OE Daily: 2015 / October

 

Apache up North Sea reserves 50%

Nov 02, 2015

Houston headquartered Apache has unveiled a string of discoveries it has made in the UK North Sea which could increase its total North Sea reserve base by 50% and result in investment in new production facilities. The company says it has made two 'significant' discoveries in the Beryls area…

Chevron to slash 6-7000 jobs

Oct 30, 2015

US supermajor Chevron announced in its Q3 results that it expects to make further workforce reductions in the realm of 6000-7000 in an effort to cut costs. The company’s earnings this quarter were better than anticipated, according to analysts Simmons & Co…

ConocoPhillips in deepwater departure

Oct 30, 2015

Houston-based ConocoPhillips has made the strategic decision to drop out of its deepwater exploration program by 2017, despite a significant program that the company is executing in 2016. Ekofisk…

UK Govt-funded seismic shoot complete

Oct 30, 2015

A UK Government funded project to acquire new seismic data over underexplored areas of the North Sea in a bid to boost exploration in the basin has completed. The £20 million program saw WesternGeco acquire 20,000km of new 2D seismic shot over 200…

Eni CEO meets with Israeli officials

Oct 29, 2015

Eni CEO Claudo Descalzi met with Israel’s Prime Minister Benjamin Netanyahu and Energy and Water Minister Yuval Steinitz in Jerusalem today (29 October) to discuss potential joint development of natural gas in the Eastern Mediterranean as…

Chevron hits at Anchor appraisal

Oct 29, 2015

Chevron’s appraisal of the Anchor discovery proved successful oil pay in the Lower Tertiary Wilcox Trend, in the US Gulf of Mexico that the company says indicates a significant discovery of potentially hub class scale. Chevron's…

ExxonMobil leads Mozambique winning pack

Oct 29, 2015

Mozambique is looking forward to some US$691 million spending on exploration after naming successful bidders in its fifth licensing round.   ExxonMobil, with partner Rosneft, has led the pack in bids to win new acreage, including deepwater areas…

Noble brings Big Bend online

Oct 28, 2015

Noble Energy has commenced production from the Big Bend oil development in Mississippi Canyon 698 of the deepwater Gulf of Mexico. Noble and partners expect the single-well field to reach a maximum gross production rate of approximately 20…

Saipem falls in 3Q, seeks investor backing

Oct 28, 2015

Eni subsidiary Saipem is asking for up to US$3.8 billion (3.5 billion EUR) in capital from its investors to scale back its debt, as the company reported a 13% drop in revenue in 3Q 2015. Image from Saipem…

Mariner, Aasta Hansteen projects set back

Oct 28, 2015

Statoil’s US$7 billion Mariner heavy oil project in the UK North Sea has been set back a year due to engineering and construction delays, the operator revealed today.  The Norwegian operator's Aasta Hansteen project, in the Norwegian Sea…

IHS: Zohr holds new potential

Oct 28, 2015

New analysis is estimating that Eni’s Zohr natural gas discovery has significant technical, commercial, and strategic implications for the gas market in Egypt, according to IHS Energy. Map of Zohr…

North Sea’s first oilfield makes come-back

Oct 28, 2015

The North Sea’s first producing oilfield, Argyll, has finally been brought back on stream by operator EnQuest, after being started and decommissioned twice in the past by previous operators. Argyll, now named Alma, and part of EnQuest’s Alma/Galia development…

Helix's Q5000 enters service

Oct 27, 2015

Helix Energy Solutions Group's dedicated DP3 well intervention unit, the Q5000, semisubmersible entered service last week and is currently on hire for an unnamed client in the Gulf of Mexico, the company announced on 27 October. Helix took delivery of the semisub in May…

Worker named in deadly GoM accident

Oct 27, 2015

The US Bureau of Safety and Environmental Enforcement (BSEE) identified the Pacific Drilling employee who died during drilling operations onboard the Pacific Santa Ana drillship in the US Gulf of Mexico. BSEE has confirmed that 34-year-old Sam Whitley…

Rosebank rig deal dumped

Oct 27, 2015

Fred Olsen Energy has formally declared that construction contract for a newbuild semisubmersible rig which was originally destined for development drilling at the Chevron-operated Rosebank oil development in the UK West Shetlands region has been cancelled…

