Petrobras spud the second appraisal well at its Carcará pre-salt discovery in the Santos Basin south of Rio de Janeiro, partner Queiroz Galvão announced on 8 January 2015. Queiroz Galvão said Odebrecht Oil & Gas' ODN II drillship, equipped for managed pressure drilling…
The world's oil and gas exploration companies are expected to cut capital expenditures 17% this year as a deep slump in crude oil prices takes a toll on budgets, according to a survey by Cowen and Company, released Wednesday. The survey…
CNOOC encountered oil and gas at its deepwater Lingshui 25-1 prospect in the Qiongdongnan Basin in the South China Sea, the operator confirmed on 6 January 2015. The well was tested to produce about 35.6 MMcf/d of natural gas and 395 b/d of oil…
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)…
Production testing on Karoon Gas Australia's Kangaroo-2 appraisal well offshore Brazil saw flow rates reach 3700 stb/d on a choke, says the firm. The Kangaroo-2 appraisal well, in exploration Block S-M-1165, in the Santos Basin, confirmed…
Eni has started production from Nené Marine field, offshore Congo, just eight months after obtaining the production permit and 16 months following the exploration discovery. The 1.5 billion boe field, in Marine XII Block, about 17 km from the coast and in 28m water depth…
First oil production has started from ConocoPhillips Eldfisk II project in the Norwegian North Sea. The Eldfisk II project includes plans to drill 40 new production and water injection wells from the new Eldfisk 2/7 S platform. One of four pre-drilled wells is currently online…
Petrobras is expected to propose a multi-FPSO development for the deepwater, pre-salt Santos Basin Iara area after submitting a declaration of commerciality to authorities. The Iara area, in block BM-S-11, 214-250km off the coast of Rio de Janeiro…
Norwegian oil exploration firm North Energy has launched a strategic review after being approached over potential strategic opportunities as market conditions remain difficult. The firm says the continued low oil price presents challenges…
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…
Norwegian exploration firm Statoil has made a 6-9MMboe discovery on the Krafla North prospect in production license (PL) 035 in the North Sea, according to partner Det Norske, increasing the Krafla area overall estimates to 75-143boe. The 30/11-10 well…
Spain's Repsol has agreed a deal to buy Canadian exploration and production company Talisman Energy for US$8.3 billion plus debt - amounting to the largest international deal by a Spanish company in five years. The deal, which had been rumored for some months…
Wood Group PSN (WGPSN) has been awarded a five year contract worth about $750million by BP for engineering, procurement and construction services on six UK continental shelf (UKCS) offshore upstream assets and the Forties Pipeline System (FPS) onshore midstream facilities in Grangemouth…
The UK’s oil and gas industry workforce is expected to contract 9%, or by 35,000 jobs, between this year and 2019 according to a newly released report. Produced by professional services firm EY, for Oil & Gas UK, industry skills body OPITO and the Department for Business…
Russian authorities confirmed the reserves in the Pobeda oil and gas field, located on the Kara Sea shelf, Rosneft announced. The field was discovered through the Universitetskaya-1 well. The gas reserves were discovered in the chalk deposits of Cenomanian Age and Apt-Alb Age…
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