Tullow and Eco Atlantic will develop the Orinduik block, offshore South America after agreeing a deal with the Guyanan government.
Eni has been given conditional consent to start using its Goliat FPSO (floating, production, storage and offloading) vessel by the Norwegian Petroleum Safety Authority.
Norwegian operator Statoil has decided to develop its Johan Castberg discovery in the Barents Sea using an FPSO (floating, storage and offloading vessel). The company’s chief executive Eldar Saetre told a seminar in Norway that the planned concept would work well in moving the project forward at a lower cost.
Saudi Arabia’s economy is set to grow this year at the slowest pace since 2002 as the oil-price plunge drains the kingdom’s finances, according to projections released by the International Monetary Fund and HSBC.
National oil company Statoil has been awarded the highest number of licences since 2005 by the Norwegian authorities.
Wood Group today confirmed it had replaced a dozen Aberdeen external accounts posts with Indian staff.
Amec Foster Wheeler has revealed plans to reduce its pay for workers in Aberdeen by 7.5%.
Nearly 40 companies have applied for new production licences on the Norwegian Continental Shelf, indicating there is still considerable interest in the sector according to country's petroleum directorate.
Oil major Chevron said it will not extend its contract to operate the East Kalimantan oil and gas block in Indonesia.
Given a choice, Statoil ASA and the other owners of the giant Johan Sverdrup oilfield would have preferred to avoid the collapse of crude prices that has upended the industry.
Sparrows Group is in consultation with its staff over up to 90 job losses.
Range Resources said it has been advised by authorities in Colombia that three exploration licences previously awarded to it have been revoked. The company said the National Hydrocarbons Agency in the country had informed them that PUT-5, VMM-7 and VSM-1 had been pulled over claims maintenance commitments had not been fulfilled.
Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016, according to the International Energy Agency.
Oil and Gas UK (OGUK) yesterday hailed the increase in demand for “tools” it helped develop in an effort to improve efficiency in the industry. The trade association said more than 900 companies had signed up to the industry mutual hold harmless (IMHH) deed. OGUK said the deed, which was originally developed in 2002, helped firms clarify the allocation of risks and avoid doubling up on the insurance of identical liabilities offshore.
Norwegian operator Statoil is looking to reactivate a suspended rig to carry out well plugging work in the North Sea. The Scarabeo 5 had previously been suspended by the company from October last year.
China's Cnooc plans to cut spending and reduce production as it grapples with the sub $30 oil environment in 2016.
Wood Group has secured a three year contract with Shell's Prelude Floating Liquefied Natural Gas (FLNG) project in Australia.
Malaysia's Petronas plans to cut expenses by as much as $11.4billion over the next four years and defer some projects, according to reports.
Irish gas storage firm Infrastrata has secured funding drill a well at the Woodburn Forest project, onshore Northern Ireland.
Chevron has signed its second agreement in as many months to sell liquefied natural gas to China.
Cairn Energy today confirmed both its Catcher and Kraken projects, both in the UK North Sea, remained on track for first oil next year.
The UK cabinet minister said it is "important" that Chancellor George Osborne delivers for offshore firms in his budget this spring.
Brent oil rebounded after closing at the lowest level in more than 12 years in London. A persistent oversupply means prices still haven’t staved off the threat of further declines.
Refining profits that buttressed earnings for Exxon Mobil Corp. and Royal Dutch Shell Plc as crude prices plunged are now slumping, further pressuring all of the world’s biggest oil companies as they move into 2016.
Oil and gas industry boss Samir Brikho was ousted as chief executive of Amec Foster Wheeler (AFW) at a board meeting held on the eve of the firm’s latest trading update, it emerged last night.