OE Daily: 2015 / July

 

Afren goes into administration

Jul 31, 2015

London-based, Africa-focused Afren is entering into administration after failed refinancing and restructuring efforts. Image from Afren. The board appointed Simon Appell, Daniel…

BG breaks records in 2Q

Jul 31, 2015

BG Group’s revenue and operating income may have decreased in 2Q 2015, but the soon-to-be acquired company has also hit several milestones, including reaching record production levels in two countries. BG's QCLNG pipeline in Australia…

Chevron in 2Q drastic drop

Jul 31, 2015

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…

Inpex to drill off Japan in 2016

Jul 31, 2015

Japan’s Agency of Natural Resources and Energy has chosen Tokyo-based operator Inpex to drill an exploratory well in the country’s offshore waters in the Sea of Japan. Exploratory drilling will take place from May to August 2016, 80-86mi…

Saipem to cut jobs, joins Lava Jato scandal

Jul 30, 2015

Eni subsidiary Saipem is implementing a turnaround and US$1.4 million (€1.3 million) cost-cutting program from 2015-2017 that will downsize the company’s Brazilian and Canadian operations, vessels, and implement job cuts. The program also…

Exxon, Rosneft in Mozambique JV

Jul 30, 2015

Russia’s Rosneft and US-based ExxonMobil filed joint bids to participate in Mozambique’s fifth licensing round scheduled to close today (30 July). Map of the Angoche, Zambezi basins. From Mozambique National Petroleum Institute…

Shell: Downturn to last several years

Jul 30, 2015

Oil major Shell today said the oil price downturn could last for several years, as it revealed 6500 expected staff and contractor reductions in 2015, as well as further capital and operational spending cuts. “Operating costs are expected to fall by over $4 billion…

Chevron to cut 1500 jobs globally

Jul 29, 2015

US-based Chevron is cutting 1500 employees in its attempt to slash costs by US$1 billion, with Houston employees getting the majority of the job cuts. Chevron's Big Foot has seen delays this quarter…

Subsea 7: Cuts will save $550 million

Jul 29, 2015

Subsea 7 expects to save US$550 million through its plans to cut 2500 jobs and 12 vessels from its fleet, the firm said today as the offshore industry continues to suffer from low oil prices. The firm, which had announced its staff and vessel reduction plans in May…

Total beats earnings, sells UK stake

Jul 29, 2015

French oil major Total has followed in Statoil's footsteps this morning, announcing 2Q profits which beat predictions as it increased production and refining.  The firm saw new projects start in Angola (CLOV), the North Sea (West Franklin Phase 2) and Russia…

Anadarko hits off Colombia

Jul 28, 2015

Houston-based independent Anadarko Petroleum has made an important gas discovery at the Kronos well, offshore northwest Colombia, in the southern Caribbean. The Bolette Dolphin (pictured, right) drilled the Kronos-1 well, which sits in a frontier deepwater basin in the Fuerte Sur block…

PEMEX plummets in 2Q

Jul 28, 2015

Mexico’s national oil company Petróleos Mexicanos (PEMEX) suffered a 62% loss in its net income in 2Q 2015 of nearly US$52 billion ($84.6 billion MXN), a significant difference when compared to last year’s net income loss of $32.1 billion ($52…

BP sees red over Deepwater Horizon

Jul 28, 2015

The 2010 Deepwater Horizon spill came back to haunt BP once again in 2Q 2015, as the company reported a massive loss of US$6.3 billion, largely due to the deadly Gulf of Mexico incident. Bob Dudley…

Statoil beats estimates but cuts capex

Jul 28, 2015

Norway’s Statoil beat profits forecasts thanks to an increase in production and better refining margins but it further reduced its planned capex as oil prices remain low.  The firm, which saw net income fall to US$882 million (7.2 billion NOK) from 9…

Deepwater Wind lays first foundation

Jul 27, 2015

The first foundation was laid for the US’s first offshore wind farm, 3nm off the coast of Rhode Island, the company behind it, Deepwater Wind, announced on social media Sunday, 26 July. The Weeks 533 crane barge lowered a 400-ton steel…

Excelerate’s Aguirre gets FERC approval

Jul 27, 2015

Houston-based Excelerate Energy received authorization from the Federal Energy Regulatory Commission (FERC) for the Aguirre Offshore GasPort project offshore Puerto Rico. Image from Excelerate…

Aje edges toward first oil

Jul 27, 2015

Drilling has started on the Aje 5 production well in Aje field offshore Nigeria, paving the way for first oil on the floating production, storage and offloading (FPSO) vessel development. The three-phase development, starting with two production wells…

