Swiss multinational commodity trading group Glencore has confirmed it is in the final stages of negotiations over buying a 19.5% stake in state-owned Russian oil firm Rosneft. The acquisition would be as part of a consortium with the…
Russia's Rosneft is to take a 30% stake in the Shourouk Concession, offshore Egypt, containing the supergiant Zohr gas field. Rosneft will pay operator Eni US$1.125 million and a share of past expenditures, which amount so far at about $450 million…
French independent Perenco has acquired a 70% interest in the Teak, Samaan and Poui Block (TSP) in Trinidad and Tobago. The interest in the fields, offshore south east of Trinidad, has been bought from Repsol E&P T&T, a subsidiary of Spain's Repsol…
Manila’s Asian Development Bank (ADB) is investing US$1 billion in the expansion of the BP-led Shah Deniz II project, offshore Azerbaijan in the Caspian Sea. Welding of Shah Deniz II jackets being fabricated at BDJF…
2016 has been a year of challenges for the oil and gas industry. Audrey Leon surveys some of the year’s notable starts. Shell’s Stones project came online in September 2016, using the Gulf of Mexico’s second ever FPSO…
Atlantic Petroleum issued notices to Iona Energy Co. (UK), which is in administration, to remove Iona as the operator of the Orlando and Kells licenses, offshore the UK. Atlantic has requested special meetings of the joint operating committees of UK Licenses P…
BP has agreed to buy a 10% interest in the Shorouk concession offshore Egypt, containing the super-giant Zohr gas field, for US$375 million. As part of the deal with Eni, BP will also reimburse Eni for BP’s share of past expenditure…
Centrica plc entered a deal to sell its entire portfolio of gas assets in Trinidad and Tobago to Shell E&P for an initial cash consideration of US$30 million (£24 million). The assets consist of a 17.3% interest in the producing NCMA…
UK independent EnQuest has brought its Scolty and Crathes development in the UK North Sea onstream. The firm also confirmed sailaway of the US$2.6 billion Kraken development floating production, storage and offloading vessel is due in coming days…
Australia’s Karoon Gas is in the middle of an injunction order by the Brazilian court regarding its deal with Petróleo Brasileiro (Petrobras) for the acquisition of two offshore fields, in which Petrobras intends to appeal. Image from Karoon…
Italy's Fincantieri has offered to buy out all the shares in shipbuilder Vard. Shipbuilding group Fincantieri, which is listed in Italy and is currently the majority shareholder in Vard, with 55.63% of shares, is offering S$0.24 a share in cash for Vard…
Singapore-based Sembcorp Marine entered into an agreement to sell its 30% stake in Cosco Shipyard Group (CSG) in a US$156 million (S$220.68 million) deal with China Ocean Shipping Group Co. (COSCO), eliminating the majority of Sembcorp’s interest in CSG…
A total of 32 crude and natural gas projects are expected to commence operations in the North Sea region by 2025, with the UK claiming the highest number at 22, followed by Norway and Denmark with nine and one respectively, according to research and consulting firm GlobalData…
GE and Maersk Drilling have entered into a partnership to collaborate on a data analytic-driven pilot project with the aim to increase Maersk’s drilling vessels’ productivity and significantly reduce maintenance costs by up to 20%. The…
Total investment in oil and natural gas extraction in Norway was 21% lower in 1H 2016 compared with 1H 2015, a decline of about US$3.5 billion (NOK 20.9 billion). However, investment cuts have affected some segments of the industry more than others…
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