Bluewater Energy Services has been awarded a contract for the engineering, procurement, construction and integration (ECPI) of a major turret and mooring system for the Rosebank Floating Production Storage and Offloading (FPSO) vessel.
Chevron’s £6billion Rosebank oil development west of Shetland is widely regarded as having the potential to unlock a region which holds a significant portion of the UK’s undeveloped oil and gas resources.
The turret and mooring system contract, which was awarded by Hyundai Heavy Idustries (HHI), will be a key component of the Rosebank FPSO.
Oil companies are making the largest cost cuts in a generation to reassure investors. They’re risking their own future growth.
From Chevron Corp. to Royal Dutch Shell Plc, producers are firing thousands of workers and canceling investments to defend their dividends. Cutbacks across the industry total $180 billion so far this year, the most since the oil crash of 1986, according to Rystad Energy AS, an Oslo-based energy consultant.
BP Plc Chief Executive Officer Bob Dudley said last week his “first priority” was payouts to shareholders. Chevron CFO Patricia Yarrington said her company was committed to continuing its 27-year record of annual dividend increases.
While the dividend payouts please investors, the producers risk repeating the patterns of 1986 and 1999, when prices slumped and they slashed spending. It took years for them to rebuild their pipelines of production growth.
Chevron North Sea is currently in talks about offloading its 50% share in Britannia Operator Ltd.
A spokesman from the firm confirmed the oil major is having discussions with joint venture partner ConocoPhillips about transferring its half in the business.
The move wouldn’t affect its stake in the Britannia field.
Work is well underway on Chevron's Wheatstone Project.
One of Australia's largest resource projects, it will also be the country's first natural gas hub.
A U.S. appeals court on Tuesday rejected Ecuador's challenge to a $96 million international arbitration award in favor of energy giant Chevron, marking the latest twist in a decades-long dispute over the development of oil fields in the South American country.
The dispute stemmed from a 1973 deal that called for Texaco Petroleum Co, later acquired by Chevron, to develop oil fields in exchange for selling oil to the Ecuadorean government at below-market rates. Texaco filed several lawsuits in the 1990s accusing Ecuador of violating the contract.
The District of Columbia U.S. Circuit Court of Appeals upheld a 2011 award from The Hague's Permanent Court of Arbitration in the Netherlands.
Chevron has ruled out any output from its deepwater Big Foot project until at least 2018 as the oil major continues to investigate the cause of a setback at its facility.
A total of nine tendons sunk to the sea floor after initially losing buoyancy.
The Big Foot deepwater oil project in the Gulf of Mexico had been months away from a planned initial startup for later in the year.
Chevron Corp, the second-largest U.S. oil company, said on Tuesday it would lay off 1,500 employees, about 2 percent of its global work force, as it trims costs to offset declining crude prices.
Nearly all of the layoffs will be in Texas, where the company has expanded in recent years to develop land in the Permian shale formation, and California, where Chevron is headquartered.
Fifty international employees will be laid off and roughly 600 contractor positions will be canceled, the company said in a statement.
Oil major Shell is expected to move to a three on, three off shift pattern at the start of 2016.
The company previously revealed it was in consultation with staff over the move, which is in line with a number of companies including Chevron and EnQuest.
Cameron and Schlumberger company OneSubsea and Chevron have entered into an agreement to form a JIP (Joint Industry Program) to develop subsea systems technology.
The subsea development program will try to address the technical challenges presented by high pressure, high temperature reservoir environments for the development of 20,000 psi subsea systems.
OneSubsea will lead the JIP by completing a portfolio of technology development projects and managing the evolution of the require enabling technologies.
BP’s £4.5billion North Sea Clair Ridge project, which is expected to keep the UK producing oil beyond 2050, has taken a giant leap forward.
Three huge topside modules have been installed on the “quarters and utilities” (QU) platform following their long journey from a shipyard in South Korea.
They were safely lifted onto pre-installed jackets by the Heerema Thialf deepwater construction vessel.
Cost-cutting in Britain's North Sea oil and gas sector could lead to more acute skills shortages in future, industry experts have warned, with some expressing concerns that safety could be compromised.
A plunge in crude prices over the last 12 months has prompted oil majors such as Royal Dutch Shell, BP, Chevron and ConocoPhillips to lay off hundreds of workers.
Oil field services groups such as Amec Foster Wheeler, Wood Group and Petrofac are also in consultation with employees over job cuts.