Transocean delays 2 Shell newbuilds

Oct 26, 2015

Transocean has chosen to delay the operating and delivery contracts for two newbuild ultra-deepwater drillships by 12 months, the company announced on 26 October. Transcocean, working with its customer, Shell, and the shipyard, Daewoo…

Europa: Low rig rates is an opportunity

Oct 26, 2015

Europa Oil & Gas CEO Hugh Mackay says now is a perfect chance to drill on the firm’s offshore Irish prospects thanks to rig rates being at their lowest in a decade. The CEO, whose firm is targeting 1.5 billion boe, unrisked, in three…

EIA: UAE seeks 30% production boost

Oct 23, 2015

The US Energy Information Administration (EIA) reported today (23 October) that the United Arab Emirates (UAE) intends to increase its production 30% by 2020 using EOR techniques.  For the UAE, EOR technologies will be the best way to…

Chevron to pay millions in Auz taxes

Oct 23, 2015

In a battle between the Australian Tax Office (ATO) and Chevron in the Australia federal court, the US supermajor lost and will have to pay more than US$232 million (A$322 million) in back taxes, in addition to fines. Wheatstone…

Cosco confirms floater delay

Oct 23, 2015

Dana Petroleum's Western Isles floating production unit will not be on stream until late 2017, some two years later than originally planned, it was confirmed today. In a statement, China's Cosco Corp (Singapore) said it and a European…

Suffering continues in seismic markets

Oct 23, 2015

The geoscience segment of the offshore oil and gas industry was first to be hit, when oil prices took a nose dive from 2H last year. Results from two of the main geoscience players this morning confirm a broad industry outlook that the pain is set to continue well into 2016…

Statoil's Troll gets major jump, extension

Oct 22, 2015

Statoil’s Troll field is about to see a natural gas increase of about 83 Bcm this month after the installation of two giant compressors at Troll A, offshore Norway. The US$1.2 billion (NOK 10 billion) project came in at $121 million (NOK 1 billion) under budget…

Australia delays BG, Shell merger decision

Oct 22, 2015

The Australian Competition & Consumer Commission (ACCC) has pushed back its deadline to make a decision on Shell’s US$70 billion bid for BG Group. The ACCC says the deadline, initially set to September 17, before being delayed until November 12…

More job cuts to come

Oct 21, 2015

The big four oil services companies released their 3Q 2015 reports this week and the news is a sign that things are not improving in the sector, and in particular in North America. However, globally, thousands more job cuts are expected. Halliburton…

FMC falls in 3Q, expands JIP

Oct 21, 2015

Although Houston-based FMC Technologies fell 22% in its 3Q 2015 revenue, the company managed to book US$1 billion in subsea orders, and added US supermajor Chevron to its 20k JIP. FMC ROV. Image from FMC Twitter…

1 dead in GoM accident

Oct 20, 2015

An accident onboard the drillship Pacific Santa Ana has left one worker dead. The news was confirmed by the US Bureau of Safety and Environmental Enforcement (BSEE), operator Chevron, and the drillship's owner, Pacific Drilling. The Pacific…

Helix earnings fall 87% in 3Q

Oct 20, 2015

Helix Energy Solutions announced in its 3Q results that its net income fell nearly 87% from US$75.6 million in 3Q 2014 to only $9.9 million for 3Q 2015. However, the drop is all about perspective. The company reported a net loss of 2.6 million in 2Q 2015…

Cause of deadly Pemex Abkatún fire determined

Oct 19, 2015

Mexico’s Agencia de Seguridad, Energia y Ambiente (ASEA) has found that Petróleos Mexicanos' (Pemex) Abkatún Permanente platform incident that left four dead, 16 injured and three missing, was caused by a leak in a rarely used gas fuel line that had corroded…

Sevan connected to Petrobras scandal

Oct 19, 2015

Norwegian authorities performed a search and seizure of Sevan Drilling’s offices last week, after corrupt activities between Sevan Drilling and Brazil’s Petróleo Brasileiro (Petrobras) were exposed in an independent external review conducted by Sevan Marine…

Interior cancels Arctic lease sales

Oct 16, 2015

The US Department of the Interior announced it will cancel two planned Arctic offshore lease sales under the US government’s current five-year plan for 2012-2017 due to Shell’s failed Arctic campaign and current market conditions, which left…

Schlumberger drops 33% in 3Q

Oct 16, 2015

Oil services giant Schlumberger revealed its revenue took a 33% plunge in 3Q 2015 with revenue hitting almost US$8.5 billion for the period, citing a decline in rig activity and pricing pressure as the reasons. The results are causing the…

