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…
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…
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