Tullow Oil signed a contract in 2014 with ExproSoft for the continued use of WellMaster – the global well equipment reliability database. By tracking the failures of all their active wells, the operator enables increased production and reduced…
As oil prices move ever lower, Wood Mackenzie assessed at what price the operating cash flow from producing oil fields turns negative. Negative operating cash flow can be an immediate brake on production. While Wood Mackenzie does not think this floor will necessarily be triggered…
Wood Group PSN (WGPSN) has said it is cutting the rates paid to its UK-based limited company offshore and onshore contract workers in response to 'cost efficiency challenges affecting the UK North Sea oil and gas sector.' In addition…
Less than one year into his tenure as the President and CEO of KBR, Stuart Bradie will spend up to US$1 billion to streamline and reorganize the energy engineering and construction giant following the results of a strategic review he initiated in June…
Industry body Oil & Gas UK is calling on the UK Government to offer fiscal support for exploration in the UK North Sea, alongside lower taxes, and simpler field allowances. The call, made in the body’s Economic Report 2014, comes as the UK’s oil and gas industry faces rising operating costs…
Operating costs have been listed as the critical “change issue” by the offshore industry, according to research at this week’s ONS 2014 in Stavanger. A Lloyd’s Register Energy survey of exhibitors at ONS 2014 revealed more than 44% of…
UK offshore oil and gas industry optimism continues to decline amid rising operating costs and a decline in exploration activity. But, despite the declining optimism, sentiment in the industry still remains positive, according to Oil & Gas UK’s Q1 2014 Business Sentiment Index…
Wood Group subsidiary Wood Group PSN has put its money where its mouth is and announced plans to address cost escalation in the North Sea by reducing rates paid to its UK-based onshore contract workers. The firm said the move was in response…
Poor weather and high costs have impacted Q1 exploration and appraisal drilling activity on the UK Continental Shelf, according to a report by Deloitte. The report, which details activity across North West Europe during Q1, was compiled by Deloitte’s Petroleum Services Group (PSG)…
A striking comment was made by the head of CNR International at a breakfast briefing in Aberdeen this week. James Edens, VP and Managing Director at CNR International (UK), said UK North Sea production in 2013 was 1.43MM boe/d—the lowest it had been since 1977…
Oil & Gas UK has underlined calls for a need to change how the UK North Sea oil and gas industry is managed by warning that exploration in the basin is facing its biggest challenge in 50 years and that capital spending is expected to halve by 2016-17…
BG Group has cut its 2014-15 production forecasts and issued a series of force majeure notices under its LNG agreements in Egypt. The notices are due to the diversion of gas volumes to domestic markets in excess of existing pooling arrangements…
Atwood Oceanics, Inc. announced that one of its subsidiaries has been awarded a two-year contract extension by CEC International, Ltd. for the jackup Atwood Manta. The extension is priced at a day rate of $159,500 in Thailand and begins December 2…
Process industry software provider Aspen Technology, Inc. announced the release of aspenONE V8 software. aspenONE V8 delivers a new version of Aspen HYSYS; solids modeling functionality (acquired from SolidSim earlier this year) integrated within Aspen Plus…
High demand for goods and services helped push up building and operating costs for upstream oil & gas facilities over the six-month period covering 3Q 2011 to 1Q 2012, according to two IHS cost indexes. The IHS Upstream Capital Cost index rose 2…
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