For an industry used to cautious, long-term evolution, the speed at which leaders of Europe's biggest oil and gas companies moved to take a joint stand in the climate debate speaks volumes.
Tethys Petroleum has agreed to enter into a short extension with AGR Energy Limited. The company announced last month it had entered into a limited period of exclusivity with AGR Energy to negotiate a potential larger financing. The previous exclusivity period had been set to run through to June 12th.
South Korea's GS Caltex Corp is set to receive a shipment of 2 million barrels of West African crude, dwarfing the country's usual purchases from the region as it looks to diversify supply away from the Middle East.
UK oil company BP has completed maintenance and resumed production at its West Azeri platform in the Caspian Sea, Tamam Bayatly, a spokeswoman for BP Azerbaijan, said on Friday.
Norwegian energy firm Statoil could lay off another 2,000 employees by the end of 2016, business daily Dagens Naeringsliv (DN) said on Friday.
Aberdeen city bypass designer WS Atkins yesterday said a steady flow of nuclear and renewable-energy projects had helped to balance ongoing “staff reductions in oil and gas”.
Oil giant Chevron has confirmed it will be moving to a three on, three off shift pattern. The company revealed in April it was considering the move in line with a number of companies including Shell, Apache and Petrofac. The changes are expected to come into force from January next year.
India-focused Hardy Oil and Gas said yesterday it may have to change tack and turn its attention to other areas. Aberdeen-based Hardy is led by former KCA Deutag director Ian MacKenzie as chief executive. Alasdair Locke, the former executive chairman of Abbot Group, now KCA Deutag, is its chairman. The company’s portfolio includes exploration, appraisal and development assets.
Iran needs $100 billion to rebuild its gas industry and has met with European energy giants as an end to decades of international sanctions looms, according to the state-run company in charge of discussions. “We welcome and appreciate investment by companies; we welcome new technology,” Azizollah Ramazani, international affairs director at National Iranian Gas Co., said in an interview in Paris. “During the last 18 months we have had many discussions with foreign companies.” While commodity markets fixate on a return of Iranian oil, the importance of gas in the longer term was underlined Wednesday as BP Plc data showed the Islamic Republic held its position as the nation with the largest proven reserves of the fuel after snatching the crown from Russia in 2011.
Sentinel Marine has celebrated the latest addition to its growing fleet of offshore support vessels, naming the ship Cygnus Sentinel at a christening event in its home city of Aberdeen. It is the second of four emergency response and rescue vessels (ERRV) that Sentinel is taking delivery of as part of a £28million funding package from Clydesdale Bank and Germany’s Norddeutsche Landesbank. The 200ft-long Cygnus Sentinel is starting a five-year contract serving Gaz De France operations in the southern sector of the UK North Sea.
Chevron Corp. is studying data from its largest-ever seismic survey to decide where to drill for oil in an untapped frontier off southern Australia. The seismic program, carried out by Norway’s TGS Nopec Geophysical Co., gathered data covering about 22,000 square kilometers (8,500 square miles) of the Great Australian Bight, Chevron’s local unit said in an e-mail response to questions.
EU Climate Action and Energy Commissioner Miguel Arias Canete on Thursday launched a plan to turn the Mediterranean region into "a major gas marketplace" as part of the blocs efforts to reduce dependency on dominant oil and gas supplier Russia.
Deputy First Minister John Swinney has leapt to the defence of the SNP’s plan for full fiscal autonomy despite Scottish Parliament analysis which found that plummeting oil prices could lead to a £9.7 million cut in public spending. Labour has produced its own “oil and gas bulletin” while Holyrood awaits an official bulletin by the Scottish Government. SNP members cried that it was a “Mickey Mouse” report at First Minister’s Questions, but Labour’s deputy leader Kezia Dugdale said its findings have been confirmed by independent researchers at the Scottish Parliament Information Centre (Spice).
Hess Corp is to sell half of its Bakken midstream assets for $2.68billion. The oil and gas producer will be signing over the assets to Global Infrastructure assets.
Tethys Petroleum is set to reduce its headcount as it looks to relocate staff members to its offices in London. The company said its offices in Guernsey would be closing and its finance team based there would be relocated. A two-week consultation period has now begun with staff based in Guernsey about their on-going employment with Tethys.
Technip has been awarded a contract for the decommissioning of the brownfield development and installation of subsea equipment in the Gulf of Mexico by Chevron. The company said the lump sum project will help support a floating production system located in the Mississippi Canyon. The work includes project management and engineering, decommissioning of existing equipment and pre-commissioning and testing.
Saudi Arabia is ready to increase its oil output in the coming months to a new record to meet a rise in global demand, despite increased domestic use, a senior state oil company official said on Thursday.
Norway's government will have to reassess oil drilling boundaries in the Arctic after failing to get parliamentary backing for its original proposal to move them further north.
Russian state oil producer Rosneft will be forced to postpone drilling a second well in the Kara Sea for at least two more years, three sources told Reuters, as a result of Western sanctions over the Ukraine crisis.
Oil major Shell is said to be considering whether to pull the plug on its last exploration well in Ukraine. The move is being considered as the project has been on hold for almost a year, due to the conflict between pro-Russian separatists and Ukranian forces.
Oilfield services company RMEC achieved its highest turnover in the last year after increasing its rental fleet and doubling its staff. The company achieved a turnover figure of £9.5million for 2014 up 5% from the year previously. It comes after RMEC received a £7.5million investment in April last year from Maven Capital Partners and over the last 12 months the company has invested more than £1million in its pressure control fleet.
Future Fibre Technologies (FFT) has won a $2.75million order for the sale of its products and services to protect pipelines in Mexico. The company said the win followed on from the successful commissioning of 160km of oil pipeline protection for the same customer last year.
CNOOC Limited has commenced production from the Dongfang1-1 gas field ahead of schedule. The Dongfang1-1 gas field is located in the Yinggehai Basin of Beibu Gulf in the South China Sea.
Statoil has awarded Baker Hughes a contract for production chemicals and services for the Mariner field. The company will design and supply production chemicals and services as part of an eight year contract anticipated to begin next month. The contract will also hold the possibility of an extension option for four years.
Oil and gas chiefs welcomed the prospect of further tax breaks yesterday after holding their first formal talks with the new UK Government. Ministers and industry leaders met at the Fiscal Forum, where Treasury minister Damian Hinds pledged to continue to support the sector during the downturn. As revealed yesterday, the Exchequer secretary confirmed at the summit that the government intended to expand the scope of the new investment allowance, and move to boost exploration and access to infrastructure.