As OE takes a look back on the year that was 2016, our website's most popular stories pretty much tell everything you need to know. It has been a depressing year for the industry with too many job cut announcements, rigs and vessel stacked (or sold)…
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…
Nido Petroluem is launching a US$24 million (A$31.9 million) offer to fund drilling of an appraisal well to the Galoc discovery, offshore the Philippines. Nido is looking to raise the funds through an 11.2 for 1 pro‐rata renounceable entitlement offer of new shares at an offer price of $…
Mexico’s Petróleos Mexicanos (Pemex) is looking to turn its financial structure around in 2017 by placing, repurchasing, and exchanging bonds. Image from Pemex. Yesterday (3 October)…
Development costs to first oil for the Sea Lion project off the Falklands have been reduced to US$1.5 billion with more savings possible, according to partner Rockhopper exploration. The UK-based independent also says the 2C, or proved plus probable reserves…
Noble Energy has been named the successor operator of the Thunder Hawk production facility, according to the company’s Q2 2016 report. Scant on details, Noble did confirm that the deal is expected to become effective within Q3 2016, subject to regulatory approval…
Nearly 400 members of Unite and RMT unions working for Wood Group across eight Shell oil and gas platforms in the North Sea have gone on strike today. The strike is the first in 28 years and is over a dispute over 30% pay cuts and changes to allowances…
While outages in Canada and Nigeria have helped a rally in oil prices, the outlook for 2017 isn't looking favorable as new projects come online, says Douglas Westwood. Matt Cook, who has authored the firm's World Drilling and Production…
Otto Energy and partner Red Emperor received approval from the Philippines Department of Energy for a two-year moratorium on required work activity under Service Contract 55, offshore the Philippines following failed attempts to find commercial discovery at Hawkeye…
Atlantic Petroleum entered into a US$1.1 million (DKK 7 million) sale and purchase agreement with Bridge Petroleum for its 25% interest in the Orlando development, offshore the UK. The deal also includes a deferred consideration in the…
Oil major BP has bought a 16% stake in the high-pressure, high-temperature (HPHT) Culzean development project in the North Sea, doubling its stake to 32%. BP has acquired the stake from JX Nippon. Maersk Oil North Sea operates the US$4…
UK-based procurement services firm Craig International has launched, at OTC, a new platform to help oil and gas companies offload surplus stock and buy other products and equipment they need at competitive prices. Craig Collaboration…
Kory Kinney, of IHS, takes a look at some of the projects underway in the US Gulf of Mexico. As we move through 2016, construction activity in the US Gulf of Mexico has begun dwindling…
Apache is moving ahead with its Callater development in the Beryl area despite spending cut backs in its North Sea business. The firm has awarded Subsea 7 an engineering, procurement, installation and commissioning (EPIC) contract as part of its Callater field development…
Norwegian independent Det Norske has agreed to buy Centrica Resources Norge's operated stakes in the Frigg Gamma Delta and Rind discoveries in the Norwegian sector of the North Sea. Subject to the deal being agreed by regulatory authorities…
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