Essar Mauritius fires off suit at ShoreCan
Essar Exploration & Production (Mauritius) has filed an “opportunistic” complaint in the UK against a Nigerian joint venture, Shoreline Canadian Overseas Petroleum Development, known as ShoreCan.
Oil & Gas
RockRose growth prospects ‘undimmed’, Brae transfer gets under way
RockRose Energy’s boss today insisted the firm’s growth prospects were “undimmed” by the slump in crude prices.
Solar well yields discovery, Finzean delayed, Westwood Global says
Westwood Global Energy reports that as of 2 April there was one exploration well that was in the process of completing, with no active E&A drilling.
Saudi, Russia rift widens
US President Donald Trump’s call for a 10 million barrel per day – or even 15mn bpd – cut drove up oil prices last week but weak demand continues to run the show, with little respite expected from talks due to take place this week.
Upstream spend at risk in Asia Pacific
Demand destruction and sustained oil prices below $40 per barrel mean Asia Pacific is bracing itself for a brutal wave of cost cutting that will see its reliance on imports rise as upstream investment is hit hard.
Help at hand for making tough decisions amid volatile markets
The double whammy of the Covid-19 pandemic and the effects of the Opec+ price war is presenting what is rapidly becoming the upstream oil and gas sector’s biggest challenge to date.
Covid-19 and cap scrap put our industry under threat
A toxic cocktail of the Covid-19 outbreak and an act of self-sabotage by two of the world’s biggest oil nations has created unprecedented and overwhelming currents for the oil and gas industry to swim against.
Pain won’t last forever
While some predicted it, most of us never saw it coming. The uncertainty and pace of change in the upstream sector over the past month has been spectacular and has turned businesses and our lives upside down.
OPEC+ poker game on Monday: Russia holds better cards than Saudi Arabia
A month after the last unproductive OPEC+ meeting and with Covid-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. Russia and Saudi Arabia will be back to the negotiating tele-table on 6 April 2020 to discuss the output cuts of at least 10 million barrels per day (bpd), first announced by US President Donald Trump on Twitter on 2 April 2020.
The current challenges for the UK and Norway in the face of Covid-19
The world has been transformed in the past month since the COVID-19 pandemic took hold. The dramatic impact of COVID-19 on global oil demand and has been compounded by Saudi Arabia and Russia failing to agree production cuts to stabilise oil prices. With Brent trading well below US$30/bbl the resilience of the sector is once again being pushed to its limit. What does this mean for the UK and Norway upstream sectors?
Update: Oil surges as producers eye 10m barrel a day output cut
Oil jumped more than 11% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed.
Valaris set to undertake drilling works at Premier Oil’s Catcher field
Drilling firm Valaris is set to undertake drilling and subsea work at Premier Oil's North Sea Catcher field next week.
Tullow cuts capex further, secures RBL
Tullow Oil has secured its reserve-based lending (RBL) facility at $1.9 billion, giving it around $700 million of liquidity, while slashing its spending this year further from plans announced just two weeks ago.
Worker airlifted from North Sea vessel tests positive for Covid-19
A workers who was airlifted from a UK North Sea platform has tested positive for the Covid-19 virus.
Algerian omission moves Neptune closer to Glengorm stake acquisition
A deal that holds the key to Neptune Energy obtaining a stake in a major UK North Sea discovery took a step forward today.
AI vs data privacy: OGTC flagship event goes online
The Oil & Gas Technology Centre (OGTC) will launch the first of its Tech20 Virtual series with ‘Artificial Intelligence vs Data Privacy: a 21st century David and Goliath story’, taking place Friday 3 April, 11:00-12:00 GMT.
North Sea fields facing swifter end to production due to oil price drop
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
Extremely challenging conditions for North Sea emphasises the need for sector deal, says EY
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil soars after Trump says Saudi Arabia, Russia to cut supply
Oil soared after U.S. President Trump said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.
Apache celebrates second score in Suriname
Total and Apache have made a second discovery offshore Suriname, at Block 58’s Sapakara West-1 well.
Rovco stakes claim in Scotland with new appointments to executive team
An energy service ROV firm has staked its claim in Scotland with a number of executive hires across its business in Edinburgh.
PGS completes Kwanza shoot
PGS has completed the acquisition of 3D seismic on Angola’s Kwanza shelf, which will be used in the country’s 2021 licence round.
DPR imposes worker limits
Nigeria’s Department of Petroleum Resources (DPR) has ordered companies to limit the number of personnel at sites, in line with a directive from Nigerian President Muhammadu Buhari.
Abu Sennan gas line starts up, as infill drilling slows
A pipeline has been completed at the Al Jahraa field, in Egypt, allowing gas sales to begin and eliminating flaring, United Oil & Gas has reported.
Whiting bosses got $14.6 million bonuses before bankruptcy
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.