Wood Mackenzie’s annual review of Norway's upstream oil and gas industry concludes that the sector showed no signs of slowing down in 2013.The review cites high levels of development spend, asset deals, exploration activity, and a record NKr 176 billion (US$30 billion) capital investment…
Lundin Petroleum AB is to increase its spending on new developments by 25%, to US$1.4 billion, in 2014. The majority of the cash (75%) will be spent on ongoing projects offshore Norway, with most of the rest being spent on the Bertram development in Malaysia…
The floating LNG (FLNG) market is poised for increased investment and activity from 2014 to 2020, with Douglas-Westwood forecasting total expenditure of US$64.4 billion in its new market report. Two-thirds of this spend is attributed to liquefaction infrastructure…
Asset integrity services firm Stork Technical Services has agreed to sell its subsea division to Netherlands-based N-Sea Group. Stork said the move followed a strategic review of its core business and would enable it to focus on key services and innovations…
Statoil has made a gas discovery in the Askja West prospect and an oil discovery at the Askja East prospect in the Norwegian sector of the North Sea. The exploration wells, 30/11-9-S and 30/11-9-A, were drilled using the Ocean Vanguard semisubmersible…
Royal Dutch Shell plc announced the successful completion of the acquisition of Repsol S.A.'s liquefied natural gas (LNG) portfolio outside North America for a headline cash consideration of US$4.1 billion. As part of the transaction…
The importance of safety in the offshore industry will be the subject of discussion at the next evening meeting and supper hosted by the Energy Institute in Aberdeen. Guest speaker Steve Bullock, senior vice president HSSEIA Offshore Projects and Operations at Petrofac…
Marathon Oil has said it is to start marketing its UK North Sea and Norway assets as part of a continued portfolio optimization strategy. Marathon Oil president and CEO Lee Tillman said the move came as the business was focusing activity on US resource plays…
A European consortium, led by NEL in the UK, has been awarded a three year research project to establish a reference measurement network and standards aimed at improving the accuracy of subsea multiphase flow measurement for the oil and gas industry…
Hans-Joachim Polk took over as managing director for Hamburg-based RWE Dea AG’s UK subsidiary in August. Polk, a 22-year veteran of the German exploration company, began his career in 1991 as a production operations engineer. He eventually…
Noble Energy has made two deepwater discoveries in the Gulf of Mexico and offshore Israel. The Dantzler exploration well, located 12 miles west of the firm’s Rio Grande development in Mississippi Canyon 782, has encountered over 120 ft of net pay…
GMC Inc.’s Clyde Crochet discusses a self-installing tower, currently deployed off Peru, which offers a new substructure solution compared to conventional jackets/piles. The buoyant tower concept represents an innovative bridging design…
PTTEP and Pertamina signed a 50:50 joint venture to buy Hess' assets off 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…
Houston’s Cobalt International Energy, Inc. reported that its Lontra #1 presalt discovery well in Block 20, offshore Angola, found more oil and gas than estimated. Drill stem test placed Lontra’s well production at a stabilized flow rate of 2…
Cairn India Ltd. today announced that its board of directors approved a proposal for the buyback of equity shares of the company from its existing shareholders. The buyback would be done from the open market through the stock exchanges…
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