BP has reached a major milestone with the sail away of its Glen Lyon FPSO from the Hyundai Heavy Industries yard in South Korea to the Quad 204 redevelopment in Shetland.
US-focused oil company Nighthawk has revealed it has breached covenants under the company's reserve loan with the Commonwealth Bank of Australia.
Wintershall has made a minor oil discovery in the North Sea.
Dolphin Group has warned it could be forced to file for insolvent liquidation of the company if a restructuring deal cannot be found. The Norwegian firm said it was continuing to work closely with advisers on a number of proposals.
Wood Group expects North Sea shift pattern change to stay, estimates 8,000 job losses globally by year end
Wood Group's chief financial officer said the company expects changes to shift patterns in the North Sea to remain when the industry returns to an up-cycle period.
Technip has denied speculation it is in merger talks with FMC Technologies.
Independent Oil and Gas (IOG) has executed a well management contract with AGR for the drilling of an appraisal well on Skipper in the North Sea. The company said the well is on track to spud in late January or February next year.
Wood Group said it remains focused on mergers and acquisitions as it said its overall financial outlook for the year remains unchanged, despite challenging market conditions. The company issued its pre-close trading update for the year ahead of results being published in 2016. Earlier this year the company announced the acquisition of Infinity as well as a previously deal to acquire Automated Technology Group in September as well as Beta Machinery Analysis in June.
Noble Energy has continued to increase production and said it plans to sell more oil in the fourth quarter of the year. The rise is higher than previously expected, up from 405,000 barrels to 415,000 barrels of oil equivalent per day.
A lawsuit has been filed by the Attorney General in Pennsylvania against Chesapeake Energy over alleged claims of underpayment to landowners who leased acreage for fracking.
General Electric Co. is in advanced talks to buy the drill-bits and drilling-services divisions of Halliburton Co., which is divesting assets to win antitrust approval for its takeover of Baker Hughes Inc., according to people familiar with the matter. Selling both the drill-bits and drilling-services businesses could have fetched as much as $5 billion in total for the oilfield services provider, people with knowledge of the matter said earlier this year, when the units were each put on the block. It is not clear how much the decline in oil prices -- which have been hovering near six-year lows -- may have affected their respective market values.
Shell is carrying out a strategic review of its assets in New Zealand as it looks to streamline costs amid the continue decline in oil price. The oil major will carry out the assessment to see how their interests in the region align with the company’s current plans.
Technip and FMC Technologies are said to be in merger talks, according to reports. The oilfield services provider has held talks about a potential combination although terms have not yet been agreed on. Sources familiar with the matter said there is no certainty the two companies will do so.
Oil giant Chevron said it will cut its budget by 24% next year as it aims to control spending following the decline in oil price. The company said it would spend $26.6billion in 2016, with the bulk of spending planned on international oil and gas exploration and production projects.
In an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil from its books. Across the American shale patch, companies are being forced to square their reported oil reserves with hard economic reality. After lobbying for rules that let them claim their vast underground potential at the start of the boom, they must now acknowledge what their investors already know: many prospective wells would lose money with oil hovering below $40 a barrel. Companies such as Chesapeake, founded by fracking pioneer Aubrey McClendon, pushed the Securities and Exchange Commission for an accounting change in 2009 that made it easier to claim reserves from wells that wouldn’t be drilled for years. Inventories almost doubled and investors poured money into the shale boom, enticed by near-bottomless prospects.
An Aberdeen technology firm has won a £1.2million Scottish Government grant to develop an innovative subsea power generation system. East Coast Oil and Gas Engineering (ECOG) has invested £3.9million in the autonomous electrical power technology which has been designed to reduce the cost of repairing or replacing umbilicals after all-too common power failures.
Offshore workers who are too sick or injured to wear a survival suit can now be helicoptered back to shore on normal commercial flights.
Commodities giant Freeport McMoRan has reduced capital expenditures and cut drillships as it extended spending and production cutbacks as it battles to preserve cash in a deepening commodity meltdown.
The Scottish Government has invited tenders for a research programme into the potential impacts of onshore unconventional oil and gas extraction.
Statoil has awarded contracts worth NOK2.5billion to cover the oil and gas export pipelines for the John Sverdrup project in the North Sea leaving it on course to deliver first oil in 2019.
Kosmos Energy has strengthened its team with a new appointment to its board of directors. Yves-Louis Darricarrère has joined the team after retiring from Total earlier this year following a 37 year career in the industry.
A fire at a Texas natural gas processing plant has been extinguished after burning for more than four days. An investigation is now underway into what caused the incident.
Seismic player EMGS has won a $1.5million deal with a company to carry out work in the Gulf of Mexico. The deal, with the unnamed firm, will see data from EMGS' multi-clinet library used at the Daybreak Project in the west of the Gulf.
Guanghui Energy has agreed to import LNG from Petronas. The LNG provider said it would start to supply LNG to the company from 2017.
Statoil ASA is seeking clarification on Tanzania’s new petroleum law and wants to learn how it will affect companies like itself already operating in the nation, local commercial manager Oivind Holm Karlsen said. “We need to go through the law to make sure we have a common understanding of what it is,” said Karlsen in an interview Tuesday in the commercial capital, Dar es Salaam, during a break at a conference. “We need to understand what is the implication and how will the production-sharing agreements that we already have be honored in light of that law.” Parliament passed the petroleum legislation in July, after repeated delays, ushering in a royalty regime in which energy companies pay 12.5 percent for onshore oil and gas production and 7.5 percent for offshore.