OE Daily: 2015 / November

 

Multi-tasking on Solan

Nov 30, 2015

Premier Oil’s Solan field is due to come onstream by the end of this year. It’s a unique project for the North Sea – a normally unmanned facility with a subsea oil storage tank. Bibby Polaris on location at Premier Solan…

Iran offers oil and gas projects

Nov 30, 2015

Iran has offered 52 oil and gas development projects in addition to 18 exploration blocks at its Tehran IPC Conference, held last week, according to state backed petroleum news agency Shana.   The projects, estimated to be worth more than US$30 billion…

Rig scrapping at highest in 20 years

Nov 27, 2015

Over the past 14 months, 44 ultra deepwater floating rigs have been scrapped, amounting to more retirements than over the past 20 years combined.  The figures, presented by Seadrill in its third quarter results, serve to underline the continuing tough market conditions for offshore drillers…

Lamprell confident in Middle East

Nov 27, 2015

Dubai based rig builder and construction firm Lamprell is hoping work in the Middle East will help it buffer the downturn.  The firm currently has seven concurrent jackup rigs being constructed at its Hamriyah yard, a record for the group…

North Sea tax receipts to fall 94%

Nov 26, 2015

Government tax receipts from North Sea oil and gas producers will be down by 94% this year to just £130 million, the UK’s Chancellor, George Osborne revealed yesterday.  The revelation was made as part of the Chancellor’s Autumn Statement and Spending Review…

Russian sanctions hurt SMD

Nov 25, 2015

UK-based ROV and trenching vehicle manufacturer Specialist Machine Developments (SMD) is to cut 80 jobs in the wake of its largest ever order being suspended due to Russian sanctions.  Image from SMD Facebook…

Shell fined £22,500 after leak

Nov 25, 2015

Oil major Shell has been fined £22,500 after admitting failures that led to an oil leak in the North Sea. The leak, the biggest in a decade in the North Sea, was discovered on 10 August 2011, when oil was spotted on the sea surface near Shell’s Gannet F field…

Bringing down the cost of deepwater developments

Nov 24, 2015

The high costs surrounding deepwater developments and the low price of oil is a challenging combination for operators. Khalid Mateen. Photo from OE Staff. For deepwater operators, such as Total…

BG to take Aphrodite stake

Nov 23, 2015

BG Group secured 35% stake from Houston-based Noble Energy in Block 12 offshore Cyprus in a US$165 million farm out deal, which gives the UK deepwater and LNG focused company a piece of the Aphrodite natural gas discovery. Map of Cyprus…

Premier spuds latest Falklands target

Nov 23, 2015

Premier Oil has spudded its latest Falklands Islands exploration well. The 14/20-2  Isobel - 2 well in the North Falklands basin is a second attempt on the Isobel Deep area, after drilling in May hit oil shows in a suspected high pressure formation…

Black Elk, WGPSN charged in deadly 2012 rig explosion

Nov 20, 2015

Several companies and individuals, including Black Elk Energy Offshore and Wood Group PSN (WGPSN), are being charged with crimes for the fatal November 2012 explosion of the West 32-E platform in the Gulf of Mexico that left three contract workers dead…

Shell hits at Kaikias in GoM

Nov 19, 2015

Shell made a “major discovery” at its Kaikias well that could possibly surpass 100 MMboe, in the deepwater Gulf of Mexico.  Map of the Mars-Ursa basin. From Shell. Kaikias is located about 60mi south of Louisiana…

Shell, BG merger gets Auz clearance

Nov 19, 2015

The US$70 billion Shell and BG Group mega merger received antitrust clearance from the Australian Competition and Consumer Commission (ACCC). Image from Shell. This leaves the…

Halting R&D not an option

Nov 19, 2015

Technology transformation is happening at an increasingly fast pace, changing the way global companies operate, shaping innovations that drive down operational costs and creating efficiencies.  In the oil and gas sector, never more is such innovation needed…

US clears Schlumberger, Cameron merger

Nov 18, 2015

The US Department of Justice (DOJ) has cleared the proposed multi-billion dollar merger between Schlumberger and Cameron International without any conditions, both companies announced in a joint statement on Wednesday (18 November). The…

