MEO Australia has advised it has been granted approved a six month suspension and extension to the current permit year five of NT/P68 by the National Offshore Petroleum Titles Administrator (NOPTA). MEO is in process of withdrawing from the Blackwood gas discovery and retaining a 100% interest in the remainder of NT/P68, including the Heron gas discovery, with Eni bearing the costs of managing the division of the permit.
NuEnergy Gas has appointed a new chief financial officer. Jason Chua will take on the role from May 1, 2015.
Oil major BP has suspended operations at one of its platforms in the Caspian Sea for planned maintenance. The company said operations would be suspended for three weeks at the end of May at the West Azeri platform.
Subsea 7 plans to cut its workforce by almost 20% and reduce its fleet by up to 11 vessels. The move has been made as a result of the oil price decline since last year. The company, which focuses on the North Sea, expects to reduce its workforce by 2,500 by early next year.
Statoil has established a unit for renewable energy as its cheif executive makes changes to his management team following his takeover as head of the company. Eldar Saetre has created the New Energy Solutions business area which will be led by executive vice president Irene Rummelhoff who was formerly head of exploration in Norway. Hans Jacob Jegge will replace Torgrim Reitan as chief financial officer.
Oil major BP has awarded Technip a contract on its Thunder Horse South expansion project in the Gulf of Mexico. The work includes engineering, fabrication, installation and pre-commissioning of the new production pipeline systems. Technip's operating centre in Houston will perform the overall project management. The infield flowlines will be welded at the company's spoolbase in Alabama.
Premier Oil has resumed drilling at the Isobel Deep prospect off the Falkland Islands after it was temporarily shutdown following a problem with the rigs blowout preventer. Last month the UK independent said work on the well would be suspended while the blowout preventer was brought to surface for inspection and repairs.
In Russia, even private companies serve at the pleasure of the president, particularly if they pump oil. A decade ago, Vladimir Putin’s allies had Mikhail Khodorkovsky jailed and seized his Yukos Oil Co. Last year, they forced billionaire Vladimir Evtushenkov to hand over OAO Bashneft. Now they’re coveting the biggest corporate treasure of all: OAO Surgutneftegas. The Siberian crude producer run for three decades by Soviet-trained Vladimir Bogdanov has amassed about $34 billion of cash, Bloomberg calculations based on company data released April 30 show. With sanctions over Ukraine having severed Russia from the global financial system, Putin is considering releasing some of Surgut’s hoard, one he’d previously called untouchable, say three bankers close to the Kremlin who asked not to be identified because of the sensitivity of the topic.
Royal Dutch Shell Plc won US approval to resume oil exploration off Alaska’s Arctic coast after regulators imposed safety conditions meant to avoid the mishaps that plagued the company three years ago. Environmental groups decried the decision. The Interior Department on Monday endorsed Shell’s plan to have two rigs drill up to six exploratory wells in the Chukchi Sea, if it gets other permits needed, sets plans to control any leaks and keeps its ships at least 4 miles away from any walruses. Shell wants to resume work halted in 2012 when its main drilling rig ran aground and was lost. It also was fined for air pollution violations. “As we move forward, any offshore exploratory activities will continue to be subject to rigorous safety standards,” Abigail Ross Hopper, the director of the Bureau of Ocean Energy Management, said in a statement.
The chief executive of PetroMaroc has resigned from his role with the company.
Statoil,Norway’s biggest oil company, is keeping a close watch of acquisition opportunities after a crash in crude prices. “Acquiring barrels might be cheaper than exploring for barrels, so we are monitoring it very closely,” Torgrim Reitan, the Stavanger-based company’s chief financial officer, said in an interview with Bloomberg TV Monday. “There are a lot of assets for sale. But I think it’s fair to say that high-quality assets are still not cheap.” A 50 percent drop in oil prices in the second half of 2014 has already led to the biggest takeover deal in the industry in at least a decade, with Royal Dutch Shell Plc’s $70 billion move for BG Group last month. At the same time, oil companies such as Total SA are selling assets to reduce investments and bolster cash reserves to pay investor dividends.
As a former investment banker and financial journalist, new Energy Secretary Amber Rudd enjoyed a career outside of politics before her rapid rise. After she graduated from the University of Edinburgh with a history degree, Ms Rudd worked in the City of London and New York in investment banking before moving into venture capital. She has also been noted as being the “aristocracy co-ordinator” for the party scenes in Four Weddings And A Funeral, and also set up a freelance recruitment business and wrote for financial publications. The mother-of-two’s first attempt to enter Parliament in 2005 was unsuccessful as she finished a distant third in the Labour safe seat of Liverpool Garston.