Formal charges filed on Odebrecht CEO

Jul 24, 2015

Brazilian prosecutors presented formal charges against Marcelo Odebrecht, CEO of Brazil's largest construction firm Odebrecht SA; Otavio Marques Azevedo, CEO of Andrade Gutierrez; and 20 others on Friday 24 July with charges of corruption…

Eni signs update to Egyptian agreement

Jul 24, 2015

Representatives of Italian explorer Eni and the Egyptian government gathered in Rome to sign updated Head of Agreement terms, following a new offshore discovery made in the Nile Delta earlier this week. The update says the two will jointly…

Deloitte: Foreign investment in Iran will take time

Jul 24, 2015

The imminent return of Iran to global oil could reshape global oil markets, but foreign investments will only return to the country in the 2020s, according to a new report by business consultancy Deloitte. The firm says the historic agreement…

Oceaneering drops BOP business

Jul 23, 2015

Houston-based Oceaneering International’s 2Q 2015 results has its revenue down nearly 13% year-over-year, and left the company with the decision to end its blowout preventer (BOP) control systems business. Image from Oceaneering…

BSEE limits Shell's Arctic drilling

Jul 23, 2015

Shell’s arrival in the Chukchi Sea came with limitations from the Bureau of Safety and Environmental Enforcement (BSEE) that allows the supermajor to begin drilling, but not into oil-bearing zones just yet. The Noble Discoverer…

New North Sea find near Ekofisk

Jul 23, 2015

Norway's Statoil has made a 15-75 MMboe gas and condensate discovery near the 70-200 MMboe King Lear discovery located just 17km from the Ekofisk facilities. The Julius discovery well 2/4-23S, drilled using the Maersk Gallant jackup in 68m water depth…

Petrobras scandal heats up

Jul 22, 2015

The Petroleo Brasileiro SA (Petrobras) Lava Jato scandal is in the forefront once again as the Brazil state-run company confirmed the findings of contract irregularities; convictions were handed down to three former executives in connection with the scandal…

Keppel inks third GoFLNG conversion

Jul 22, 2015

Keppel Shipyard has signed its third contract with Golar LNG worth approximately US$684 million for a floating LNG conversion. Keppel Shipyard will convert Golar’s Moss type LNG carrier, the Gandria, into a Golar Floating LNG (GoFLNG) facility…

FMC remains positive as results fall

Jul 21, 2015

FMC Technologies is down 15% from 2014, however, its subsea orders were stronger, and the company expects them to steadily increase to exceed US$3 billion in 2015. Image from FMC. The company’s 2Q 2015 revenue came in at $1…

Baker Hughes in 2Q dive

Jul 21, 2015

Baker Hughes’ revenue of US$4 billion in 2Q 2015 marked a 33% drop year-over-year, and the company says it sees no relief in 2H 2015 as unfavorable market dynamics are expected to continue. Image from Baker Hughes Facebook…

Low oil prices to continue

Jul 21, 2015

West Texas Intermediate crude (WTI) fell below US$50/bbl, to $49.93/bbl, on 20 July for the first time since April, despite reports that Saudi Arabian exports have fallen to their lowest in five months. According to statistics published by the Energy Information Agency (EIA)…

Dalia 1A boosts Total's Angola output

Jul 21, 2015

French oil major Total has started production from its Dalia Phase 1A project, boosting the firm’s deep water Block 17 offshore Angola production by some 30,000 b/d. The Dalia Phase 1A project involves drilling of seven infill wells,…

Halliburton seeing red

Jul 20, 2015

Halliburton’s 2Q 2015 results have the company in the red, with a 16% drop in its total revenue, compared to 1Q 2015, that the company says is due to the industry’s recent downturn. Image from Halliburton…

Jubilee gas export outage

Jul 20, 2015

Oil output at the giant Jubilee field has been constrained after gas output was suspended 3 July due to technical issues with gas compression systems on the floating production, storage and offloading (FPSO) vessel Kwame Nkrumah, says operator Tullow Oil…

Wärtsilä realigns, cuts staff

Jul 17, 2015

The weak oil market is causing a restructuring at Wärtsilä’s Ship Power business that will result in rebranding the company and a loss of 600 jobs that will ultimately save Wärtsilä approximately US$43 million (EUR 40 million) annually. Image…

Shell Arctic rigs get BSEE inspection

Jul 17, 2015

The Bureau of Safety and Environmental Enforcement (BSEE) inspected Shell’s drilling rigs for its US$1 billion Arctic drilling program, the Noble Discoverer, Polar Pioneer and the Fennica icebreaker vessel in Alaska. Pre…

ConocoPhillips cancels Ensco drillship

Jul 17, 2015

Houston-based ConocoPhillips terminated its order for the recently delivered Ensco DS-9 deepwater drillship in concurrence to its plans to reduce future capital expenditures in deepwater exploration. The Ensco DS-9…

