 17 MMscm/d. That we are currently producing 20 MMscm/d…
Oil major Shell has said it is to cut around 475 jobs from its UK and Ireland business by the end of this year as it further reduces its cost base. The firm has already announced more than 10,000 jobs cuts globally, including some 2800…
The downturn is forcing operators to go back to the drawing board in order to advance projects. EIC Analyst Angeline Elias provides an overview of activity in Asia Pacific. Dockwise loading out the SHWE platform…
Australian operator Carnarvon Petroleum has acquired 100% of WA-523-P Australia’s North West Shelf (NWS). Carnarvon says the area offers it a great opportunity at a low cost, given today's oil price environment. In total, within about 40km around WA-523-P…
The UK oil and gas industry is set to become a pioneer in decommissioning activity globally and has the opportunity to become leaders in this field according to Wood Mackenzie. 'Although decommissioning in the North Sea has been an impending reality for some time…
UK supplier of subsea umbilicals and power cables JDR has been awarded a contract by GE Oil & Gas, on behalf of operator ONGC, for the Vashishta and S1 development project, offshore India. The Vashishta and S1 fields are in the KG Basin…
Oil major BP has bought a 16% stake in the high-pressure, high-temperature (HPHT) Culzean development project in the North Sea, doubling its stake to 32%. BP has acquired the stake from JX Nippon. Maersk Oil North Sea operates the US$4…
Subscribe
