Since June 2014, the oil price has been on a downward spiral. The price of West Texas Intermediate (WTI), a key global oil price benchmark, has more than halved and fell below US$50/barrel for the first time in 5.5 years yesterday (5 January)…
In 2013, Brazil produced 2MMb/d of crude oil and nearly 1Tcf of gross natural gas. Within these figures, the share of production from presalt resources found under thick layers of salt thousands of feet below the ocean's surface remains small but continues to increase…
Arctech Helsinki Shipyard has moved into full Russian ownership after United Shipbuilding Corporation bought the other half of the company's shares from STX Finland. Finland based Arctech Helsinki Shipyard was founded in December 2010…
From 2011 to 2014, we observed the largest oil supply shock in history: US shale oil production was adding more than 1 MMbbl/d every year, or more than the growth of global demand for oil. OPEC faced a risk of critical reduction in market share…
Chevron has become the latest major operator to join Viper Subsea’s joint industry project (JIP) to develop its subsea integrity monitoring system known as V-IR. The project, which began in October 2013, has already attracted Shell,…
A unique and long-awaited sight arrived at one of Europe's busiest ports today - Allseas' 382m-long, 124m-wide platform installation/decommissioning and pipelay mega-vessel Pieter Schelte. The giant €2.2billion, twin-hull vessel left…
Oilfield services firm AGR has been awarded a three-year well management services contract with options with Edison Norge, supporting Edison across its operating licences, including the its first operated exploration well on the Norwegian Continental Shelf (NCS)…
Russian gas giant Gapzrom is to work with state-owned RUSNANO, a nanotechnology technology commercialization outfit, to develop new technologies and help substitute imported products into Gazprom's production facilities. The firm has also signed agreements with Russian pipe manufacturers…
The Statoil-operated, NOK 22.6 billion Valemon high-pressure, high-temperature, gas and condensate development in the Norwegian sector of the North Sea started first production yesterday (3 January). The Valemon field, containing an estimated 192 MMboe recoverable reserves…
New age technologies block failures, and boost bottom line. Gregory Hale reports. Every minute counts these days. The right decisions hinge on responding to issues before they become big…
First oil from the delayed Brynhild field in the Norwegian North Sea has finally been achieved, a year after it was first due on stream, says operator Lundin Petroleum. The field, which started production on Christmas Day, in production license 148…
Gazprom has agreed to buyout its South Stream Transport partners Eni, Wintershall and EDF just weeks after the project, which was already in construction phase, was cancelled. South Stream Transport was owned 50% by Gazprom, with Eni holding 20%…
The landscape of risk will continue to change in 2015 for the offshore upstream sector. While new risks are expected to appear, many will remain familiar and consistent with recent years. Some of the biggest concerns are also likely to be eclipsed by potential opportunities…
Ithaca Energy has appointed Roy Buchan as its Chief Operations Officer, starting 5 January 2015, and announced that Chief Development Officer John Woods is to leave the company on 31 January. The move comes as Ithaca nears first production…
Hess’s Australian subsidiary, Hess Exploration Australia Pty Ltd. and the North West Shelf (NWS) signed a non-binding letter of intent (LOI) for Hess to develop its natural gas discoveries in its deepwater permits offshore northwestern Australia…
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