EMGS in Mexico multi-client survey

Jul 16, 2015

Mexico's Comisión Nacional de Hidrocarburos (CNH) authorized permits for Electromagnetic Geoservices (EMGS) to acquire about 88,000sq km of 3D electromagnetic (EM) multi-client data over a five-year period off Southern Mexico. SENER’s…

Drilling slump "worse than 2008-9"

Jul 16, 2015

The drilling market is turning out to be worse than in 2008-9 and is expected to continue into 2016 and beyond, says Norway’s Akastor as it feels the brunt of the low-oil price driven down turn.  The former Aker Solutions company is planning…

Subsea 7, KBR form FEED alliance

Jul 16, 2015

Subsea 7 has agreed to its second alliance deal in a week, entering into an agreement with Houston-based KBR and its subsidiary Granherne to collaborate in cost effective, concept and front-end engineering and design services (FEED) for the…

Mexico's bleak Round One ends

Jul 15, 2015

Mexico’s National Hydrocarbons Commission (CNH) opened the first public tender process early this morning (15 July) in the country's historic and disappointing Round One that offered Mexico's upstream opportunities to international companies for the first time in decades…

Sembcorp bags mega-lift vessel build job

Jul 15, 2015

Dutch offshore contractor Heerema Marine Contractors (HMC) sealed its deal with Jurong Shipyard to build its new mega-heavy lift crane vessel. HMC had already signed a letter of intent with the Sembcorp Marine subsidiary. Today's engineering and construction contract…

Iran deal agreed - now for the fine print

Jul 14, 2015

Sanctions on Iran’s oil production look set to be lifted after the country and six world powers finally reached a deal over the country’s nuclear program.  The agreement, reached after two years of discussions, following a 12-year stand…

OneSubsea, Subsea 7 form alliance

Jul 13, 2015

OneSubsea and Subsea 7 entered into an agreement to form a non-incorporated alliance to design, develop and deliver integrated subsea development solutions for the oil and gas industry. Image from Subsea 7…

Vallianz, Middle East bucks spending trend

Jul 13, 2015

The Middle East market remains vibrant with producers, led by Saudi Arabia, expected to continue spending to retain market share, Singapore based offshore support vessel operator Vallianz Holdings said today as it announced a US$300 million contract in the region…

Halliburton, Baker Hughes merger gets DOJ extension

Jul 10, 2015

The Halliburton and Baker Hughes US$34.6 billion proposed merger is getting an extension of about 90-days after the two oil giants entered into a timing agreement with the Antitrust Division of the US Department of Justice (DOJ) for its review…

PEMEX bows out of Round One

Jul 10, 2015

Mexico’s national oil company Petróleos Mexicanos (PEMEX) is joining a list of international oil and gas companies by opting out of Mexico’s historic Round One. Image from PEMEX. At an event in Mexico City…

Chevron's Alder commissioning starts

Jul 10, 2015

Chevron Upstream Europe has installed a new topsides module on to its Brittania bridge linked platform, paving the way for the start-up of the Alder. The Alder high-pressure, high-temperature field was discovered in 1975, in Block 15/29a…

Pacific Rubiales buyout off the table

Jul 09, 2015

Mexico’s ALFA S.A.B. and US-based Harbour Energy are terminating the proposed US$5.3 billion acquisition of Toronto-based Pacific Rubiales Energy. Image from Pacific Rubiales.  'The…

Saipem gets official South Stream axe

Jul 09, 2015

Gazprom handed Eni subsidiary Saipem a termination notice for the South Stream pipeline project to transport gas via a pipeline in the Black Sea. Image of South Stream pipelay. Images from Gazprom…

Fugro Americas completes first job

Jul 09, 2015

On 11 June 2015, Fugro’s premier geophysical survey vessel, the Fugro Americas, successfully completed a data-collection project for a geochemical coring campaign in the Caribbean. The project marks the maiden voyage of the new-build vessel…

Premier plows on with projects

Jul 09, 2015

UK-based operator Premier Oil says work on its west of Shetland Solan development remains on track for start up in 4Q, while it looks for cheaper options for its Norwegian Vette project. Premier Oil says it is also moving towards pre…

Two consortia vye for Fortuna FLNG EPIC

Jul 09, 2015

Two consortia of oil services companies have been selected to compete for an EPIC contract on Africa's first floating LNG project through two front end engineering and design contracts. The move will pitch McDermott Marine Construction…

Shell, BG get Brazil green light

Jul 08, 2015

The US$70 billion Shell and BG Group merger cleared Brazilian regulatory approval, bringing it a step closer to its set completion date of early next year, according to a Reuters report. Brazil's Libra field activity…

