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EDINBURGH, United Kingdom -- The drop in oil prices has led to an unprecedented level of uncertainty going into 2015, especially for the prospects of the North American upstream oil and gas sector. While there is a lack of consensus about when oil prices will stabilize and at what level, Wood Mackenzie expects service cost relief, asset high-grading, and efficiency improvements in operations.
ST. PETERSBURG, Russia -- Gazpromneft Sakhalin, a subsidiary of Gazprom Neft, has been awarded subsoil-use rights to two license blocks in the Russian Arctic -- the Severo-Zapadniy (North East) block, located on the Pechora Sea shelf, and the Heysovskiy block, located on the continental shelf of the Barents Sea.
TRONDHEIM, Norway -- Det norske has decided to develop Viper-Kobra. The project comprises two small discoveries in the Alvheim area. According to plan, approximately 7,500 boed will be flowing into the Alvheim FPSO by around Christmas 2016. Viper-Kobra is located in the Alvheim area and consists of two separate discoveries with a potentially connected reservoir. Kobra was discovered in 1997 (production license 203) and Viper (production license 203) in 2009. Viper-Kobra is not a separate field, but constitutes part of Alvheim field. Thus, the development is included in the PDO for Alvheim, as are the other structures in the area.
MADRID, Spain -- Repsol has completed an exploratory well, which began on Nov. 18 in the Atlantic Ocean about 60 km from Lanzarote and Fuerteventura, to analyze the possible existence of hydrocarbons.
CGG’s multi physics business line is up and running PARIS CGG has confirmed that its new multi physics business line is now up and running within its acquisition division. The new business line combines all of CGG’s airborne capabilities with
BP announces 300 North Sea job cuts ROGER JORDAN, Associate Editor LONDON – BP is set to cut 200 onshore staff and 100 contractors following a review of its North Sea operations. The cuts, which were announced to staff today,
STAVANGER, Norway – Norwegian oil and gas investments will tumble this year, the nation' s regulator has warned. According to the Norwegian Petroleum Directorate' s preliminary figures, $22.47 billion (NOK 172 billion) was invested in petroleum activities on the Norwegian shelf last year. Investments are, however, projected to drop around 15% from 2014 to 2015 and by an additional 8% to 2017, and will then plateau with a moderate increase from 2018.
STAVANGER. Norway – Norway’s Petroleum Safety Authority (PSA) is to investigate a lifeboat incident, which occurred on the Mærsk Giant mobile drilling facility on Jan. 14.
Keppel bags $211.95 million contract to build ice class vessel SINGAPORE Keppel Singmarine, a wholly owned subsidiary of Keppel Offshore & Marine, has secured a contract from New Orient Marine, a subsidiary of Luxembourg based Maritime Construction Services, for an
STOCKHOLM, Sweden (Bloomberg) -- Lundin Petroleum and Statoil ended talks on jointly building an oil terminal in Norway’s Arctic, dealing a blow to the nation’s hopes of creating a hub for Barents Sea fields in an effort to revive its falling output. Stockholm-based Lundin’s Alta and Gohta discoveries are too far from Statoil’s Johan Castberg deposits to warrant joint development, and the resource estimate for the Swedish explorer’s discoveries is too uncertain to commit to any investments in an onshore oil terminal or pipelines, said Ashley Heppenstall, its CEO.
Oceaneering announces Shell vessel charter agreement HOUSTON Oceaneering has entered into a two year, multi service vessel charter agreement with Shell for use of the Ocean Alliance in the U.S. Gulf of Mexico commencing Jan. 1, 2015. The Ocean Alliance
N Sea extends charter agreement with Siem Offshore ZIERIKZEE, The Netherlands Following three years of successful operations, N Sea has extended its charter agreement with Siem Offshore, concerning its offshore subsea construction vessel, Siem N Sea, previously Siem Stork. The
RIO DE JANEIRO, Brazil -- In the third quarter of 2014, Petrobras surpassed Exxon Mobil’s oil production, and is now the largest producer of liquid hydrocarbons among its publicly traded peers. Considering oil and natural gas, the company is now fourth in the ranking.
DUBAI -- Seismic acquisition has now commenced on the major new Polarcus Capreolus 3D multi-client project over the Phoenix area that contains the recent Phoenix South-1 oil discovery within the Roebuck basin, offshore Western Australia. The survey is utilizing two high performance 12-streamer Polarcus vessels, Polarcus Amani and Polarcus Asima, operating in tandem in order to maximize production.
Ezra bags $110 million engineering and fabrication contract from Jurong Shipyard for deepwater project in Brazil SINGAPORE Ezra Holdings' wholly owned subsidiary London Marine Consultants (LMC), Ezra’s FPSO Turret Design outfit has been awarded a contract by Sembcorp Marine’s subsidiary
SAACKE receives initial order from the JGC for FLNG BREMEN, Germany SAACKE Marine Systems received an initial order from Japan based JGC Corporation in June 2014 to deliver a complete high temperature water boiler system consisting of a fired hot
GasSecure' s GS01 wireless gas detector to assess offshore grit blasting operations OSLO, Norway The need to squeeze out the last barrel of investment in any oil and gas field has resulted in a global increase in life extension projects for
ION announces 2D regional seismic survey offshore Puntland HOUSTON ION Geophysical has signed an agreement with the Puntland Petroleum and Minerals Agency (PPMA) to complete a multi client 2D regional seismic survey offshore Putland, Somalia. The PuntlandSPAN survey is the
HOUSTON -- Atwood Oceanics has announced that one of its subsidiaries has entered into an agreement to provide drilling services with the jackup rig Atwood Mako.
PAPENDRECHT, Netherlands -- Royal Boskalis Westminster has increased its stake in Fugro, prompting the Leidschendam-based company to reiterate the value it places on being independent.
READING, United Kingdom -- Expro has secured a significant Europe CIS (Commonwealth of Independent States) contract, providing fully integrated well testing and fluid sampling services for Statoil Petroleum in the Norwegian Continental Shelf (NCS). Starting on Jan. 1, 2015, the initial 4-year contract is valued at $200 million with options to extend for a further 6 years.
STAVANGER, Norway -- Investigations conducted by the Norwegian Petroleum Directorate (NPD) have thrown new light on the geology of Svalbard and the northern Barents Sea. According to a venerable hypothesis, sand and shale deposited around the Arctic archipelago derive from an earlier microcontinent -- a kind of sunken Atlantis called Crockerland.
EDINBURGH, United Kingdom -- Investment continued to boom in the UK in 2014 with $19 billion (£12 billion) of capital expenditure pumped into the sector -- keeping the UK in the top 10 countries for upstream spend globally. Wood Mackenzie' s annual United Kingdom Upstream review, says this investment meant after several years of steep decline, UK production stabilised and is even expected to grow in the near term. However, Wood Mackenzie also warns that 2014 was a very challenging year for the UKCS with rising costs, poor exploration results and falling oil prices squeezing already tight project economics -- casting further concern over the outlook for 2015 and beyond.
