Fairway Energy Partners has awarded Wood Group a contract to provide engineering, design and procurement services for the Pierce Junction crude oil facility in Houston. The win has been awarded to Wood Group Mustang who will provide services to Fairway as they build out the surface facilities that support the crude oil storage facility.
A planned shutdown of Britain's North Sea Buzzard oilfield has been pushed back until next year.
After three delays, Statoil ASA must make a decision to move ahead with the Johan Castberg oil project in Norway’s Arctic next year as planned, the Norwegian government’s oil company said.
The UK’s North Sea oil industry is suffering more than any other from the slump in crude, according to Ian Wood, whose family founded oil-services group Wood Group Plc.
Landsdowne Oil & Gas said the partners in the Barryroe oil field have been offered a two year extension on the first phase of SEL 1/11 to July 2017. The decision was approved by the Irish Minister for Communication, Energy and Natural Resources.
CIMIC Group has won a contract worth $250million for work on the Surat basin project in Queensland. The agreement is with QGC which is a subsidiary of BG Group.
Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the acquisition.
Farstad Shipping has won a new three year contract for its CSV Far Sentinel vessel from Subtec. The vessel will carry out delivery of light construction work and other subsea related activities in the Gulf of Mexico.
Wood Mackenzie said the global decline in oil price has had a “transformative” impact on the oil majors. Analysis by Wood Mackenzie identified four key themes which will continue into the next year in terms of companies’ budgets and strategies. Tom Ellacott, head of corporate upstream analysis, said key trends for oil majors already identified included weak financial performance in the third quarter of the year, a boost in production levels, deep cost cutting and tighter allocation on limited capital.
iSurvey has landed a three-year deal with Total for its operations in the UKCS.
Wood Group chief executive Bob Keiller is stepping away from oil and gas to help drive the Scottish economy forward.
LGO Energy said it has been hit by delays as it looks to reach a settlement on the remaining capital costs of a recent unsuccessful drilling program. The company previously revealed last month the loss of well GY-678 and the downhole equipment it contained as well as the anticipated production from the well. LGO is waiting for BNP Paribas to approve the release of specific funds which were previously drawn-down.
Roxi Petroleum said it expects to spud the Deep Well A6 in Kazakhstan in the next few days for a fixed cost of $8.5million. The new deep well has a planned depth of 5,000metres targeting pre-salt intervals in the Cretaceous and is expected to take four months to reach its planned total depth. A further two deep wells will also be drilled in the next 12 months with the timing and location dependent on findings from other existing deep wells.
Faroe Petroleum has made an upward revision of its production guidance for the year rising from a 9,550 to 10,500 average barrels of oil per day. The company said its exploration and appraisal programme for the next year will continue with one frontier well in the Barents Sea and two other field exploration wells, one in the Norwegian North Sea and the other in the Norwegian Sea. Exploration costs are also expected to be “significantly lower” next year than in 2015.
Faroe Petroleum's Blink well failed make the strong returns, posting a "disappointing" end for the firm's exploration campaign.
Sirius Petroleum has been given the go-ahed to drill its proposed Ororo-2A well in Nigeria.
Shell has appointed Maarten Wetselaar integrated gas director as part of a wider upstream reorganisation.
Shell's chief executive will address shareholders today, breaking down the oil giant's plans to reorganise its upstream business.
The pressure is building on North Sea drillers starved of contracts as Statoil ASA deepens cuts in investment to cope with a collapse in crude prices.
Royal Dutch Shell Plc has failed to clean up four oil-spill sites in the crude-producing Niger River delta, three of which an under-resourced Nigerian regulator dealing with leakages said had been decontaminated, Amnesty International said in a report on Tuesday.
An Aberdeen-based supplier of hoses to the offshore oil and gas industry has been sold to a Swedish industrial firm in a deal worth up to £6million.
Oil major BP said the world is no longer at risk of running out of oil and gas for decades ahead of existing technology capable of unlocking global reserves. In its latest technology report the company said energy reserves could be set to double by 2050 despite the high level of consumption currently. The company said when all accessible forms of energy – including nuclear, wind and solar – are taken into account, there is enough resources to meet 20 times what the world will need over that period.
Talks between unions and COTA (Caterers Offshore Trade Association) will continue as both sides look to find a resolution and prevent a potential North Sea strike. RMT regional organiser Jake Molloy said discussions between representative from both unions and members of the industry body had been “constructive”. Both sides are currently locked in dispute after COTA said it would not be honouring the second year of a two-year pay deal.
Crude dropped from a two-week high as Russian production climbed and new data on Chinese manufacturing signaled a slowdown in demand. Futures fell as much as 2.2 percent in New York. Russian oil output broke a post-Soviet record in October for the fourth time this year, while Iran said it will tell OPEC next month of its plans to raise production by 500,000 barrels a day. China’s purchasing managers index remained at 49.8 in October, the National Bureau of Statistics said Sunday, compared with an estimate of 50, the line between expansion and contraction.
Viking Supply Ships said it has lay up one of its vessels as a result of the oil price decline. The company will begin negotiations with employees and unions in a bid to assess the on-going crew situation as it looks to minimise job losses.