Swedish oil exploration and production firm Lundin Petroleum has dropped its capital spending budget 26% compared to 2016, but still expects a positive year as production at Edvard Grieg ramps up. Lundin's exploration spending will drop 64% compared to 2015…
Schedule slippage is an ever-present reality for exploration and production (E&P) projects, especially for the more complex mega-projects, says Norwegian oilfield analysts Rystad. 'In addition to subsurface challenges, above-ground issues…
Ecopetrol's fully-owned subsidiary, Hocol Petroleum, has formed a new company called Ecopetrol Costa Afuera Colombia, which will now be responsible for offshore exploration and production activities off Colombia. These activities are…
China’s CNOOC commenced production at the Kenli 10-4 oilfield, offshore China. The Kenli 10-4 oilfield is located in the South of Bohai at about 15m water depth. In addition to fully utilizing the existing facilities of Kenli 10-1 oilfield…
READ has launched a new micro-leak detection solution, which will deliver answers for on the spot well integrity management decisions, to help maximize operational safety and minimize downtime, the company said. The diagnostic solution…
From 2014 to 2040, global energy demand will increase by 25% due to population growth and economic expansion, according to ExxonMobil’s 2016 edition of The Outlook for Energy. Energy demand. Graph from ExxonMobil…
Hess Corp.’s 2016 exploration and production capital and exploratory budget has been reduced 40% compared to 2015, with the bulk of it going to offshore production, developments, exploration, and appraisals. Tubular Bells in the Gulf of Mexico…
Petrobras stopped production from its P-31 floating production, storage and offloading (FPSO) unit offshore Rio de Janeiro for the second time this month, after gas and oil leaks occurred earlier this week, according to the Sindipetro Norte Fluminense union…
Equatorial Guineas’ Ministry of Mines, Industry and Energy, on behalf of the government of Equatorial Guinea signed a production sharing contract (PSC) with ExxonMobil E&P Equatorial Guinea (Offshore) and GEPetrol for Block EG-06, offshore Bioko Island…
Shell’s full year 2015 results are expected to record a significant drop of about 54% compared to 2014, in addition to a reduction of some 10,000 positions across BG Group and Shell in an effort to streamline and integrate the two companies…
Trendsetter Engineering has announced the successful qualification of our high‐temperature, metal‐to‐metal sealing TEX‐5 gasket. The TEX‐5 gasket is featured in Trendsetter’s proprietary Trendsetter Connection System (TCS) vertical flowline connection system…
Beijing-based China National Offshore Oil Corp. (CNOOC)’s 2016 business and development plan shows a slight reduction of about 5% when compared to 2015 due to continued challenges with low oil prices. Image of CNOOC's Golden Eagle…
Implementation day for the Joint Comprehensive Plan of Action (JCPOA), an agreement among Iran, the P5+1 (the five permanent members of the United Nations Security Council and Germany), and the European Union (EU), occurred on 16 January…
The United Arab Emirates (UAE)'s chances for taking on some of the world’s future floating production and storage offloading (FPSO) vessel construction are diminishing as the global market looks set to stall for at least five years, with local demand for floating facilities little better…
The second appraisal well, SNE-3, to be drilled on the SNE oil field, 100km offshore Senegal, has been re-entered and will now be drilled to planned total depth. SNE-3 well, located approximately 3km south of the initial SNE-1 discovery well…
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