The North Sea business of CNR International booked pre-tax losses of £86million as production declined last year, figures filed at Companies House show.
But the losses were an improvement on the £156million loss the firm made in 2013 as the firm felt the impact of outages on its Banff and Kyle fields in the Central North Sea about 200 miles east of Aberdeen.
Production from Banff and Kyle was suspended in December 2011 when the FPSO was hit by sever storms that winter. Production on the fields started back in July 2014.
OneSubsea - the Cameron and Schlumberger company - has been awarded a front-end engineering and design (FEED) contract for the Greater Enfield Area Development offshore northwest Australia.
Dolphin Drilling is in consultation with staff over potential job reductions across its offshore fleet.
The company’s offshore activities, which are controlled from offices in Scotland, Norway and Mozambique, have confirmed the move.
A spokeswoman for Dolphin Drilling said talks were being carried out with those likely to be affected.
DNV GL will support BP in assuring the huge Shah Deniz Stage 2 project equipment transportation and installations are conducted to recognised guidelines, standards and internal requirements.
A trio of companies have ended their planned merger after the parties failed to agree on terms.
The deal would have created one of the largest floating LNG infrastructure companies between Flexlife LNG, Geveran and Exmar.
The companies had agreed on main terms for the transaction in July this year but it was still awaiting due diligence as well as agreement on some finer details.
The chief operating officer of Trinity Exploration & Production will step down from his role as the company makes a number of redundancies following the low oil price.
Craig McCallum will leave his position at the end of March next year as the company makes a number of management changes.
Trinity said a redundancy programme has been implemented as it assesses its current funding position in the low oil price environment.
Oil Search has signed a statement of intent on the next phases of the Ramu Power Project in Papua New Guinea.
The company said the agreement has been made with government-owned PNG Power Limited (PPL) on the project which is aimed at connecting up to one million people to a larger electricity grid by 2030.
Total SA, Europe’s second-biggest oil company, scaled back its production target for 2017 as it announced a further round of investment cuts and project delays to protect its dividend.
Total expects to produce 2.6 million barrels of oil equivalent a day, compared with a previous forecast of 2.8 million barrels a day, the company said Wednesday before holding an investor day in London.
The measures are a sign that oil majors are extending their belt-tightening into next year and 2017 after companies from Chevron Corp. to Royal Dutch Shell Plc announced large spending cuts for 2015.
One of the major cash cows on the Norwegian shelf, the Gullfaks field, which has been producing for nearly 30 years, is facing further investments to boost production and extend the field’s lifetime.
Chariot Oil & Gas, the Atlantic margins focused oil and gas exploration company, has said it has sufficient cash to pursue additional opportunities, including prospects in Mauritania.
It’s unlikely that oil prices will ever return to $100 a barrel and Petroleo Brasileiro SA needs to work with suppliers to manage the price rout, an executive at the state-run oil producer said Tuesday.
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, edged into the black during the six months to June 30.
Energy supply chain companies in eastern England are escaping the worst effects of the North Sea industry downturn by keeping prices low and developing new solutions to drive down costs further, according to an industry leader.
Disgruntled customers are ditching the energy giants in their droves as smaller independent suppliers continue to erode their market share, research suggests.
Pressure has mounted on the Treasury to introduce further tax breaks for the oil and gas industry as new research reveals that cost-cutting may not be enough to ensure the North Sea is attractive to investors.
In response to the decline in crude oil prices since mid-2014, the number of active offshore rigs has declined worldwide, dropping close to 20%—304 offshore rigs were operating in August 2015, down from 377 in August 2014.
Iraq’s self-governing Kurds can’t sell Iraqi crude oil in the U.S. under a court decision that puts a fresh hurdle in the path of Kurdish efforts to achieve financial independence from the central government in Baghdad.
The U.S. Court of Appeals for the Fifth Circuit in New Orleans dismissed an attempt by the Kurdistan Regional Government to overturn a judge’s earlier decision against its planned sale of oil to an unidentified buyer in the U.S. The KRG’s eventual sale of the disputed cargo in Israel made the appeal moot, the court said in a ruling.