Total's chief executive said oil majors are well positioned to grow during the oil price downturn but should "be patient" when it comes to mergers and acquisitions. Patrick Pouyanne made the comments after it was revealed Anadarko had become the latest company to launch a takeover bid for Apache, following in the steps of Shell and BG and Halliburton and Baker Hughes.
Bowleven said its Moambe well has started the flow of hydrocarbons onshore Cameroon. The Africa focused oil and exploration company said the step forward was taken after the installation of testing equipment. An extended well testing programme is planned at Moambe to determine the productivity and connectivity of the shallower reservoir units.
Anadarko has confirmed it made an approach to Apache in a potential takeover bid for the company while also admitting it has given up its pursuit.
Nigeria’s President has named a banker as his new finance minister as well as swearing in his new cabinet. It comes after Muhammadu Buhari, a retired army general, entered office as the country’s leader in May this year. The politician has promised to put an end to corruption in the West African country where oil revenue accounts for the majority of its wealth.
Subsea 7 has signed a long-term partnership frame agreement with Premier Oil to provide concept engineering, FEED, SURF project execution and life of field operations.
Hungarian oil company MOL has acquired Eni's 17 Agip branded service stations in Slovenia for an undisclosed sum.
Industry body Oil and Gas UK has published documents to help operators and contractors plan and execute decommissioning activities.
Ophir Energy said it will continue to reduce its capital expenditure and cost base into the next year as it looks to strengthen its balance sheet. The company, which said it was edging closer to agreement on the Fortuna project off Equatorial Guinea, expects its capital expenditure for 2015 to be around $250million.
Ophir Energy said it is in the process of signing off on its long-term agreements for its Fortuna FLNG (Floating Liquefied Natural Gas) project off Equatorial Guinea. The company will be working with a shortlisted group of counterparts all of which are globally established LNG buyers. The offtake contracts offer flexibility to competitively deliver the gas into either the Atlantic or Pacific Basin and Ophir said they had been met with strong interest from LNG buyers.
Operational delays affecting activity in the Democratic Republic of Congo have contributed to Sacoil issuing an earnings warning to investors.
EON SE's profit fell 30% after the firm wrote-off EUR8.3billion ($8.9billion) in generation assets.
Anadarko Petroleum Corp. approached Apache Corp. about a combination that would be the largest for an independent U.S. oil and gas producer this year, according to people familiar with the matter.
BP’s North Sea boss, Trevor Garlick, has confirmed he will retire after more than 30 years in the industry.
Scottish oil explorer Bowleven said yesterday it was in good financial shape to “ride out the storm” of the industry downturn and press on with its plans for Africa.
State-owned Taqa swung to loss for its third quarter financial results.
Xcite has agreed a farm-in deal with Azinor Catalyst for its UKCS licence.
Tullow Oil is targeting half a billion dollars in savings.
OPEC’s latest challenge to U.S. shale oil producers would be about two miles long, lined end to end, and weigh almost 3 million metric tons. It’s due to reach American ports this month.
Investors who urged U.S. integrated oil companies to spin off their weaker refining arms got it right in an unexpected way.
ONS has sold more exhibition space ahead of the event next year than it did for the whole show in 2014. Shows organisers said the growing interest in ONS, which takes place in Norway, has been led by a desire for more collaboration in order to meet the industry’s current challenges. The news comes after a number of exhibitors – including BP – opted out of exhibiting at Offshore Europe in Aberdeen amid the decline in oil price.
Oil & Gas UK’s Business Sentiment Index posted its fifth straight negative recording amid heightened market pressures.
Mexico’s oil regulator said it has made changes ahead of its third oil auction next month in a bid to attract more bids. CNH (Comision Nacional de Hidrocarburos) said it will also extend a timeline for companies to submit development plans. The next auction will take place on December 15th and is expected to tender 25 mature onshore fields through license contracts.
MMA has signed a contract with Woodside Energy worth $50million to provide three vessels to support the company in Australia’s north west region. The company made the announcement as it revealed its yearly results which it said saw a lower than expected first four months of trading due to the low oil price environment. MMA said EBITDA is expected to be in the region of up to $85million for the full year but said it was making the estimate with a “low level of visibility of demand” for the second half of the financial year.
BP has suspended operations at Chirag, one of its platforms in the Caspian Sea, for planned maintenance, the British oil company said today.
A warning was today made about the mental health risks to North-east workers hit by the oil downturn.