Apache: Significant North Sea reserves potential

Nov 18, 2015

Houston-headquartered Apache Corporation has claimed it has increased its North Sea reserves by some four to seven times since the end of 2014.  In a trading update highlighting the performance of its North Sea business, focusing on the Forties and Beryls assets…

£16.9 billion UKCS decommissioning spend to 2024

Nov 18, 2015

Forecast total oil and gas infrastructure decommissioning spending on the UK Continental Shelf (UKCS) will reach £16.9 billion over the next decade, according to new industry estimates.  The latest figure, for the period to 2024, is an increase of £2…

Top 10 offshore inefficiencies

Nov 18, 2015

The plummeting oil price has exerted huge financial pressures on the oil industry, forcing companies to identify areas where costs can be cut and savings made. The battle to shore up finances and compensate for the loss of revenue means the…

Statoil pulls plug on Alaska

Nov 17, 2015

Statoil is saying goodbye to Alaska exploration and has decided to exit its leases in the Chukchi Sea following recent results in nearby leases, in addition to finding the leases no longer competitive. Map of Alaskan leases Statoil is exiting…

BP's Bight exploration plan rejected

Nov 17, 2015

Australian regulators have rejected BP's environmental plan for the major's deepwater, four-well drilling plan in the Great Australian Bight. The National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) said…

SBM receives Petrobras FPSO tenders

Nov 16, 2015

SBM Offshore received a formal invitation from Brazilian giant Petróleo Brasileiro (Petrobras) to tender for the Sépia and Libra floating production storage and offloading units (FPSOs). Brasa shipyard…

Turritella set sail for Stones

Nov 16, 2015

First oil at Shell’s Stones project in the Gulf of Mexico is on the horizon, as the Turritella floating production storage and offloading unit (FPSO) set sail from Singapore this month. The Turritella…

Premier Oil sells Norway business

Nov 16, 2015

Norway's Det Norske has bought UK-based independent explorer Premier Oil's Norwegian assets for US$120 million, just a month after agreeing to buy Svenksa Petroleum for $75 million. The Premier Oil assets include the Vette development…

Petrobras declares Sépia Leste viable

Nov 13, 2015

Petróleo Brasileiro (Petrobras) has declared Sépia Leste in the Santos basin pre-salt area to be commercial with an estimated 130 MMboe recoverable resources, offshore Rio de Janeiro. Map of the Sépia field…

Newfoundland region gets US$907 million in bids

Nov 12, 2015

Several oil and gas majors put in their bids worth more than US$907 million ($1.2 million CAD) for a chance to explore about 2.6 million hectares of the Canada-Newfoundland and Labrador offshore area, according to the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB)…

Eni in US$2 billion Egypt investment

Nov 12, 2015

Italian giant Eni and the Egyptian Government entered into an agreement for three amendments for the IEOC concessions, both onshore and offshore Egypt that will see the Italian giant make an additional investment of more than US$2 billion in the next four years…

Kosmos in major Mauritania hit

Nov 12, 2015

Dallas-based Kosmos Energy encountered a “significant play-extending” discovery at its Marsouin-1 exploration well, offshore Mauritania, Africa, marking its second significant natural gas discovery within eight months in the area. Map of Block C8…

Premier lines up Sea Lion contractors

Nov 12, 2015

UK-based independent Premier Oil says it has lined up key 'world class' contractors to provide the vessel and infrastructure for its Falklands Islands Sea Lion development, after completing pre-front end engineering and design on the project…

Apache rejects Anadarko bid

Nov 11, 2015

Houston-based Anadarko Petroleum revealed today (11 November) that it was the rejected party in the rumored acquisition of US-based Apache, which consisted of an all-stock transaction offer.   Image from Anadarko…

Marathon sells Gulf of Mexico assets

Nov 10, 2015

Houston headquartered Marathon Oil has agreed to sell all its operated producing properties in the US Gulf of Mexico and a tranche of non-operated interests for US$205 million. The deal with an undisclosed buyer is said to be part of…

Apache targeted for takeover

Nov 09, 2015

US-based independent Apache has rejected a recent takeover bid, said to be worth US$18 billion, according to Bloomberg. But the company is now working with Goldman Sachs on a defense strategy. On 9 November, analyst firm Simmons & Co…

