With oil prices plummeting to a five year low, and project cut backs likely in 2015, short-term funding for US shale may lose out to the country’s higher cost deepwater developments, the latest article by leading petroleum industry advisor Gaffney…
While high development costs are deeming many Australian liquefied natural gas (LNG) projects economically unfeasible, the country should stay focused on these rather than gambling on floating liquefied natural gas (FLNG) technology too soon…
Ophir Energy signed a production sharing contract (PSC) with the Myanmar Ministry of Energy to finalize the award of Block AD-03, offshore Myanmar. Upon the terms of the agreement, Ophir will be the operator with a 95% interest in the 10…
Stone Energy’s Cardona deepwater development in the US Gulf of Mexico came online in November ahead of its sanctioned schedule and under budget. Image from Stone Energy. Cardona is located…
The UK government gave consent for the Hornsea Project One offshore Yorkshire. Project One will be made up of three offshore wind farms with a maximum capacity of 1200MW and covers a 407km area located 64 mi. off the Yorkshire coast. Once built…
BP unveiled its long-term strategy and how it’s managing the company’s upstream business in a presentation to investors, including reducing capital spending by US$1-2 billion across the group, which could incur $1 billion in restructuring charges over the next five quarters…
Weatherford International plc signed a definitive agreement with an affiliate of the Lubrizol Corp. for the sale of the Weatherford’s engineered chemistry and integrity drilling fluids business. The businesses will be sold for US$750 million in cash…
For the UK Oil & Gas industry, today’s Autumn Statement by British Chancellor of the Exchequer George Osborne, offered the first cut in tax rates for the UK North Sea in 21 years. “There is record investment this year in the North Sea…
Petróleos Mexicanos (Pemex) installed the CA-Litoral-A production processing and compression platform in the Tsimin-Xux development project in the Bay of Campeche, Gulf of Mexico (GoM). Image from Pemex…
SBM Offshore is selling its DSCV SBM Installer, a diving support and construction vessel (DSCV) to joint venture OS Installer AS for US$150 million in cash. The SBM Installer. From SBM Offshore. Both…
Petrobras hit first oil with the floating production and storage offloading unit (FPSO) Cidade de Ilhabela in the Sapinhoá field in the pre-salt Santos basin, offshore Brazil. Cidade de Ilhabela. From BG Group…
Benchmark Brent crude plunged to a four-year low, below US$73 a barrel, yesterday (27 November) after oil cartel OPEC chose to leave its 30MMbbl/d output target unchanged at its latest meeting in Vienna. The move, led by Saudi Arabia…
Offshore systems supplier MacArtney UK has announced the acquisition of Ellon-based Callidus Subsea. The acquisition supports MacArtney UK’s targets to become a market leader in the design and production of cable assemblies and moldings…
An underlying growth in global supply capacity, which is significantly outstripping demand, may mean that the world has now passed the peak price for oil, a report commissioned by Gaffney, Cline and Associates (GCA) suggests. The report…
Fosun International subsidiary Transcendent Resources has almost completed its off-market takeover bid of Roc Oil. The Hong Kong-based Fosun announced that it has received acceptances of 92.595% of all existing Roc shares, which translates to 363…
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