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…
Austria's OMV says it is to delay projects, setting back its production targets, due to the 'rapid fall' in oil prices. CEO Gerhard Roiss said the fall in Brent oil prices by 58% since a high in mid-2014 represented a 'seismic shift' for the industry…
Super major Shell is curtailing its spending by more than US$15 billion over the next three years and has futher options to reduce spending, the supermajor announced this morning, citing the dramatic, nearly 60% drop in oil prices over the past six months…
US$75-80 barrel oil price will be the new norm, industry commentators predicted Tuesday morning. But how long it will take to get there is the greatest uncertainty. Elaine Maslin reports. Uncertainty around how long oil prices will remain around US$50/bbl and…
North Sea oil independent EnQuest is expecting its 2015 production to be at least 10% above previous expectations, and announced a 40% cut in capital spending, easing concerns the firm could breach debt covenants. EnQuest said 2014 production was up 17% compared to 2013…
Oil and gas operators will need to cut costs by US$170 billion, or 37%, to maintain net debt at 2014 levels at a Brent oil price of $60/barrel, analysts Wood Mackenzie said this morning (23 January). Wood Mackenzie also says large-scale…
UK Prime Minister David Cameron has reinforced the government’s support for the North Sea oil and gas industry at a meeting with industry representatives, hosted jointly with Treasury ministers Danny Alexander and Priti Patel. Chief Secretary…
Lekoil Nigeria is eying a two-phase field development plan for its Otakikpo marginal field project offshore Nigeria. The firm, which received approval, in early December 2014, to perform planned recompletions of the 002 and 003 wells on Otakikpo…
An incident on the BP-operated Central Area Transmission System (CATS) riser platform during a restart in the middle of December means output on the Huntington field, and others, remains restricted. Partners in the E.ON operated Huntington field…
An urgent report to address major concerns about the health of the North Sea oil industry amid the plummeting oil price has been commissioned by the UK Government. The UK Secretary of State for Energy and Climate Change, Rt Hon Edward Davey MP (pictured)…
Italy's Edison is to acquire Apache Beryl I's assets in license P185 Block 15/22 in the UK Central North Sea, including non-operated stakes in the Scott (10.5%) and Telford (15.7%) fields. This deal, which is subject to customary closing conditions…
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…
The fall in oil prices to their lowest in five years could mean current proposals for new North Sea tax allowances do not go far enough, oil and gas industry body Oil & Gas UK has said. The comments followed a new report from the Scottish…
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