Diversification into oil and gas work has helped Aberdeenshire firm Xtreme Business Solutions more than double its turnover. The communications network infrastructure specialist was previously focused mainly on the construction industry. But the shift of emphasis towards more work with firms linked to offshore sector, with help from economic development agency Scottish Enterprise (SE), has seen turnover rocket by 50% in three years, to £3.8million in 2014.
Shares in Bahamas Petroleum have risen 30% following an agreement with the government to extend its exploration licence until the second quarter of 2018. The explorer will also now have until April 2017 to begin drilling operations.
Kosmos Energy has encountered additional hydrocarbons at the Tortue-1 exploration well in Block C8 offshore Mauritania. The company said the findings were based on preliminary analysis after drilling to a total depth to evaluate the deeper Albian stratigraphy. The well has intersected 10 metres of net hydrocarbon pay in the lower Albian section, which is currently interpreted to be gas.
Marathon Oil is said to be seeking bids for its interest in four onshore exploration blocks in East Africa. The company is looking to focus on its blocks in the US shale formations.
Petronas said it would be delaying the start-up of its $16billion RAPID refining and petrochemical complex in Malaysia until mid-2019. The move will push the project back from earlier that year. The decline in oil price has led to a review by Petronas looking at some of its engineering, procurement and construction contracts.
Nostra Terra Oil & Gas has acquired a new venture in the south Texas, with a minority interest in the San Miguel prospect. The area spans 35,000 acres and is said to have similar characteristics as the Don Pedro project, where last month the company also gained a 1% stake. The San Miguel project has also already been the subject of extensive regional mapping and it is the subject of ongoing drilling work.
Infrastrata has begun drilling at the Islandmagee-1 salt well in Northern Ireland. Drilling operations at the site are expected to take five weeks and aim to confirm the feasibility of the development of an underground gas storage facility in salt caverns.
PGS (Petroleum Geo-Services) has commenced operation of a multi-client 2D seismic program in Mexico. The company said the two 2D vessels, Atlantic Explorer and Sanco Spirit, will acquire multiple projects which have been approved by the Mexican government.
Anadarko Petroleum has selected a consortium for the initial development of the onshore LNG park in Mozambique. The company said work will be carried out by the group, which includes Chiyoda Corporation, Saipem and CB&I, in the country's offshore area 1. The scope of the work includes for the onshore LNG park, which includes two LNG trains.
Amec Foster Wheeler has appointed a new global head of Health, Safety, Security and Environment (HSSE). Hannah Sessay will take up the role and will be in charge of developing and implementing strategies at her base in the Houston office. She will also fulfil the role of senior vice president, HSSE, for the Americas.
ConocoPhillips said it’s capable of supplying US oil to the global market and reiterated a call to end the nation’s ban on crude exports. The US shale boom has resulted in a glut of light-sweet crude, as production outpaces demand from refineries, Ryan Lance, chief executive officer of the Houston-based company, said in Kuala Lumpur on Monday. Removing the ban on overseas sales of US oil would benefit consumers because it would reduce domestic as well as overseas gasoline prices, he said at a conference in the Malaysian capital. A potential easing of the restriction would pit US explorers such as Conoco against the Organization of Petroleum Exporting Countries, which currently dominates supply to markets such as Asia and Europe.
Qatar Petroleum is set to announce a restructuring plan in the next few months in a bid to adapt to the change in oil price. According to the head of its international subsidiary, Qatar Petroleum International, the change is being made at the "right time" for the company.
An offshore worker is in a stable condition after falling overboard from a rig. Statoil said the incident happened in the early hours of the morning from the Seadrill West Hercules off Newfoundland & Labrador in Canada. The semi-submersible is being used as part of the Norwegian company's exploration drilling program in the region.
BHP Billiton Ltd. is putting its Scarborough liquefied natural gas project with Exxon Mobil Corp. in Australia on the back burner amid lower prices and increasing competition from the US. “LNG prices are down quite a bit from last year,” Tim Cutt, BHP’s petroleum president, told reporters Monday in Melbourne. “We’re probably not moving quite as quickly as we were last year, but it’s still a very important asset” that will be developed at the right time, he said.
