Falling oil prices took a large bite out of profits and turnover at Global Energy Group during the year to March 31, the energy service firm said yesterday.
Royal Dutch Shell Plc is on the brink of pulling off its biggest acquisition. Yet the widening discount of target BG Group Plc to the offer price shows that a further steep drop in oil prices could still put the deal in doubt. BG traded 12.5 percent below Shell’s bid price on Dec. 18, the biggest discount since early September, compared with a 6.4 percent gap on Dec. 4. While BG shares soared when news of the deal broke eight months ago, they’ve since tumbled more than 20 percent as oil prices slumped.
Enerplus said it has completed the sale of a number of non-operated interests in North Dakota.
A consortium has been awarded a new contract for the engineering, procurement, construction and installation of a major subsea field infrastructure for ONGC.
Statoil and its partners are to spend more time on improving the concept for the start-up of the second phase of the Johan Sverdrup field. The company said the planned production timing is still planned for 2022.
The Norwegian Petroleum Directorate (NPD) has granted a drilling permit to Total E&P Norge for the drilling of a wildcat well. The company plan for the well to be drilled using the Maersk Gallant drilling facility in production licence 618.
GeoPark has struck an oil sales deal with Trafigura worth $100million. The funding agreement will see GeoPark sell and deliver to Trafigura a portion of its Colombian crude oil production.
Transerv said sustained gas flow and a continuous gas flare have been achieved from the Warro-6 well in Western Australia during the initial clean-up phase of the well. The company said the flow rate has yet to be measured but the early stage result is considered to be a significant development in its strategy to establish Warro as a major economic gas project. Warro is Australia’s largest undeveloped gas field with resources of 11.6trillion cubic feet of gas in place.
African Petroleum has signed a new production sharing contract with Ophir Energy covering the company’s CI-513 licence area in Cote d’Ivoire. The new contract means Ophir Energy has a 45% interest and is operator of the asset while African Petroleum holds a 45% interest and the regions National Oil company the remaining 10%. Ophir Energy will make a $16.9million contribution towards African Petroleum’s back costs in relation to the block.
As global oil prices tumble, Saudi officials are considering plans to sell shares in state-owned entities and companies, according to two people with knowledge of the discussions, in an attempt to find alternative sources of revenue. The government may sell stakes in ports, railways, utilities and airports, the two people said. Hospitals may also be privatized, one person said. Saudi officials weren’t immediately available for comment. With oil prices down to an 11-year low, Saudi officials are accelerating efforts to reduce the economy’s reliance on revenue from crude exports. They may have missed their best chance when prices were higher, according to economists and an International Monetary Fund study that highlighted how successful attempts depended on policies put in place before the slump.
SBM Offshore has said there is no impediments to its current chief executive continuing in his role after a number of charges were made against the company by Brazilian prosecutors. Last week it was announced 12 people had been charged in connection with an alleged bribery scheme involving SBM Offshore and Petrobras.
Pacific Exploration and Production has acquired a 50% remaining interest in the CPE-6 block from Talisman in Colombia. The company said the deal for the onshore block is worth $48million.
The Norwegian government has upheld its decision to reduce Det Norske’s stake in the Johan Sverdrup oil field. The move comes after it rejected an appeal from the company against the decision.
Crude oil exports in Nigeria are under force majeure, according to reports.
Oilex said production from its Cambay-77H well in India has been boosted by an additional 51 barrels since start-up 10 days ago. The company said the most recent estimate shows initial production has now reached 715 barrels of oil equivalent. Earlier this month Oilex said it would continue its workover of its Cambay field in India.
88 Energy’s boss said results from its HRZ play in Alaska continued to remain supportive but there was still uncertainty until all analysis had been conducted. Dave Wall, the chief executive of the company, revealed the latest analysis of the critical HRZ shale interval of its Icewine play. Operations at the site are continuing following initial analysis, with plans moving forward to finalise its current operation before conducting a blowout preventer test.
KCA Deutag has sold its jack-up drilling unit, Ben Loyal, to Advanced Energy Systems for an undisclosed sum.
Aminex has netted a six-month reprieve to pay back its corporate loan facility.
Noreco Norway today confirmed it had entered into a sale for all of its exploration licence interests, organisation and management systems.
The Norwegian Petroleum Directorate (NPD) has given Wintershall Norway's wildcat bid the green light.
Wood Group has acquired Kelchner Inc, a privately-owned US-based provider of construction and energy field services.
Industry giants Shell and BG are zeroing in on their mega-merger.
Brent crude slumped to the lowest level since 2004 amid speculation suppliers from the Middle East to the U.S. will exacerbate a record glut as they continue fighting for market share.
In the movie musical Grease it was Olivia Newton John who said it best: “You better shape up”.
US defence giant Lockheed Martin has been commissioned to investigate how technology developed at NASA can unlock £1billion of savings in maintaining aging oil and gas assets.