Oil & Gas

Africa

Genel quits Ivory Coast exploration well

31/12/2015

Genel Energy said the Aigle-1X exploration well on the CI-508 licence offshore Côte d’Ivoire (Genel 24% working interest) is in the process of being plugged and abandoned after failing to encounter hydrocarbons. The completion of this well concludes Genel’s committed Côte d’Ivoire drilling programme.

Oil & Gas

Brae Alpha platform enters fifth day in shut down

31/12/2015

A North Sea platform has entered its fifth day shut down as investigations continue into the cause of a gas leak on board the installation. Production was shut down on Marathon’s Brae Alpha platform after an alarm was raised on Boxing Day. Around 73 workers remain on board the platform which is about 155miles north east of Aberdeen.

Oil & Gas

Statoil welcomes first gas from Corrib field

30/12/2015

Statoil has welcomed first gas from the Corrib field after the Irish Government gave oil major Shell and its partners the final go-ahead. The Norwegian operator said the output from the Corrib field would be an important addition to Statoil’s international production portfolio. It comes after the Minister for Communication, Energy and Natural Resources gave consent for the pipeline, subject to 20 conditions related to environmental management, operation, control and monitoring.

Oil & Gas

Shell marks first gas from Corrib field

30/12/2015

Natural gas has started to flow from Ireland's Corrib field - a day after final approval for the project was confirmed by the Irish Government. Oil major Shell said six wells have been drilled with gas transported to the Bellanboy Bridge Gas Terminal in north-west Mayo through a 20 inch pipeline. The gas is processed at Bellanaboy before it is transferred into the Gas Networks Ireland (GNI) network, which delivers it to Irish gas consumers.

Oil & Gas

Subsea 7 nets West Nile Delta contract

30/12/2015

Subsea 7 has won a contract Burullus Gas Company for the platform extension and tie-in on the the first phase of the West Nile Delta development. The work is on BP’s Taurus and Libra fields’ offshore Egypt.

Oil & Gas

Oil retreats toward $37 as Hong Kong China stocks fall with Yuan

30/12/2015

Oil fell, giving up some of a rally Tuesday that helped push U.S. stocks toward a gain for 2015. Chinese shares in Hong Kong fell as the offshore yuan touched an almost five-year low, while the US dollar extended its advance. West Texas Intermediate crude dropped 1.9 percent, holding above $37 a barrel. Standard & Poor’s 500 Index futures fluctuated after the US benchmark halted a two-day slide. The Hang Seng China Enterprises Index fell for a third day, widening a divergence with mainland equities.

Oil & Gas

Noble Group ends a turbulent year with cut to junk from Moody’s

30/12/2015

Asia’s top commodity trader exits 2015 in very different shape to how it began the year. Noble Group Ltd. has lost almost two-thirds of its value, with its stock trading near the lowest since 2008, after a year of attacks on its finances by critics including the anonymous Iceberg Research and short-seller Muddy Waters LLC. The latest blow, amid a rout in raw materials, is the cut in its credit rating to junk by Moody’s Investors Service on concerns over its liquidity.

Oil & Gas

Brae Alpha platform remains shut down after gas line rupture

A north Sea platform remained shut down last night after a gas line ruptured on board the Brae Alpha. US oil and gas giant Marathon said it was conducting a “comprehensive investigation” into the incident which happened on Boxing Day. The firm said 73 workers remain on board the platform which is which is about 155 miles north east of Aberdeen after initial plans to evacuate were called off.