Subsea 7 nets West Nile Delta contract
Subsea 7 has won a contract Burullus Gas Company for the platform extension and tie-in on the the first phase of the West Nile Delta development. The work is on BP’s Taurus and Libra fields’ offshore Egypt.
Oil & Gas
Lundin abandons well after coming up dry in Barents Sea
Lundin Petroleum said it has come up dry on the Ornen exploration well in the southern Barents Sea. The company said it had completed drilling and evaluation of well 7130/4-1 on the eastern parts of the Finnmark Platform.
Shell wins final approval for Corrib gas pipeline from Irish Government
Oil major Shell has been given final approval by the Irish Government to operate the Corrib gas pipeline and terminal, according to reports.
Oil retreats toward $37 as Hong Kong China stocks fall with Yuan
Oil fell, giving up some of a rally Tuesday that helped push U.S. stocks toward a gain for 2015. Chinese shares in Hong Kong fell as the offshore yuan touched an almost five-year low, while the US dollar extended its advance. West Texas Intermediate crude dropped 1.9 percent, holding above $37 a barrel. Standard & Poor’s 500 Index futures fluctuated after the US benchmark halted a two-day slide. The Hang Seng China Enterprises Index fell for a third day, widening a divergence with mainland equities.
Noble Group ends a turbulent year with cut to junk from Moody’s
Asia’s top commodity trader exits 2015 in very different shape to how it began the year. Noble Group Ltd. has lost almost two-thirds of its value, with its stock trading near the lowest since 2008, after a year of attacks on its finances by critics including the anonymous Iceberg Research and short-seller Muddy Waters LLC. The latest blow, amid a rout in raw materials, is the cut in its credit rating to junk by Moody’s Investors Service on concerns over its liquidity.
Brae Alpha platform remains shut down after gas line rupture
A north Sea platform remained shut down last night after a gas line ruptured on board the Brae Alpha. US oil and gas giant Marathon said it was conducting a “comprehensive investigation” into the incident which happened on Boxing Day. The firm said 73 workers remain on board the platform which is which is about 155 miles north east of Aberdeen after initial plans to evacuate were called off.
Rosneft signs MOU with Oil India and Indian Oil Corp
Rosneft has signed an MOU (Memorandum of Understanding) with Oil India and Indian Oil Corp.
Tethys Petroleum warns of risk without investment
Tethys Petroleum has warned it does not have sufficient funding to meet its requirements beyond the next few months.
Canadian Oil Sands urges shareholders to reject Suncor bid
Canadian Oil Sands Ltd.’s board sent a letter to its shareholders Tuesday urging them once again to reject the hostile bid by Suncor Energy Inc. ahead of the offer’s deadline next week. The Calgary-based Canadian Oil Sands said the C$4.5 billion ($3.2 billion) offer was an “undervalued and opportunistic bid.” Suncor has offered 0.25 of its own shares to Canadian Oil Sands’ investors in a tender offer that expires on January 8.
Keppel Offshore & Marine secures multi-million dollar floater contracts
Singapore’s Keppel Offshore & Marine has won four new contracts from repeat customers worth around $89million
88 Energy completes drilling and reports encouraging results
88 Energy said it has achieved its primary unconventional objectives as it completed its drilling campaign on the Icewine #1 well in Alaska.
First oil for TAQA from Cladhan field
TAQA said it has had first oil from the Cladhan field development in the UKCS.
Marathon’s Brae Alpha shutdown after suspected gas leak
Marathon's Brae Alpha platform remains out of operation while investigations continue into the cause of a gas leak on board the installation.
Sound Energy agrees three-well Moroccan deal with Schlumberger
Sound Energy has entered into a three-well field management agreement with Schlumberger for the Tendrara licence, onshore Morocco.
Chesapeake leads S&P 500’s losers amid historic gas price slump
Chesapeake Energy is having its worst year since 1998 after halting dividend payouts, slashing drilling budgets and cutting one of every six employees failed to rescue the energy explorer from the deepest gas-market rout in 16 years.
No room for Jim Bob Moffett’s billion-dollar holes at Freeport
Freeport-McMoRan co-founder James “Jim Bob” Moffett’s last big gamble as head of the world’s largest copper miner was a $1.2 billion wrong-way bet six miles beneath the Louisiana coastline.
Eni and Kogas win exploration extension in Cyprus economic zone
Eni and its partner Kogas have had a proposal for a two-year extension for exploration of hydrocarbons in Cyprus’ economic zone approved.
JPMorgan’s McClellan says low oil will cut demand for bonds
Oil prices will remain under pressure in the near term as Iran seeks to boost crude shipments, said Meg McClellan, global head of consultant and client strategies at JPMorgan Asset Management.
Iraq in approach to PetroChina and Exxonmobil to boost production
Iraq is said to have approached PetroChina and ExxonMobil about investing in a multi-billion dollar project to help boost output from a number of smaller southern fields, according to reports. A senior Iraqi oil official said South Oil Co is seeking investment from either company to build infrastructure needed to raise output at fields it operates. SOC deputy chairman Basim Abdul Kareem said the decline in oil price has hit the country’s ability to fund oilfield development and foreign investments are needed.
Gunvor in deal to sell stake in Russian fuel oil terminal
Trading house Gunvor has struck a deal to sell its last asset in Russia, according to reports. The company plans to get rid of a 50% stake in the Novorossiisk fuel oil terminal to a subsidiary of Kremlin-controlled Transneft.
Karoon Gas Australia strikes agreement for Olinda Constellation rig
Karoon Gas Australia has struck an agreement with OGOG Constellation to contract the Olinda Star semi-submersible drilling rig. The Olinda Star will drill two firm wells and two optional wells in Karoon’s Santos Basin blocks.
Statoil investigates Gullfaks chemical leak
Statoil is investigating a chemical leak at its subsea Gullfaks project.
Lukoil produces 30 million tonnes of oil from Iraq field
Russian oil company Lukoil has hit landmark figures for oil production from its West Qurna-2 field in Iraq.
Dallas Fed estimates 70,000 oil industry job losses in US since 2014
A report published earlier this month by the Dallas Fed has estimated the US has lost around 70,000 oil and gas jobs since a year ago. The figures, which calculate back to October 2014, represent an estimated 14.5% drop.
Atlantic Offshore agrees vessel deal with Talisman Sinopec
Norwegian shipping firm Atlantic Offshore has secured a contract for one of its vessels.