Rex International (RII) entered into a subscription agreement with Lime Petroleum Norway (LPN) for about US$11.72 million (NOK 100 million) as capital injection for Lime’s drilling program obligations. Image from Rex…
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…
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…
This year has been a year of anniversaries for many, not least OE, which celebrates its 40th anniversary this year, alongside first oil from the North Sea. Another firm marking a milestone is Schilling Robotics, now FMC Technologies Schilling Robotics…
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 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…
Some 140 fields could cease production on the UK Continental Shelf over the next five years, according to research by analysts Wood Mackenzie. The firm says high oil prices have enabled North Sea operators to extend field life and delay decommissioning time and time again…
Premier Oil is aiming to award front-end engineering and design (FEED) contracts for the North Falklands Sea Lion project in 4Q this year, partner Rockhopper Exploration says. Sea Lion is about 220km north of the Falkland Islands in 450m water depth…
Day 1 opening plenary on “How to Inspire the Next Generation,” featuring: Professor Brian Cox; Keisuke Sadamori, IEA; Liz Rogers, Head of Environment and Social Responsibility, BP; Simon Bittleston…
Stork successfully installed Emerson Process Management’s Roxar SandLog wireless sand erosion monitoring solutions on a major North Sea operator’s installation. The collaboration with Stork marks the first installation of the Roxar…
A high oil price has enabled operators to extend field life and delay decommissioning time and time again on the UK continental shelf (UKCS), however, the current low oil price has brought into stark relief that this cannot continue indefinitely concludes a new analysis by Wood Mackenzie…
Rosneft succumbed to a drop in revenue and net income for 1H 2015, however came out ahead in its 2Q 2015 results with an increase of as much as 150%. Image from Rosneft. Revenue for 1H came in at US$46…
Aker Solutions appointed David Clark as regional president of the UK and Africa to oversee an expansion and support operations in these markets. He will assume the position on 21 September 2015 and report to CEO, Luis Araujo. Clark, a UK national…
The speakers at Wednesday's Oil & Gas UK economic report release highlighted the need for a major transformation to take place within the oil and gas industry. All noted that problems in the UKCS began long before the decline in oil prices…
An aging asset doesn’t mean unmanageable, unprofitable and inoperable. There is still potential to be realized from the UK Continental Shelf (UKCS), despite the challenges of the current climate. In terms of oil alone, it is estimated that there are around 25 billion barrels to be recovered…
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