International energy logistics group Peterson said yesterday operating profits fell by 6% to £7.4million in 2014 as lower oil prices took their toll on parts of the business.
International oilfield support services company Asco Group has reported “promising” prospects despite a widening of losses amid the North Sea downturn.
Gazprom’s Alexander Medvedev, will seek to promote the competitive value of Russian gas to the key emerging energy markets of south east Asia, when he speaks at the Gastech conference in Singapore later this month.
Aker Solutions has been awarded a contract from Murphy to deliver the subsea production system for the Rotan deepwater natural gas development offshore Malaysia.
Enrollment in US petroleum engineering degree programs fell for the first time in 13 years this autumn, as an oil industry slump makes college students wary of entering the boom and bust world of oil and gas.
Lukoil PJSC, Russia’s second-largest oil producer, plans to sign a deal on exploration and production with Iran following changes in the Persian Gulf nation’s tax laws. Vagit Alekperov, Lukoil’s billionaire chief executive officer, said he plans to meet with Iran’s Oil Minister Bijan Namdar Zanganeh when the Organization of Petroleum Exporting Countries gathers in Vienna in December.
Statoil said it has acquired First Oil’s 24% equity share in the UK licence for the Alfa Sentral field in a $15million deal. The Alfa Sentral is a gas and condensate field planned to be developed as a tie-back to the existing structure for Sleipner on the Norwegian Continental Shelf (NCS) which Statoil operates. Mette Halvorsen Ottøy, senior vice president for the operations south cluster in Development & Production Norway (DPN), said the company had set “ambitious goals” for future activity.
Siem Offshore said it had received early termination for the vessel Siem Carrier after Petrobas failed to obtain an operating licence for it. The company said the termination fee was not applicable to Petrobras as the vessel was blocked by a local tonnage.
Farstad Shipping said it has laid up two PSV and three AHTS in Norway amid a weakening North Sea market. The move means 100 employees are to be made redundant. The company said it was now fully focused on securing contracts and employment of vessels and crews.
Greenland Gas & Oil (GCO) has appointed a new non-executive director to its team. Dr Mark Bilsland has extensive experience in the E&P sector and is knowledge will be used to help progress the company’s Jameson project in onshore Greenland.
Lundin Petroleum has resumed drilling in Malaysia with the spud of the Mengjuang-1 exploration well in licence PM307. The company's subsidiary, Lundin Malaysia, said the well will target hydrocarbons in Miocence-aged sands 75kilmoetres from the Bertam field.
Oil gained after Russian air strikes in Syria drew condemnation from the US and its allies, increasing tension in the Middle East. Futures in New York advanced as much as 2.2 percent. Russian planes are targeting Islamic State, al-Qaeda affiliated Nusra Front and other armed groups, Foreign Minister Sergei Lavrov said Thursday. US data Friday may show the labor market is improving in the world’s biggest oil user, with 201,000 jobs added last month, according to a Bloomberg survey. “We need to start putting some geopolitical risk premium in the oil price,” Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland, said in a note. “There are many countries active in some way in Syria and it is not yet clear how each will react to the increasing Russian open military action.”
Atlantic Petroleum said during the last month it produced more than 30,000 barrels of oil equivalent from the Chestnut, Ettrick and Blackbird fields. The company said production in September had been impacted by the shut down in the Chestnut field due to planned scale squeeze operations.
Maersk Oil has made a minor gas discovery in the Norwegian North Sea but has decided it is profitable at this stage.
US independent Range Resources has Yu Wang, the nominee of Beijing Sibo Investment Management, as a non-executive director to the board.
Mangnolia Petroleum will begin drilling 10 new wells in Oklahoma with onshore operator Continental Resources. The companies will be targeting gas in the Woodford formation where Continental has seen previous success. The well are located in the South Central Oklahoma Province (SCOOP) which has already delivered more than three million barrels of conventional oil from 60 reservoirs.
Russian oil output rose to a post-Soviet record last month as producers take advantage of the weak ruble to push ahead with drilling. The nation’s production of crude and condensate advanced to 10.74 million barrels a day, 1 percent more than a year earlier and topping a record set in June, according to data from the Energy Ministry’s CDU-TEK unit.
Oil and gas firms are struggling to work together better in order to maximise recovery in the North Sea, a new report has found. Deloitte’s survey of oil and gas operators and oilfield services companies revealed that a lack of effective supply chain collaboration means companies are missing out on maximising the potential value from the region. While 74% of respondents said collaboration was an “integral” part of their day-to-day business, only 27% reported that their efforts have resulted in a successful outcome, the report found.
Technip has been awarded a contract from Shell Offshore for the development of subsea infrastructure for the Stones project in the Gulf of Mexico. The company said included in the service are two subsea production tie-backs to the Floating Production, Storage and Offloading (FPSO) vessel. The Stones field is located in the Walker Ridge area in the US Gulf of Mexico at a water depth of 2,930metres along the pipelay route.
Oil’s holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound’s round the corner. The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, China’s imports have slowed and US crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, US benchmark prices have held steady for more than four weeks since plunging to a six- year low at the end of August.
Otto Energy has made a final payment of $7million to Great Bear Petroleum to earn entry into two area of the Alaskan North Slope acreage. The company’s payment will see it take an 8% share and 10.8% working interest in the assets. Otto said the decision to make the final investment follows extensive due diligence and field trips to the Alaskan North Slope by the company.
Repsol plans to reduce its headcount by 1,500 position over the next three years in a bid to streamline costs. The move comes in the same week oil major Shell said it would be cutting 1,300 jobs over the next two years in Malaysia.
The speed at which oil wells spitting out their final drops of unprofitable crude will be shut may hold the key to an eventual rebound if prices fall further. Crude prices tumbling to $30 a barrel would threaten the profitability of about 206,000 barrels per day of production from older wells that produce minimal amounts of oil, according to a report.
Stork Technical Services revealed its company earnings fell £50million and headcount dropped by nearly 500 in its latest financial disclosure, which was released today.
Oil giant Shell has completed the sale of Smart Fuel to St1 Nordic Oy of some of its downstream businesses in Norway. The company said it would still continue to remain highly visible in the country, despite the deal for its retail, commercial fuels and supply and distribution logistics businesses. Shell and St1 have also joined forced to create Aviation Fuelling Services Norway AS, a joint venture to sell aviation fuel in Norway.