In Transocean’s fleet update, the Switzerland-based company says it will be scrapping four of its rigs and 16 floaters that will cost up to US$325 million. The Sedco Express. From Transocean. The Deepwater Expedition…
More than 14,000 oil industry professionals are expected to descend on the Italian city of Ravenna this week for the bi-annual Offshore Mediterranean Conference, starting today (25). The city is home to the country’s offshore oil and gas industry…
An American data analytics and risk assessment firm based in Jersey City has bought Edinburgh, UK-based energy and mining industry analyst Wood Mackenzie. Verisk Analytics has agreed to buy the firm for US$2.8 billion from owners Hellman & Friedman and other Wood Mackenzie shareholders…
UK Chancellor George Osborne has announced a package of measures to support the North Sea oil and gas industry, which he said was in “pressing danger” from low oil prices. Presenting the UK’s 2015 Budget, Osborne (pictured) said: “It’s…
UK offshore industry trade association Oil & Gas UK has called for 'urgent action' to reduce and simplify North Sea oil and gas taxation, including a double digit reduction in the Supplementary Corporation Tax on UK producers. The trade body…
While most oil and gas operators and service companies are reducing expenses to keep costs down, some companies are beginning to falter due to financial distress. This month alone, two Houston-based companies, BPZ Energy (which trades under the name BPZ Resources) and Cal Dive International…
GDF Suez E&P UK made a new discovery at the Dalziel structure in the UK Central North Sea. The Transocean Galaxy II jackup. From Transocean. Well 22/16-6 flowed at rates in excess of 8000…
It is widely accepted that the UK Continental Shelf (UKCS) is a high cost petroleum province by world standards. The collapse in oil prices from over US$100/bbl to less than $50 can thus be expected to have a substantial effect on activity levels…
Woodside Petroleum's proposed acquisition of Houston-based Apache's interests in the Wheatstone, Balnaves and Kitimat projects are moving forward after the Australian Competition and Consumer Commission (ACCC) announced that it will not oppose the deal…
Premier Oil spudded its first 2015 Falklands drilling campaign well, 14/15-5, using the Eirik Raude semisubmersible drilling rig on the Zebedee prospect on 6 March. The well, on license PL004b, will test a total of seven stacked fan bodies…
The recent downturn in oil prices is expected to have minimal direct impact on Gulf of Mexico (GOM) crude oil production through 2016 because of the long timelines associated with GOM projects, according to a new report by the US Energy Information Administration (EIA)…
The board of Oil & Gas UK has appointed Deirdre Michie as the organization’s new Chief Executive. Deirdre Michie will take up her position from 1 May 2015, replacing the current Chief Executive Malcolm Webb who formally retires on 31 May 2015…
The UK’s new offshore oil and gas regulator is to require the top 20 North Sea operators by volume to present stewardship plans by April, as part of a string of actions to turnaround the industry published yesterday (25 February). Stewardship…
Statoil has agreed to buy stakes in production license 602, close to the Aasta Hansteen development project, in the Norwegian Sea from Norwegian exploration firm Rocksource and Faroese explorer Atlantic Petroleum. Statoil will take Rocksource’s 10% stake in PL602 and 2…
Offshore drilling rig operators have put a positive spin on the tough market conditions, suggesting that the downturn could improve the global fleet and offer opportunities to buy distressed assets. Seadrill CEO and President Per Wullf said while…
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