MEO drops three Auz permits

Oct 16, 2015

MEO Australia’s exploration portfolio will be getting thinner next year, as the company announced it will drop out of three Australian blocks in the next six months due to high risks and minimal potential. Map of Beehive…

Repsol to cut spending, divest assets

Oct 15, 2015

In Repsol's 2016-2020 Strategic Plan, unveiled today, the company vowed to cut spending by 38% and divest US$7.1 billion (€6.2 billion) in non-strategic assets. The company said it expected to make half of those divestments in the next two years…

Petrobras hits further Libra pay

Oct 15, 2015

Petrobras announced a further hydrocarbon discovery at the giant pre-salt Libra field in the Santos basin, offshore Brazil. The Brazilian national said that well 3-BRSA-1310-RJS, in the central portion of the block, identified the presence of hydrocarbons in a low-porosity reservoir…

Payday for Lukoil’s Lira

Oct 14, 2015

Russia’s Lukoil discovered natural gas pay at its deepwater Lira field in the Black Sea, offshore Romania. The Transocean Development Driller II. Image from Lukoil. The Lira-1X…

DEA takes E.ON Norway biz for $1.6 billion

Oct 14, 2015

E.ON is divesting 100% of its Norwegian exploration and production (E&P) business in a US$1.6 billion deal with Germany’s DEA Deutsche Erdoel AG. Image from E.ON. Upon the terms of the contract…

Petrobras inks $2 billion China leasing deal

Oct 13, 2015

Brazilian giant Petróleo Brasileiro (Petrobras) entered into a US$2 billion deal with the Industrial and Commercial Bank of China Leasing (ICBC) for a finance lease on two existing platforms. Image from Petrobras…

Iran nuclear deal approved

Oct 13, 2015

Iran’s historic nuclear deal with six world powers was approved by the country’s parliament today (13 October) with 64% in favor of the bill, clearing a hurdle for sanctions against Iran being lifted. Iranian parliament approves JCPOA bill…

Eni gets two more Egyptian licenses

Oct 12, 2015

Eni is increasing its presence offshore Egypt, as the company picks up two licenses in the 2015 EGAS bid round. Image from Eni Flickr. The two exploration licenses, North El Hammad and North Ras El Esh…

BP's Glen Lyon close to sailaway

Oct 12, 2015

BP's Glen Lyon floating production, storage and offloading vessel (FPSO) is nearly finished and due to sail away to the North Sea next month, BP has said in posts on social media. The firm, which posted a video of the naming ceremony…

Statoil fires up Gullfaks wet compression first

Oct 12, 2015

Norwegian firms have chalked up yet another subsea first on the country's continental shelf. Just weeks after Statoil brought the Aasgard subsea gas compression project online, on 17 September, Statoil has announced it has now also started…

Delek in $66 million Ithaca investment

Oct 09, 2015

Israel’s Delek Group entered into a US$66 million deal with UK-based exploration and production firm Ithaca Energy to acquire nearly 20% of the company, making Delek the largest shareholder in Ithaca. Image of the Northern Producer…

60+ North Sea vessels laid up

Oct 09, 2015

The offshore vessel market is facing a 'long hard winter' as falling activity will drive further layups, says broker Westshore. The Norway based broker says that around 60 offshore support vessels are now laid up in the North Sea - before…

Petrofac cancels JSD 6000 build contract

Oct 09, 2015

London-listed oil and gas industry service provider Petrofac is facing legal action from a Chinese yard after terminating a construction contract for its newbuild JSD 6000 deepwater multi-purpose offshore vessel. Petrofac says the termination…

Brazil's 13th round flops

Oct 08, 2015

Brazil’s National Agency of Petroleum (ANP) held the 13th Bidding Round for exploratory blocks yesterday (7 October) that almost mirrored Mexico’s Round One, in that the ANP was only able to sell 37 out of the 266 blocks offered. Brazil's 13th round…

Eurasia in private merger proposal

Oct 08, 2015

Less than a month after oil services giant Schlumberger dropped its merger deal with Eurasia Drilling Co. (EDC), the Russian company announced that it received another potential merger offer that could send Eurasia to the private sector. Image…

