North Energy has signed a sale and purchase agreement with Pure E&P Norway, whereby North Energy sells its 10% interest in production license (PL) 708 to Pure. The effective date of the agreement is set at 1 January 2015, and the transaction…
French oil major Total has scaled back its production target for 2017 after announcing further investment cuts and project delays. Total says it is executing its plan to reduce capital spending to US$23-24 billion in 2015, from the peak of $28 billion in 2013…
Ireland-based explorer Providence Resources has signed a strategic and incentivised exploration collaboration agreement with Schlumberger in respect of the southern Porcupine and Goban Spur Basins, in which Schlumberger will underpin Providence’s…
Shell’s Portrush prospect in the Norwegian Sea encountered no hydrocarbons and will be permanently plugged and abandoned, according to partner Faroe Petroleum. Image of the Transocean Barents. From Transocean…
China’s Silk Road Fund (SRF) entered into an agreement with Russia’s Novatek to acquire 9.9% equity stake in the Yamal LNG project. Map of Yamal. From Total. Should the deal be approved…
Shell has started drilling on the Portrush exploration well 6407/10-5 in the Norwegian Sea. The Portrush prospect is in license PL793 about 10km southeast of the producing Statoil-operated Njord field and 20km west of the Shell-operated Draugen field…
Angola's national oil company Sonagol and Houston-based Cobalt International Energy have signed a sale and purchase agreement allowing Sonangol to acquire all of Cobalt's 40% participating interest in Blocks 21/09 and 20/11 offshore Angola for US$1…
Chevron’s results for 2Q 2015 show the company in a drastic drop of nearly 90% compared to last year, from substantial impairments that have lead the company to implement multiple efforts to improve future earnings and cash flows. Image…
Engineering firm Wood Group has since its revenues slide 20% to US$3 billion as it suffers from the reduction in activity in the oil and gas sector caused by operators tightening their belts amid low oil prices. The firm, which has reduced its headcount 13% since December…
French oil major Total has followed in Statoil's footsteps this morning, announcing 2Q profits which beat predictions as it increased production and refining. The firm saw new projects start in Angola (CLOV), the North Sea (West Franklin Phase 2) and Russia…
SBM Offshore completed the project financing of the Cidade de Saquarema floating production and storage offloading vessel (FPSO) for a total of US$1.55 billion, which is the largest project financing in the company’s history. Modules…
Brazilian prosecutors presented formal charges against Marcelo Odebrecht, CEO of Brazil's largest construction firm Odebrecht SA; Otavio Marques Azevedo, CEO of Andrade Gutierrez; and 20 others on Friday 24 July with charges of corruption…
Edison Norge's exploration well on the Haribo prospect in the Norwegian sector of the North Sea has been declared dry. Partner Noreco Norway said well will now be plugged and abandoned. The well spudded on 21 June using the semisubmersible drilling rig Transocean Searcher…
After postponing a final investment decision due to the low oil prices last December, Australian operator Woodside Petroleum has announced it will press forward into the FEED phase for its long-struggling Browse LNG mega project. The…
Akastor has announced that its board of directors has appointed Kristian Røkke as its CEO. Røkke will succeed Frank O. Reite, who will take the position of CFO at Aker. Røkke, who is currently chairman of Aker Philadelphia Shipyard (AKPS)…
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