The UK's new energy secretary has reassured North Sea leaders that she views safeguarding the oil and gas industry as one of her "top priorities". Amber Rudd said the sector was poised for a “new lease of life" following tax changes announced earlier this year. Prime Minister David Cameron appointed her to run the Department of Energy and Climate Change (Decc) in this week's reshuffle, replacing Liberal Democrat Ed Davey.
Oil and gas bosses and private-equity funds are thought to be planning a £6billion-plus raid on North Sea energy assets. Investors including Riverstone Energy, Carlyle Group and Blackstone are believed to be in talks to buy producing assets or struggling exploration and production companies. The firms declined to comment but a report said yesterday they were hiring “high-profile” industry executives who can use their experience to drive costs lower by introducing efficiencies. Fresh investment in the North Sea has been hampered in recent years by rising costs, taxation concerns and – more lately – lower oil prices.
Baron Oil's subsidiary, Gold Oil Peru, has signed a seismic services contract with Houston-based GSS for the Block XXI prospect in northwest Peru. The deal is worth $1.5million and will be subject to environmental approval by Peruvian authorities.
OMV has plugged and abandoned its dry well near the Wisting oil discovery. The purpose of the well was to find petroleum in reservoir rocks from the middle jurassic to late triassic age. It was drilled about 6 kilometres south-east of oil discovery 7324/8-1 'Wisting' in the Barents Sea and 310km north of Hammerfest.
President Barack Obama pledged America’s “ironclad commitment” to anxious Persian Gulf nations to help protect their security. He pointedly mentioned the potential use of military force and offered assurances that a potential nuclear agreement with Iran would not leave them more vulnerable. At the close of a rare summit at the presidential retreat at Camp David, Mr Obama said the US would join the Gulf Co-operation Council nations “to deter and confront an external threat to any GCC state’s territorial integrity”. The US pledged to bolster its security co-operation with the Gulf on counter-terrorism, maritime security, cybersecurity and ballistic missile defence.
The industry is reeling from the effects of a 'promote me or I'll leave mentality', according to a new white paper. The paper, produced by K.D. Marine, discussed the skills shortage, projected production, cost efficiencies and the sector's transient culture. Motivated by the most recent down cycle, managing director Hamish Peterson gathered experts from both operators and service companies to discuss and debate a way forward for the North Sea sector.
With tensions over its roles in Yemen, Iraq and Syria already high, Iran is flexing its military muscle in the Persian Gulf. For the third time in as many weeks, Islamic Revolutionary Guard Corps patrol boats have fired at or aggressively tailed commercial vessels in the Gulf and the Strait of Hormuz, the No. 1 global choke point for oil transit. “You have to go back to 1988, toward the end of the Iran-Iraq war, to see such actions,” said Alex Vatanka, a senior fellow at the Middle East Institute in Washington.
North Sea cash flow is enough to fund all of Cairn Energy’s strategic goals, including its exploration plans for Senegal, the Scottish oil firm said yesterday. Speaking at the Edinburgh firm’s annual general meeting, chief executive Simon Thomson said: “Cairn seeks to deliver sustainable growth in value for shareholders from a balanced exploration and production portfolio. “That balance is provided from a combination of the attractive mature basin positions that we have built in the North Sea and an extensive frontier and emerging basin exploration portfolio.
Abu Dhabi, with 6 percent of global crude reserves, selected GS Energy Corp. of South Korea to join Japan’s Inpex Corp. as the second Asian partner in the Persian Gulf emirate’s biggest onshore oil concession. GS Energy secured a 3 percent stake for 40 years in the venture, it said in a statement. Another South Korean company, Korea National Oil Corp., said it will provide technical support to GS Energy in the project. State-owned Abu Dhabi National Oil Co confirmed the award Wednesday. Inpex won a 5 percent stake in the venture last month.
Ithaca Energy said yesterday its operating costs were down by about 30% from a year ago as the global oil and gas industry adjusts to lower crude prices. First quarter results from UK North Sea-focused Ithaca showed it has reduced the costs associated with each barrel of oil it produces to less than $35. The Aberdeen and Calgary firm also highlighted the impact of tax changes announced by Chancellor George Osborne in the March Budget.
Offshore workers are being given the chance to prepare for real-life emergencies at facilities in Aberdeen. Falck Safety Services invited Energy Voice along to see how staff are being trained to prepare with incidents that could happen offshore. The three-storey facility includes a helideck, a bridge and an engine room and can be modified into hundreds of different set-ups to suit training.