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)…
French seismic acquisition firm CGG has posted strong results for Q4 2014 despite the current 'unfavourable' oil price environment. The CGG Oceanic Vega. From CGG. The firm said its anticipates record multi-client sales for Q4 2014…
The Ferguson Group has unveiled a new HVAC system for its workspace modules, which will protect workers from high temperatures and excessive humidity levels whilst offshore. The new HVAC system has been installed in the new workspace…
UK-based oilfield services company Archer has received a 30-day notice of early termination of its modular drilling rig contract for the Archer Emerald from Talisman Sinopec Energy UK. The effective date of termination is expected as the 29 of January 2015…
Lundin Petroleum's exploration well 25/10-12S on the Kopervik prospect is being plugged and abandoned as a dry hole. The well was drilled in production license 625, 175km west of Haugesund on the Norwegian west coast and about 20km northwest of the Johan Sverdrup discovery…
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…
Oilfield services firm AGR has been awarded a three-year well management services contract with options with Edison Norge, supporting Edison across its operating licences, including the its first operated exploration well on the Norwegian Continental Shelf (NCS)…
Aberdeen-based wellhead engineering firm Plexus Holdings has received purchase orders from Brunei Shell Petroleum to supply both high-pressure/high-temperature (HP/HT) and standard pressured wellhead systems and services for three additional exploration wells under an existing four year contract…
Royal IHC acquired a majority stake in Brazilian-based Brastec Technologies. Brastec Technologies designs and builds custom production lines for the production of umbilicals and flexible pipes. The company said the agreement allows them…
McDermott International obtained a contract to install the offshore jacket, deck and piles for the Ayatsil-A drilling platform for Pemex Exploracion y Produccion in the Bay of Campeche Ayatsil field. Ayatsil…
JDR Cables has appointed former Aker Solutions UK regional president David Currie as its CEO and a member of the Board of Directors, effective 12 January 2015. Currie has nearly 30 years’ experience in the global offshore energy industry…
Five companies have been awarded licenses covering 10 exploration blocks in the Adriatic Sea in Croatia's first licensing round. The round had offered 29 blocks in the eastern Adriatic Sea covering a total of 36,822sq km. Bids were received from six companies for 15 exploration areas…
The Statoil-operated, NOK 22.6 billion Valemon high-pressure, high-temperature, gas and condensate development in the Norwegian sector of the North Sea started first production yesterday (3 January). The Valemon field, containing an estimated 192 MMboe recoverable reserves…
BW Offshore has signed a Letter of Intent for a two years extension for FPSO Abo with Nigerian Agip Exploration Limited, an affiliate of Eni, until Q4 2016, with options for additional seven years (until Q4 2023). The Abo field came onstream…
The landscape of risk will continue to change in 2015 for the offshore upstream sector. While new risks are expected to appear, many will remain familiar and consistent with recent years. Some of the biggest concerns are also likely to be eclipsed by potential opportunities…
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