UK Chancellor George Osborne has announced a package of measures to support the North Sea oil and gas industry, which he said was in “pressing danger” from low oil prices. Presenting the UK’s 2015 Budget, Osborne (pictured) said: “It’s…
UK offshore industry trade association Oil & Gas UK has called for 'urgent action' to reduce and simplify North Sea oil and gas taxation, including a double digit reduction in the Supplementary Corporation Tax on UK producers. The trade body…
While most oil and gas operators and service companies are reducing expenses to keep costs down, some companies are beginning to falter due to financial distress. This month alone, two Houston-based companies, BPZ Energy (which trades under the name BPZ Resources) and Cal Dive International…
Germany's Wintershall has taken over the operatorship of the subsea oil and gas field Vega from Statoil as it gears up to develop the Maria field. Vega is the BASF subsidiary’s first operated subsea tie-in field in Norway. With this transfer…
The recent downturn in oil prices is expected to have minimal direct impact on Gulf of Mexico (GOM) crude oil production through 2016 because of the long timelines associated with GOM projects, according to a new report by the US Energy Information Administration (EIA)…
Industry cost-cutting and job cuts will get worse before it gets better, industry leaders told a business seminar in Aberdeen on 3 March. But, despite the gloom, they also said that the industry also needed to send out a more positive message…
The UK’s new offshore oil and gas regulator is to require the top 20 North Sea operators by volume to present stewardship plans by April, as part of a string of actions to turnaround the industry published yesterday (25 February). Stewardship…
INTECSEA has appointed JP Kenny director Dave Baker as Director of its UK operations. Baker (pictured) will officially join INTECSEA in April 2015, following more than 35 years' industry knowledge and expertise. His most recent role was Managing Director at JP Kenny…
'Through-cycle' UK-based oilfield engineering and services firm Wood Group has weathered the oil price down-turn with an increase in revenues and profits in 2014. But, the firm said it would continue to take action to increase efficiencies…
Oil and gas explorers must rethink their capital expenditure on exploration activity across the African continent in the wake of the significant drop in the global oil price, according to an analysis on the oil and gas industry in Africa released by PwC today (17 February)…
Johan Sverdrup was proven in two stages, but it was clear from the start that this was actually one gigantic oil discovery. Ranked by size, it is number five on the Norwegian ranking list. First out was Lundin, which in 2010 made a discovery they called Avaldsnes…
Eni's Goliat cyclindrical floating production, storage and offloading (FPSO) platform, built in South Korea and now destined for the Barents Sea, has finally been loaded ready for transport to Norway. The 107m-diameter Goliat platform…
The North Caspian Operating Co. (NCOC) awarded Saipem a US$1.8 billion engineering and construction contract to build two pipelines for the Kashagan field project, offshore Kazakhstan. Image from NCOC…
First oil from the Nasr oil field, 130km offshore Abu Dhabi, started 24 January, according to partner, Japan's INPEX. First production has been achieved through existing facilities - the Abu Al Bukoosh (ABK) and Umm Shaif oil fields…
Kuwait Petroleum Corp.'s (KPC) CEO today said the company would be increasing output, a move he says will put pressure on deepwater projects as well as the likes of onshore oil sands and expensive unconventional projects. Nizar Al-Adsani said the market…
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