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…
After many years of decline, production of petroleum and other liquids in the United Kingdom (UK) increased by about 100,000 b/d in 2015, according to the US Energy Information Administration (EIA). The largest contribution to this…
Polarcus has announced the purchase of a complete marine seismic in-sea acquisition system (Streamer Package) from Dolphin Geophysical, for a price of US$11.5 million. The Streamer Package comprises 12 x 8100m active streamers and all peripheral in-sea equipment…
US supermajor Chevron is set to shave its budget by as much as 36% by next year, as the company approaches the finish line for global construction projects, and sets its sights on increasing production. Jack/St…
Malaysia’s Petronas is pumping the breaks on its Petronas floating LNG 2 (PFLNG 2) project after the company suffered lower revenue and profit last year due to the low oil price environment. Image of the PFLNG 1…
Oil production in the US Gulf of Mexico (GoM) will reach record high levels in 2017, due to some 14 projects starting up during 2015-17, despite low oil prices. Anadarko's Heidelberg. Image from Anadarko…
Australia-based Otto Energy may leave the Philippines to focus on its North American assets, leaving joint venture partner Red Emperor Resources with an option to takeover more stake in SC 55. Map of SC 55…
Noble Energy revealed a 15,000 boe/d increase in its Q4 2015 sales volumes for both offshore and onshore fields to an estimated 405,000-415,000 boe/d. Map of Noble's Gulf of Mexico assets. Image from Noble…
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