ConocoPhillips has started drilling on the third well in its Barossa area exploration campaign, Barossa-4, in the Bonaparte basin, offshore Australia's Northern Territory. The latest well follows the Barossa-3 appraisal well…
A US federal district court judge in Louisiana ruled on Thursday that BP’s Macondo well discharged 3.19 million barrels of oil into the US Gulf of Mexico. The ruling means that BP faces a maximum fine of US$13.7 billion under the US…
Italy's Edison is to acquire Apache Beryl I's assets in license P185 Block 15/22 in the UK Central North Sea, including non-operated stakes in the Scott (10.5%) and Telford (15.7%) fields. This deal, which is subject to customary closing conditions…
A new oilfield consultancy has been launched by GE Oil & Gas and McDermott International to “transform the development of front-end solutions for offshore fields.” Io oil & gas consulting, deliberately spelled without capital letters by the firms…
UK North Sea industry body Oil & Gas UK has said called on the UK Government to abolish a 30% charge on oil and gas producers as oil fell to its lowest prices in nearly six years. The body says oil and gas producers in the basin are unable to cover their costs at US$50 a barrel…
An urgent report to address major concerns about the health of the North Sea oil industry amid the plummeting oil price has been commissioned by the UK Government. The UK Secretary of State for Energy and Climate Change, Rt Hon Edward Davey MP (pictured)…
In a year during which the oil price remained stable at circa US$100 per barrel until the last quarter when a significant collapse in commodity price began, activity levels in both the UK and Norwegian sectors have continued to show a distinct divergence…
Deloitte’s Petroleum Services Group’s latest North West Europe Review has revealed a drop in drilling, deals and new field start-ups in 2014. Deloitte says the drop in drilling was consistent with expectations, given recent trends and market conditions…
UK independent explorer Trapoil has been forced to give up a string of licenses in the North Sea after failling to find farm-in partners to help fund work. The firm, which last year cuts its staff and saw its founders leave, 'to maintain value…
A selection of the country’s most innovative, dynamic and successful subsea businesses have made it on to the final shortlist for the annual Subsea UK Awards. The gala event, on 11 February at the Aberdeen Exhibition and Conference Centre…
The fall in oil prices to their lowest in five years could mean current proposals for new North Sea tax allowances do not go far enough, oil and gas industry body Oil & Gas UK has said. The comments followed a new report from the Scottish…
Lundin Petroleum has announced a US$1.45 billion 2015 development, appraisal and exploration budget - representing a 31% drop compared to its forecast 2014 spending. Spending on development projects will drop about 30%, to $980 million…
Predicting oil price movements is as risky as exploring for oil itself. The average price for crude fell 10.3% from the start of 2014 to the date of the Scottish independence referendum on September 18. It fluctuated over this period – but few…
While positive measures have been taken to attract investment in the UK’s exploration and production (E&P) sector, low oil prices and the country’s high tax burden mean that more significant changes are required to make new developments commercially viable…
UK-based oilfield services company Archer has received a 30-day notice of early termination of its modular drilling rig contract for the Archer Emerald from Talisman Sinopec Energy UK. The effective date of termination is expected as the 29 of January 2015…
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