Operators outline cost-cutting

Nov 09, 2015

The numbers are staggering. At US$50/bbl, at least 20% of production in the North Sea is loss making, an industry event was told last week.  And that is likely to be a conservative estimate. Faced with what has been called “a perfect storm” by many – high operating costs…

Halliburton raising billions for Baker Hughes merger

Nov 06, 2015

US services giant Halliburton is offering five tranches of senior notes for a total of US$7.5 billion, to use the cash to fund a portion of the pending $34.6 billion Baker Hughes mega merger. Image from Baker Hughes…

Noble Corp. linked to Petrobras scandal

Nov 05, 2015

Noble Corp. is the latest major oil and gas company to be linked to the Petróleo Brasileiro’s (Petrobras) Lava Jato bribery and corruption scandal, the offshore driller revealed in a regulatory filing to the US Securities and Exchange Commission…

Eni in Marine XII Congo find

Nov 05, 2015

Italy’s Eni encountered a new oil and condensate discovery in the Marine XII block, offshore Congo. Image from Eni. The Nkala Marine prospect is located in Marine XII block, about…

BP fast-tracks Atoll off Egypt

Nov 05, 2015

Less than eight months after its discovery, BP and the Egyptian government signed a heads of agreement to rapidly progress the development of the Atoll deepwater field offshore Egypt as early as 2018. BP's…

CGG to cut 950 jobs and vessels

Nov 05, 2015

French geoscience firm CGG is to cut 950 jobs, or 13% of its staff, and reduce its vessel fleet amid the ongoing, prolonged oil price drop.  CGG has already been implementing a fleet reduction program, since announcing its “Transformation Plan” at the end of 2013…

40-50% of costs need to go

Nov 04, 2015

Some 40-50% of savings or efficiency gains need to be made if the industry is going to survive the low oil price regime we are in, an industry event was told in Aberdeen today.  'For us to survive this long-term, to get by on the oil price as it is…

Petrobras affected by oil strike

Nov 04, 2015

Amid being the center of a major, worldwide bribery and corruption scandal, Brazil state-run oil company Petróleo Brasileiro’s (Petrobras) operations are being affected by the oil workers’ unions strike, and at the same time, the company received the resignation of one of its board members…

Eni to get US$507 million in Saipem deal

Nov 03, 2015

Italian giant Eni is set to net US$507.8 million (€463 million) from the Saipem stake sale to Fondo Strategico Italiano (FSI). Descalzi. Image from Eni. The price for each Saipem share has been valued at $9…

Stone in Q3 loss, to cut jobs in Q4

Nov 03, 2015

As Stone Energy reported a net loss of US$8.4 million in Q3 2015, the company’s operations in the Gulf of Mexico are moving full steam ahead, with exception of the decision to shed a minority stake in one non-operated project, in addition to cutting some of its workforce in Q4…

Blink well disappoints but Faroe on track

Nov 03, 2015

VNG Norge’s Blink well in the Norwegian Sea has failed to find hydrocarbons, according to partner Faroe Petroleum.  Image from VNG Norge. The well, 6406/12-5S, was drilled 27km…

Knock-for-knock clauses may not always be what they seem

Nov 03, 2015

The contractual regulation of liability through knock-for-knock clauses has been an important feature of North Sea offshore contracts for many years. But a recent judgment by the Norwegian Court of Appeal demonstrates that the agreed liability…

Israel puts Leviathan on fast-track

Nov 02, 2015

Shortly before Houston-based Noble Energy released its Q3 2015 earnings, Israeli Prime Minister Benjamin Netanyahu said that the country intends to fast-track natural gas development, especially now that the country’s economic minister, Aryeh Deri…

Petrobras dumps Diamond rigs

Nov 02, 2015

Amid positive Q3 results, Houston-based Diamond Offshore is sending one of its vessels to the scrap yard after Brazil’s Petroleo Brasileiro (Petrobras) cut contracts short for two of its vessels, resulting in an extension for another contract…

Chevron onstream at Lianzi

Nov 02, 2015

Chevron subsidiary Chevron Overseas (Congo) began oil and gas production from the Lianzi Field, the company’s first cross-border project between the Republic of Congo and the Republic of Angola, offshore Africa. Map of Lianzi…

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