The UK energy sector’s attempts to pull itself out of the mire are being hindered by a lack of collaboration, urgency, and boldness, industry leaders said at Europe’s largest subsea event yesterday.
The chief executive of Apache will collect $11.9million in salary and bonus as part of his retirement package. Steve Farris, who announced his retirement last week, will continue in a consulting role with the company. During this period he will collect his $1.75million salary as well as two bonus payments of $2.6million and a lump sum of $1.4million.
Apache has confirmed the retirement of its chief executive. Steven Farris said he would step down from his role but continue as non-executive chairman of the board until May 1, 2015. Mr Farris joined the firm in 1988 and has served as its chief executive officer since 2002 and as chairman of the board since 2009.
Energy services firm Bilfinger Salamis UK has secured new business with a combined total value of more than £100million. The company has been awarded the contracts from clients including Apache and Taqa Bratani in the last three months. The services to be provided include offshore inspection enactment including conventional and advanced NDT,scaffolding access and rope access.
Apache has started to make redundancies from its operations across the globe. It has become the latest oil company to make job cuts, with BP also announcing it would be axing 200 office-based roles and 100 contractors from its North Sea operations.
Apache has cut its contractor rates by 10% according to reports. The move comes just a day after WGPSN revealed it would be making 10% cuts to its contractor rates, as well as freezing salaries from January. It follows a previous 10% cut for UK-based onshore contract workers in May.
Apache has appointed a new board member. Peter Ragauss joins the company after eight years as senior vice president and chief financial officer of Baker Hughes.
Egypt has signed its first contract to extract gas by fracking in a deal with Shell and Apache which includes investments of up to $40million. The oil ministry said it was part of efforts to boost output amid tumbling oil prices.
US oil firm Apache has sold off its interest in two LNG projects along with accompanying reserves to Woodside Petroleum in a $3.75billion deal. The company is also expected to be reimbursed $1billion for its net expenditure on the two assets, Wheatstone and Kitimat. The terms of the agreement means Apache will sell its equity ownership in its Australian subsidiary Apache Julimar.
Apache has agreed to sell off assets in Louisiana and the Anadarko Basin for $1.4billion in two separate transactions. The company said the first deal will involve the sale of 90,000 net acres of mature fields in Southern Louisiana. The mature fields, which it said were characterised by high decline rates and short reserve lives, produced 21,000 BOE (Barrels of Oil Equivalent) per day.
US oil firm Apache insisted tonight it has no plans to quit the UK North Sea, where it continues to invest heavily.