Oil & Gas

Oil & Gas

Wood Group Mustang win Houston crude oil contract

03/11/2015

Fairway Energy Partners has awarded Wood Group a contract to provide engineering, design and procurement services for the Pierce Junction crude oil facility in Houston. The win has been awarded to Wood Group Mustang who will provide services to Fairway as they build out the surface facilities that support the crude oil storage facility.

Oil & Gas

Low oil price could prove “transformative” for oil majors

03/11/2015

Wood Mackenzie said the global decline in oil price has had a “transformative” impact on the oil majors. Analysis by Wood Mackenzie identified four key themes which will continue into the next year in terms of companies’ budgets and strategies. Tom Ellacott, head of corporate upstream analysis, said key trends for oil majors already identified included weak financial performance in the third quarter of the year, a boost in production levels, deep cost cutting and tighter allocation on limited capital.

Oil & Gas

LGO looks to bridge funding gap with new strategic investments

03/11/2015

LGO Energy said it has been hit by delays as it looks to reach a settlement on the remaining capital costs of a recent unsuccessful drilling program. The company previously revealed last month the loss of well GY-678 and the downhole equipment it contained as well as the anticipated production from the well. LGO is waiting for BNP Paribas to approve the release of specific funds which were previously drawn-down.

Oil & Gas

Roxi Petroleum to spud third Kazakhstan well

03/11/2015

Roxi Petroleum said it expects to spud the Deep Well A6 in Kazakhstan in the next few days for a fixed cost of $8.5million. The new deep well has a planned depth of 5,000metres targeting pre-salt intervals in the Cretaceous and is expected to take four months to reach its planned total depth. A further two deep wells will also be drilled in the next 12 months with the timing and location dependent on findings from other existing deep wells.

Oil & Gas

Faroe Petroleum increases production estimate, expects lower exploration costs

03/11/2015

Faroe Petroleum has made an upward revision of its production guidance for the year rising from a 9,550 to 10,500 average barrels of oil per day. The company said its exploration and appraisal programme for the next year will continue with one frontier well in the Barents Sea and two other field exploration wells, one in the Norwegian North Sea and the other in the Norwegian Sea. Exploration costs are also expected to be “significantly lower” next year than in 2015.

Oil & Gas

BP says emerging technologies could unlock surge of new energy

02/11/2015

Oil major BP said the world is no longer at risk of running out of oil and gas for decades ahead of existing technology capable of unlocking global reserves. In its latest technology report the company said energy reserves could be set to double by 2050 despite the high level of consumption currently. The company said when all accessible forms of energy – including nuclear, wind and solar – are taken into account, there is enough resources to meet 20 times what the world will need over that period.

Oil & Gas

Talks to continue between COTA and unions

02/11/2015

Talks between unions and COTA (Caterers Offshore Trade Association) will continue as both sides look to find a resolution and prevent a potential North Sea strike. RMT regional organiser Jake Molloy said discussions between representative from both unions and members of the industry body had been “constructive”. Both sides are currently locked in dispute after COTA said it would not be honouring the second year of a two-year pay deal.