IGas Energy completes landmark acquisition
IGas Energy’s landmark acquisition of Dart Energy was officially completed today.
Oil & Gas
RWE may exclude UK assets to seal $6.5billion sale to Fridman
RWE AG may exclude UK assets from a EUR5.1billion ($6.5billion) deal to sell the German utility’s oil and gas business to Russian billionaire Mikhail Fridman’s LetterOne.
Wood Group wins carbon capture contract
Wood Group Kenny (WGK) has landed the front end engineering design (FEED) contract for the subsea and pipeline element of the Peterhead Carbon Capture and Storage (CCS) project in Aberdeenshire.
Atco seeking partners for Mexican projects in energy overhaul
Atco Ltd. is looking for partners in Mexico as it positions itself to tap the $5 billion in pipeline and power projects to be offered as part of the country’s energy industry opening.
Culzean one step closer
Maersk Oil UK has appointed a contractor to build the wellhead jacket and piles for its £3billion Culzean gas field project in the UK North Sea.
DOT: Standardisation to stop rising costs
Industry experts believe standardisation to stop costs creeping up in deepwater activities. A panel at the Deep Offshore Technology International 2014 (DOT) assessed the ways costs could be reduced within deepwater activity, with the recent decrease in oil prices, coupled with increasing cost.
BP ‘cut corners in building pipeline’
BP chose to “cut corners” when an oil pipeline was built across land belonging to Colombian farmers, then put up “a smokescreen of obfuscation" when things went wrong, a QC has said in the High Court.
Petrobras kick-back scandal takes centre stage in Brazil election debate
Brazil President Dilma Rousseff and Aecio Neves, her challenger in a tight election contest, have clashed in a feisty debate.
Expro secures $50million deal
Expro has secured a $50million contract for work offshore Australia.
OPEC: Finding US shale harder to crack as rout deepens
OPEC is resisting pressure to cut oil production while demand slumps as it tests how low prices must go to make US shale oil unprofitable. As producers become more efficient, that floor is sinking.
Farmers seek BP pipeline payout
Colombian farmers are coming to court seeking compensation from BP for serious damage they allege was caused by negligence in the building of a pipeline across their land.
Rovop invests in Europe’s subsea capital
Two subsea companies are upping their presence in the north-east with the creation of two new headquarters in Aberdeenshire’s Westhill area. The area, also known as the subsea capital of Europe, will see subsea specialist Rovop invest £4million in new purpose built headquarters, while subsea robotic company Aleron Subsea is relocating its head office from Singapore to the area.
Fears for fracking at oil site
Anti-fracking protesters fear drilling for shale gas could still take place at a site where conventional oil has been found.
Oil at the heart of Kurdish pay delay
The Kurdish government is unable to pay government salaries as the cost of battling Islamic State puts strain on the finances of a US partner in the struggle against the militant group. Peshmerga fighters have played a central role in slowing the advance of Islamic State militants even as the semi- autonomous Kurdish region of northern Iraq has been locked in a dispute with the central government in Baghdad over oil. The Kurdish Regional Government has struck deals with oil companies and collected the revenue. The Iraqi government says it should control the country’s oil deals, and has withheld the budget for the region since the beginning of the year.
Lundin jumps most in three years on oil find in Norway’s Arctic
Lundin Petroleum AB, the Swedish explorer focused on Norway, rose the most in three years after making what may be the biggest oil find in the nation’s Arctic Barents Sea, potentially accelerating development of the region’s resources.
Wood Group Mustang wins Statoil contract
Wood Group Mustang has won the pre-FEED contract for Statoil's Snorre C platform in the Norwegian continental shelf.
Contractor cuts signal “industry-wide phenomenon”
Industry expert Alex Kemp said the latest raft of contractor cuts signalled the start of an industry-wide phenomenon.
Afren fires CEO, COO for ‘gross misconduct’ in undisclosed deals
Afren Plc, a UK oil and gas explorer, fired chief executive officer Osman Shahenshah and chief operating officer Shahid Ullah for gross misconduct following an investigation into unauthorized payments. Afren, which operates in Nigeria and Kurdistan, has started legal action to recover the missing funds, it said in an e- mailed statement dated Oct. 13. Afren had suspended Shahenshah and three senior staff in July and August amid a review of the transactions. The terminations follow an inquiry which examined about $433 million on the explorer’s half-year balance sheet and reviewed three transactions between the explorer and partners in 2012 and 2013. Afren has slumped 42 percent this year in London trading amid the probe into the payments.
Dana unveils proposals to cut 40 jobs
Dana Petroleum yesterday revealed plans to cut up to 20% of its work force as it continues a review of its organisational structure.
Exclusive: Shell cuts contractor rates
Shell has confirmed plans to slash its North Sea contractor rates.
Targa makes $5.8billion buyout
Targa Resources has snapped up Atlas Pipeline Partners for $5.8billion.
Russia seeks China support for Rosneft
Russia signed 38 accords with China spanning energy, banking and technology during Premier Li Keqiang’s visit to Moscow as the country pivots to Asia to keep its economy growing amid sanctions over Ukraine. Among the documents were an intergovernmental agreement backing OAO Gazprom’s $400billion contract to supply natural gas through a planned eastern pipeline and an accord on increasing cooperation between OAO Rosneft and China National Petroleum Corp.
CNOOC strikes first oil in South China Sea
CNOOC has struck its first oil in the South China Sea. The corporation has a 100% interest in the Enping 24-2 oilfield, which is located in the Pear River Mouth Basin of the South China Sea, and has a water depth of 86-96 metres.
Ineos snaps up second shale investment in Scotland
Petrochemical company Ineos has bought its second licence for shale exploration just two months after acquiring land at Grangemouth. The acquisition means the company now has an 80% interest in a petroleum exploration and development licence for PEDL 162, which covers a 400 km2 are of the Scottish central belt.
Bankruptcy firm blames North Sea assets for ballooning debt
Endeavour International Corp., a US-based oil and gas exploration firm with operations in the North Sea, sought bankruptcy protection yesterday, saying it has a restructuring agreement with some creditors.