Ocean Rig weighs scrapping two semis

Oct 08, 2015

Due to continued challenging market conditions, Athens, Greece-based rig provider Ocean Rig announced that if no future work is found for two of its fifth generation ultra-deepwater semisubmersible rigs – the Eirik Raude and Leiv Eiriksson – they could be scrapped…

Statoil reports Statfjord oil spill

Oct 08, 2015

Statoil reported that oil had been observed near the OLS B loading bouy at the Statfjord filed, offshore Norway, in the early morning hours of 8 October. Production at Statfjord A is said to be operating normally. Statfjord field…

Construction yards win prizes

Oct 08, 2015

Spanish yard Dragados Offshore and Norway’s Kvaerner Verdal have won the latest construction contracts on the Johan Sverdrup mega-project. Statoil, operator on the multi-million dollar development, in the Norwegian sector of the North Sea…

Pemex reports latest offshore incident

Oct 07, 2015

Mexican state owned company Pemex this morning announced it had evacuated the Sihil-A platform in the Bay of Campache, offshore Mexico, in the latest of a string of incidents offshore Mexico this year.  The firm said the measure was taken…

Freeport weighs oil and gas exit

Oct 06, 2015

Phoenix, Arizona-based minerals company Freeport-McMoRan (FCX) may be done with its foray into the oil and gas sector, nearly three years after the journey began. On Tuesday, the company announced that in consideration of spinning off its oil and gas business…

Heidelberg topsides lifted

Oct 06, 2015

Anadarko Petroleum announced that topsides have been lifted onto the Heidelberg spar in the Gulf of Mexico this week. Heidelberg. Image from Anadarko Facebook. Using Heerema Marine Contractor's largest crane vessel…

Petrobras cuts investments further

Oct 06, 2015

Petrobras has further revised down its investment plans for 2015 and 2016, opting to cut US$3 billion in spending in 2015, and $8 billion in 2016, the Brazilian state-owned firm announced on 5 October. In June, embattled operator approved a new five-year investment plan for 2015-2019…

Petrobras cuts investments further

Oct 06, 2015

Petrobras has further revised down its investment plans for 2015 and 2016, opting to cut US$3 billion in spending in 2015, and $8 billion in 2016, the Brazilian state-owned firm announced on 5 October. In June, embattled operator approved a new five-year investment plan for 2015-2019…

GC Rieber, Dolphin revise charter deals

Oct 06, 2015

Norway-based Dolphin Geophysical and Bergen-based GC Rieber Shipping entered into multi million-dollar deals that include an early redelivery and improved vessel terms of an overall restructuring agreement to improve Dolphin’s competitiveness in today’s challenging market…

Shell starts at Malampaya

Oct 06, 2015

Shell started production from its new offshore platform in the Malampaya natural gas field, off the Philippines. Malampaya. From Shell. The offshore platform known as the depletion…

US reaches US$20.8 billion Deepwater Horizon settlement

Oct 05, 2015

The US and five Gulf states have reached a US$20.8 billion civil claims settlement with BP from the 2010 Deepwater Horizon disaster, according to the US Department of Justice (DOJ). Transocean's Deepwater Horizon before the explosion…

Farstad in vessel, workforce reduction

Oct 05, 2015

Farstad Shipping’s Norwegian operations are taking a hit as the company sets to lay up five vessels, and lay off about 100 employees that is due to the further weakening of the offshore market. The Far Sleipner…

Shell starts Bonga Phase 3

Oct 05, 2015

Shell started production from the Bonga Phase 3 project offshore Nigeria, with expected peak production to hit about 50,000 boe/d. Image of the Bonga project. From Shell Flickr. Bonga…

ATCE15: Our industry will adapt

Oct 02, 2015

At the President’s Luncheon and Annual Meeting at this year’s SPE ATCE on Wednesday, both outgoing 2015 SPE President Helge Hove Haldorsen and incoming 2016 President Nathan Meehan discussed how vital the industry remains in spite of the downturn…

Statoil gains Alfa Sentral stake

Oct 02, 2015

Norwegian giant Statoil inked a US$15 million deal that will increase its presence on the Norwegian Continental Shelf and UK Continental shelf with the acquisition of stake in the Afla Sentral field. Map of Alfa Sentral…

Kosmos gets Achiever extension, dayrate drop

Oct 01, 2015

Dallas-based Kosmos Energy entered into a deal with Atwood Oceanics that will see the exploration and production company get an extension, and a reduced rate for the Atwood Achiever ultra deepwater rig for operations offshore Northwest Africa…

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