When the oil price drops, people want to know how long the decline will last and when it will go back up. Manouchehr Takin, a London-based international oil and energy consultant, tried to make sense of the economic side of low oil prices at yesterday’s SPE Offshore Europe breakfast briefing…
Husky Energy has commenced production from a second oil well at the South White Rose extension drill center offshore Newfoundland and Labrador. The two wells are expected to ramp up to a combined net peak production of 15,000 b/d. South…
The continued low oil price has led to some 5500 job losses in the UK North Sea since late 2014, according to new figures released by the Oil and Gas Authority today. The organization, a new independent regulatory body, set up earlier…
Amidst the gloomy days of August when Brent Crude bottomed out at $42/bbl, the acquisition of Cameron by Schlumberger (US$14.8 billion) took place as one of the largest mergers in the oil patch, following the tie-up of Halliburton and Baker Hughes ($32 billion) in November 2014…
Norway's official statistics organisation, Statistics Norway, has predicted that oil prices are set to remain low and only gradually increase to around US$60 in 2018. The organization said yesterday that low spending will also result in a drop in investment of almost 33% from 2013 to 2018…
Nigerian operator Yinka Folawiyo Petroleum (YFP) has hit hydrocarbon pay at the Aje-5 production well on the OML 113 license, offshore Nigeria, according to partner Panoro Energy. Aje is an offshore field located in the western part of…
The recent rise in domestic crude oil production from 5.6 MMb/d in 2009 to 8.7 MMb/d in 2014 and the prospect of continued supply growth have sparked interest in the question of how the relaxation or removal of current policies, which restrict…
A team of subsurface and facilities engineers have been working together to create a viable, small footprint solution for a string of sour fields in the UK’s Outer Moray Firth. Mike Cooper explains. Cooper…
Drilling on Statoil’s Mariner will be a mega project – but Statoil is looking to lighten the load in ways that could only be done on such a large project. Elaine Maslin found out more. The Mariner field concept artists’ illustration…
Hurricane Energy has proven commercial oil can flow from its fractured basement oil reservoirs West of Shetland – it’s next job is finding an economical solution to get it to market. Elaine Maslin reports. Artist's…
Offshore energy production in the Gulf of Mexico has experienced relatively minor disruptions because of tropical storms and hurricanes in recent years, and the National Oceanic and Atmospheric Administration (NOAA) has predicted a below…
North Sea-focused Independent Oil and Gas (IOG) is aiming to drill an appraisal well on the Skipper discovery later this year with contractor led funding. Image from IOG. The…
Statoil’s exploration and discovery efforts in the Gulf of Mexico are moving forward, as the Norwegian giant announced the spudding of the Yeti appraisal well earlier this month on 12 August. Transocean’s Discoverer Americas drillship…
Low global crude prices have hit Saudi Arabia hard. With a considerable budget deficit, Saudi has been forced to begin borrowing from capital markets – US$4 billion in July. The kingdom is highly reliant on oil – accounting for more than 90% of budget revenues…
After nearly two years, Gazprom Neft Shelf has brought its second well into production at the Prirazlomnoye field in the Russian Arctic. Image of the Prirazlomnaya field. From Gazprom. Prirazlomnoye is located in the Pechora Sea…
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