Lenigas strengthens links with Cuba
Oil boss David Lenigas has strengthened links this week with the burgeoning Cuban oil and gas sector.
Oil & Gas
Shell to move to new shift pattern
A major oil firm has confirmed its offshore workers will be the latest to move over to a new three weeks on shift pattern.
Latest offshore licensing round must be converted, says KPMG
The UK’s 28th offshore licensing round was one the biggest handouts in 50 years.
BP’s profits slide
BP’s profits took a significant hit in the wake of its $18.7billion Deepwater Horizon settlement.
Statoil production up, earnings down
Statoil’s second quarter net income fell 27% amid a dipped oil price.
Iraq southern oil exports at record amid market share battle
Iraqi’s oil exports from the south climbed to a record this month at the same time the self-ruled Kurds in the north are shipping crude independently, adding to a global supply glut as producers vie for market share. Southern oil exports, representing the central government’s shipments, rose to 3.064 million barrels a day in July and will remain at about the same level for the rest of the month, Thaer Yassin, spokesman of the state-owned South Oil Co., said by phone on Monday. Exports were 3.020 million barrels a day in June, he said.
Croatian ex-PM Sanader’s oil graft convictions sent for retrial
Croatia's Constitutional Court has annulled two corruption convictions against former prime minister Ivo Sanader and ordered a retrial. Sanader, prime minister from 2004 to 2009, had been convicted of taking a bribe from the Hungarian oil group MOL in 2008 to allow it to take a dominant stake in Croatia's biggest utility, the oil firm INA, and also of taking a bribe from Austria's Hypo Bank in 1994 and 1995, when he was deputy foreign minister.
Colombia’s Ecopetrol sells over of half of EEB stake for $215 mln
Colombia's state-owned oil company Ecopetrol sold more than half its shares in energy company Empresa de Energia de Bogota (EEB) for $215 million, Ecopetrol said on Monday, as part of its plan to sell assets to fund investments. Ecopetrol said in a statement it sold 352 million shares, 55.1 percent of its interest in EEB, for 1,740 Colombian pesos per share. The shares were sold to a preferential group of employees, retirees, pension funds and unions.
Ukraine plans higher gas imports, injections in August
Ukraine plans to increase natural gas imports from Europe in August with a view to boosting injections into storage for next winter, Energy Minister Volodymyr Demchyshyn said on Monday. He told a televised briefing that Ukraine aimed to import around 40 million cubic metres (mcm) of gas per day from Europe, up from 24 mcm of gas per day in July. Plans call for increasing injections into underground storage to 52-53 mcm per day in August from the current 35-40 mcm.
Babcock completes milestone with delivery of structures to Quad 204
A major milestone has been reached in the delivery of 73 subsea structures for BP’s Quad 204 offshore development project. Babcock International Services has completed two manifolds – the largest and most complex constructions within the project – at its Rosyth facility on the Forth. The structures, which were manufactured, painted and outfitted at the site, were transported to Lerwick by freighter and then transferred to a dedicated heavy lift vessel for installation at the Schiehallion and Loyal oil and gas fields.
Goodrich Petroleum sells off stake in Eagle Ford shale play
Goodrich Petroleum has signed an agreement to sell its reserves and leasehold in the Eagle Ford shale for $118million. The move will see the company retain 58% of its undeveloped leasehold in the play for future development and sale. The asset which is being sold produced an average of around 2,850barrels of oil equivalent per day during the first quarter of 2015.
WGP Group completes Statoil survey ahead of time
Marine geophysical services specialist WGP has completed its spring/summer program of reservoir monitoring operations for Statoil's Snorre and Grane fields ahead of schedule.
Marksmen on target in Ohio
US light oil exploration company Marksmen Energy has found "signifcant" deposits from its assets in Ohio.
Hedge fund’s Tehran trip shows the world’s ready for Iran
In the 36 years since the Islamic revolution swept over Iran, the country has tapped international debt markets exactly twice.
Max Petroleum bails out Kazakh subsidiary
Max Petroleum has thrown a financial lifeline to its Kazakhstan subsidiary Samek International.
OGA confirms successful bids for the UK’s 28th offshore licensing round
The Oil and Gas Authority (OGA) today confirmed the final bids for the 28th offshore licensing round – making it one of the largest round-ups in 50 years.
Maersk Drilling agrees $142million rig extension
Maersk Drilling has been awarded a $14 million 16-month contract extension for the jackup rig Mærsk Innovator with ConocoPhillips Norway.
More than 5,500 North Sea jobs affected by oil price decline
More than 5,500 jobs in the North Sea oil and gas industry have been lost since the oil price decline, according to new estimates. The figure comes as companies including BP, Shell and Total have reduced their headcount in a bid to save costs. Companies have also been in consultation over a move to three on, three off shift patterns for workers. Industry body Oil & Gas UK said the figure put forward could be conservative, while trade union Unite said the number could actually be around 4,000.
Opito launches 2015 global safety and competency awards
Nominations are now open for the sixth annual Opito Safety and Competency Awards.
ACE Winches secures £10million work in Far East
Scottish winch and deck machinery specialist ACE Winches has equipment and services contracts for the Far East worth £10million.
Oil traders fill South Africa storage to the brim
South Africa's 45 million barrel strategic crude reserve depot is filled to capacity as oil traders hoping prices will rise in the future snap up storage capacity, two industry sources told Reuters. The state-run Strategic Fuel Fund Association (SFF) operates six underground crude bunkers at the Saldanha Bay facility, one of the largest oil storage centres in the world. Global crude prices have remained depressed since a supply glut led to a more than halving of prices last year.
Gallery: Licences up for grabs in 28th licensing round
The Oil and Gas Authority (OGA) is expected to confirm the remaining licences of the 28th offshore round today. The final tally will bring a close to one of the most active bids in 50 years.
MX Oil one step closer to first oil in Nigeria
MX Oil is one step closer to securing first oil from its Nigerian prospect.
OGA to confirm remaining licences for 28th offshore round
The Oil and Gas Authority (OGA) is expected to confirm the remaining licences of the 28th offshore round today.
Technip lands double Egypt win
Technip has landed work for two projects in Egypt, including refining a “bottom of the barrel” frame.