Baker Huges shows lower rig counts

Jul 08, 2015

According to the Baker Hughes offshore rig statistics, Latin America’s rig count is 62, down from 69 a month ago and down from 70 a year ago. The Europe offshore count is holding steady at 48, the same as it was one month ago and one year ago…

Osborne to extend investment allowance

Jul 08, 2015

Chancellor George Osborne (pictured) has thrown a bone to the North Sea oil industry in his Summer Budget speech today (8 July). Osborne confirmed that the UK Government plans to broaden the types of investment qualifying for the Investment Allowance and cluster area allowances…

BG starts renewables-powered platform

Jul 08, 2015

First oil has been produced from the Mukta-B (MB), a four legged renewables-powered unmanned wellhead platform in the offshore Bombay basin, India. The project marked several firsts, including the use of green technology involving hybrid…

Shell's Arctic program hits new snag

Jul 07, 2015

The Fennica icebreaker vessel that Shell planned to use as part of its Chukchi Sea drilling operations had to return to Dutch Harbor in Alaska to undergo repairs after its hull was breeched, Finland-based Arctia Offshore reported today (7 July)…

PEMEX in extortion scandal

Jul 07, 2015

Petróleos Mexicanos (PEMEX) is working with the Secretaría de la Función Pública (SFP) on an investigation involving a PEMEX worker for allegations of extortion from food service and hospitality company Súper Pereyra, S.A. de C.V. Image…

Four exit Mexico’s Round One

Jul 07, 2015

Mexico’s Comisión Nacional de Hidrocarburos (CNH) revealed that four companies have opted to withdraw from the country’s historic Round One in the southern Gulf of Mexico, according to a Reuters report.  Image from Pemex…

All eyes on Osborne for North Sea support

Jul 07, 2015

North Sea industry stakeholders have called on UK Chancellor George Osborne (pictured) to introduce additional measures to support the ailing oil and gas sector. The Chancellor is due to unveil his Summer Budget tomorrow (8 July). It…

Technip to reduce workforce by 6000

Jul 06, 2015

Technip, in anticipation of further challenges in the oil and gas industry, launched a restructuring plan and accelerated its cost reduction plans to reinforce the company through and beyond the downturn, the French company reports. The company targets a savings of €830 (US$918) million…

Ophir to shut offices, cut staff

Jul 06, 2015

UK-based explorer Ophir Energy announced today (6 July) that it will shutter five of 11 offices and reduce its staff as part of a cost reduction program put in place following its acquisition of Salamander Energy. Ophir said the cost…

Perla production begins off Venezuela

Jul 06, 2015

Cardón IV S.A. started production at the giant Perla gas field’s first well in the shallow waters of the Gulf of Venezuela. Map of Perla. From Repsol. Perla, Latin America’s largest offshore gas field…

Baker Hughes inks Johan Sverdrup drilling gig

Jul 06, 2015

Baker Hughes has picked up the US$190 million (NOK1.5 billion) onshore contract for integrated drilling services on the massive Johan Sverdrup field offshore Norway. Baker Hughes joins Norway's Odfjell, which was awarded two contracts…

Gullfaks subsea compression gets wet - photos and video

Jul 03, 2015

Statoil installed the first subsea wet gas compressor in the world at the Gullfaks C platform in the North Sea after a successful offshore campaign (see video below).  Image: Seaway Heavy Lifting's Oleg Strashnov carrying the protective structure…

Otto mobilizes Maersk Venturer

Jul 02, 2015

Otto Energy has mobilized Maersk Drilling’s ultra-deepwater drillship Maersk Venturer for the Hawkeye-1 exploration well, offshore Philippines. The two companies originally signed a letter of intent back in March 2015.  The Australian explorer says mobilization will begin on 31 July…

BP in US$18.7 billion Deepwater Horizon settlement

Jul 02, 2015

After five years, BP reached a US$18.7 billion settlement agreement for the Deepwater Horizon disaster that the UK supermajor will pay over an 18-year period. Transocean's Deepwater Horizon before the explosion…

Johan Sverdrup divvied up

Jul 02, 2015

The Norwegian government has proposed how to divvy up stakes in the giant Johan Sverdrup field, with Det norske losing out. How to divide up the field has been in despute since earlier this year, resulting in a delay to the government's…

Shell to advance Appomattox GOM project

Jul 01, 2015

Royal Dutch Shell made the final investment decision (FID) to advance the Appomattox deepwater development in the Norphlet formation in the Gulf of Mexico (GOM). The project includes the construction and installation of Shell’s eighth and largest floating platform in the GOM…

Tullow's TEN installation starts this month

Jul 01, 2015

Tullow Oil's TEN project offshore Ghana is ramping up towards offshore installation activities this month and is on budget and on track for first oil mid-2016, the firm said today.  The TEN project, named after the Tweneboa, Enyenra and Ntomme fields it will develop…

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