AWE Limited has completed the drilling of one of its wells in offshore Victoria.
Empire Oil and Gas has sold its remaining shares in WA's Carnarvon Basin. The company has sold its subsidiary Rough Range Oil, which holds the Carnarvon Basin tenements, to Kestrel Petroleum for an undisclosed cash sum and a royalty on future production.
Major international firms are reportedly getting ready to sell North Sea oil and gas assets worth more than £2.5billion in the near future. The slight upturn in crude prices since January and the award of a tax break in the budget have not been enough to convince certain companies that operating the aging and costly North Sea basin can be made worth their while near term.
Titan Energy has begun flow testing at its drilling program on Allen Dome. The Australian oil and gas firm said the JT Reese #14 well is currently flowing 11% high gravity oil at 80psi on a 16/64 choke and is the first of eight prospective pay zones.
Oil explorer Cairn Energy said its oilfields offshore Senegal could hold more than a billion barrels of oil and the company and its partners plan to drill up to six new wells over three years. Edinburgh-based Cairn and its joint venture partners will start drilling work in a new area around its existing SNE-1 discovery well in the fourth quarter of this year, the London-listed oil firm said. “Cairn estimates that the existing two discoveries and the currently identified prospects and leads have an estimated mean risked resource base of more than a billion barrels," the company said.
Noble Energy Inc. will acquire Rosetta Resources Inc. for $2.1 billion in stock, giving the Houston-based oil company a position in two of the largest areas of shale production in Texas. Noble will also assume Rosetta’s net debt of $1.8 billion, the company said in a statement on Monday. The valuation is about a 38 percent premium to the target’s closing price on Friday. Rosetta produced 66,000 barrels a day of oil and gas in the first quarter from the Eagle Ford and Permian areas, of which more than 60 percent was liquids.
GE Oil & Gas and Enpro Subsea have signed an agreement to jointly market and provide fluid intervention services offering oil and gas operators a cost-effective way to improve production rates in producing wells. The companies have signed a Memorandum of Understanding to jointly market, sell and operate technology and services related to fluid intervention. The non-exclusive partnership is already in operation in key strategic regions, including West Africa.
Apache has begun oil production from the Coniston subsea oil field development offshore Western Australia. The company's partner INPEX provided the update on the Coniston field, which is being produced by an FPSO (floating production, storage and offloading vessel) which operates on the Van Gogh oil field.
Saudi Arabian Oil Co., the world’s largest oil exporter, is planning to spend between $70 billion and $80 billion on overseas acquisitions and investments during the next five years, three people with knowledge of the matter said. The investment is part of the state-owned company’s target of spending $150 billion at home and internationally through 2019, the people said, asking not to be identified as the information is private. Saudi Aramco, as the company is known, will focus on Asia, particularly China and Korea, they said.
Wood Group Kenny (WGK) has secured a multi-million dollar five-year contract with Oil Spill Response to provide the maintenance support for a key part of a containment toolkit that would be used to control hydrocarbon release in the event of a subsea well control incident. WGK will work with the organisation to ensure flexible flowlines included in the toolkit are continuously in a condition suitable for immediate load out if mobilised by subscribing oil and gas operators. The work will include maintenance management, recommendations for preservation, inspection and testing of all ancillary and lifting equipment, as well as the flexible flowlines, stored at sites in the UK, Singapore and Brazil.
Prime Minister David Cameron has appointed Amber Rudd as the new secretary of state for energy and climate change. The 51-year-old Edinburgh University graduate replaces Liberal Democrat Ed Davey, who lost his London seat at last week’s election.
The chief executive of the new industry regulator OGA (Oil and Gas Authority) has made further appointments to his team. It comes after a number of previous appointments earlier this year with the new directors expected to be in post by mid-June. Gunther Newcombe has been appointed as director, Exploration and Production, Angela Seeney as director, Technology and Projects, Hedvig Ljungerud as director, Policy, Performance and Economics, and John Ogden as chief financial officer.
Sound Oil has been granted a 30-day period from the OGIF (Moroccan Oil and Gas Investment Fund) in relation to a potential farm-in to the Tendrara licence. The grant of exclusivity helps initiate negotiations between the company and OGIF and comes after an indicative offer letter regarding the onshore licence. Subject to a final agreement, Sound Oil will acquire a 55% net working interest and operatorship of the Tendrara Licence.