Despite an ample supply of oil and gas assets on the market due to low oil prices, the overall merger and acquisition (M&A) deal count in the upstream energy sector plunged in 2015 as the weakness and volatility in oil prices made it difficult…
Ratings agency Moody's has painted a bleak picture for 2016 for the upstream oil and gas industry. The firm predicts a prolonged period of oversupply will keep oil prices lower for longer and continue to pressure issuers in the oil and gas industry in 2016…
INEOS has agreed to acquire a strong portfolio of natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG, which is part of the LetterOne Group. Image from INEOS. INEOS Upstream will acquire gas fields…
Schlumberger and IBM announced that they have teamed up to provide integrated services to upstream oil and gas customers that they claim will improve the business impact of production operations projects. The offering combines Schlumberger’s production optimization services…
Chevron’s results for 2Q 2015 show the company in a drastic drop of nearly 90% compared to last year, from substantial impairments that have lead the company to implement multiple efforts to improve future earnings and cash flows. Image…
Permasense has opened an Aberdeen office to demonstrate its commitment to upstream clients. This follows the recent launch of ET210 – Permasense’s product for the real-time monitoring of corrosion and erosion at upstream oil and gas assets…
Upstream oil and gas deals activity, including capital markets and mergers and acquisitions, totaled US$23.5 billion from 114 transactions in May 2015, an almost $75 billion drop in value from the $98.4 billion achieved across 111 deals in April 2015…
While Shell’s agreement to acquire BG Group for US$69.9 billion is the largest mega deal since Exxon and Mobil merged in 1998, the underlying market is slow, according to research and consulting firm GlobalData. The company’s latest monthly…
According to the latest analysis from Wood Mackenzie capital and operating costs in the UK and Norway's upstream sectors will decrease steadily this year as operators respond to lower oil prices. Wood Mackenzie projects that the biggest reductions will come in drilling costs…
George L. Kirkland, vice chairman and executive VP of Chevron Upstream, will retire from the company effective 15 June 2015. He will be succeeded by James W. Johnson as executive vice president of Chevron Upstream on 16 June 2015. 'George's…
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…
BP unveiled its long-term strategy and how it’s managing the company’s upstream business in a presentation to investors, including reducing capital spending by US$1-2 billion across the group, which could incur $1 billion in restructuring charges over the next five quarters…
In new analysis prepared for ONS 2014, Wood Mackenzie says the role of incremental projects in Norway is growing in importance, which account for almost half of Norway’s US$200 billion (NKr 1,250 billion) upstream development spend over the next decade…
Oil & Gas UK's Q2 2014 Business Sentiment Index has revealed that industry optimism has fallen for the fifth consecutive quarter, but remains positive, just, at two points above zero on the -50 to +50 index. The industry body described…
Chevron’s leadership set out the oil major’s plans out to 2020 this week, including eying exploration opportunities offshore Greenland, to maintain its reserves hopper. Chevron is planning 20% production growth, from 2.6MMboe/d in 2013…
Subscribe
