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North Sea

North Sea decommissioning expenditure to hit £17bn over next decade

18/11/2015

The UK oil and gas industry’s decommissioning sector is growing at a steady pace, with total expenditure expected to hit £16.9billion over the next decade, a new study shows. Oil and Gas UK (OGUK) raised the forecast from £14.6billion a year ago, citing an influx of 47 new projects into its 2015 Decommissioning Insight survey. A total of 79 platforms are now expected to be removed across the UK continental shelf by 2024, according to the poll, which was launched at the Offshore Decommissioning Conference in St Andrews.

Oil & Gas

Video: Simmons boss predicts more deals as company is bought over

18/11/2015

The boss of Simmons & Co said he expects to see more mergers and acquisitions in the next year, as he spoke about his own company's $139million takeover by Piper Jaffray. The companies announced in a joint statement yesterday they had signed a deal for the merger after detailed talks intensified in the past four weeks. Speaking exclusively to Energy Voice, Colin Welsh, who heads up Simmons business in the eastern hemisphere said he also expected the oil price to pick up.

Oil & Gas

Piper Jaffray to acquire Simmons in $139million deal

17/11/2015

Investment bank Piper Jaffray has agreed to acquire Simmons and Co in a deal worth $139million. The company said the move represented a “major step” in its drive towards $500million in annual investment banking revenue. Piper Jaffray will acquire 100% of Simmons in the $139million deal, which will consist of $91million in cash and $48million in restricted stock.

Oil & Gas

Empire spuds onshore Perth Basin well

17/11/2015

Empire Oil and Gas said it has spudded the Red Gully North-1 well at its onshore Perth Basin. The well is located four kilometres to the north of the company’s Red Gully processing facility. Its close proximity to the facility will allow for a fast tie-back and commercialisation of the well if it is successful, Empire said.

Oil & Gas

Jemena wins contract for Australian pipeline

17/11/2015

Jemena has been revealed as the preferred bidder to build a gas pipeline which will connect the Northern Territory in Australia to Queensland. The conglomerate is jointly owned by the State Grid Corporation of China and Singapore Power. The North East Gas Interconnector (NEGI) will link the Northern Territory’s Amadeus pipeline to Queensland’s Carpentaria pipeline.