Technip has been awarded a contract for the decommissioning of the brownfield development and installation of subsea equipment in the Gulf of Mexico by Chevron.
The company said the lump sum project will help support a floating production system located in the Mississippi Canyon.
The work includes project management and engineering, decommissioning of existing equipment and pre-commissioning and testing.
South Africa, which sets gasoline prices that fuel producers can charge, needs to ensure companies can fairly recover the cost of upgrading their facilities to handle cleaner fuels, Chevron Corp.’s local unit said.
“Petroleum companies are unable through normal market mechanisms to recoup the investments needed to upgrade refineries to produce cleaner fuels,” Chevron South Africa Chairwoman Nobuzwe Mbuyisa said in an e-mailed response to questions Tuesday.
The costs “are substantial and, in the absence of a mechanism to recover these costs from the consumer, they are simply not commercially viable,” she said.
Chevron Corp.’s plan to lift output 20 percent in three years is on track, Chief Executive Officer John Watson said, despite an oil-price slump that bled $5 million a day from the company’s US oil and gas wells.
A 3 percent production increase and construction progress at two enormous gas-export projects in Australia demonstrate that Chevron will “deliver significant cash flow and production growth by 2017,” Watson said in a statement disclosing first-quarter results on Friday. Those results included a $460 million loss in Chevron’s US oil and gas unit.
Net income fell to $2.6 billion, or $1.37 a share, from $4.51 billion, or $2.36 a year earlier, the San Ramon, California-based company said in the statement.
The per-share result, excluding some one-time items, was 58 cents higher than the 79-cent average of 20 analysts’ estimates compiled.
Oil giant Chevron has had its appeal hear in the US to uphold a ruling that a lawyer had used corrupt means to secure a $9.5billion pollution judgement in Ecuador.
At the second US Circuit Court of Appeals in New York a lawyer for the company alleged that Steven Donziger – the US lawyer who represented a group of Ecuadorians that sued the company – had pursued a case which was “shot with fraud.”
The three-judge panel was asked to uphold a ban on Donziger profiting from the case and from the attorney or villagers enforcing the judgement in the US.
Oil major Chevron is planning to decommission a number of installations offshore Australia.
The company said the move is in response to the oil price decline.
It includes a number of installations at the Saladin, Cowle, Crest, Roller and Skate fields.
Oil giant Chevron is consulting with staff over changes to a three on, three off shift pattern.
The move is in line with a number of companies including EnQuest, Shell, Apache and Petrofac.
Unions have expressed concern over the potential changes suggesting they could risk the safety performance offshore.
Chevron Corp. plans to sell its 50% stake in Caltex Australia Ltd. to institutional investors for about A$4.6 billion ($3.6 billion) as the second-biggest US energy producer accelerates asset sales.
Chevron is selling the shares at A$34.20 apiece, about a 10% discount to the closing price Friday, according to a term sheet seen.
Caltex, Australia’s biggest refiner, has risen 74 percent in Sydney in the past 12 months.
The deal underwritten by Goldman Sachs Group Inc. is the largest block sale ever in Australia, exceeding Royal Dutch Shell Plc’s sale of Woodside Petroleum Ltd. shares in 2010 for about A$3.3 billion, according to data compiled.
US oil giant Chevron will increase asset sales by 50% to nearly £10billion and curtail new investment for the next two years after plunging oil prices squeezed cash flow.
The North Sea operator's divestment of oil and natural gas fields and other exploration and production assets will continue through 2017, chairman and chief executive John Watson said today.
The US embassy in Riyadh said today it was aware of a possible plot to attack employees working with oil giant Chevron in Saudi Arabia, the world’s largest oil supplier.
The embassy has “information stating that, as of early March, individuals associated with a terrorist organisation are targeting employees of Chevron in Saudi Arabia,” according to an e-mailed security message for American citizens over the weekend, which did not give further details.
Crude production dropped 20% since October at a venture that a Chevron Corp. unit operates in the Wafra fields, which Kuwait is developing with Saudi Arabia, according to two people with direct knowledge of the matter.
Daily output dropped to 180,000 barrels from about 200,000 barrels last month and 225,000 barrels in October, said the people, who asked not to be identified because the matter isn’t public.
Two rigs are halted and more may be idled in the coming months because Saudi Arabian Chevron Inc. faces problems operating wells due to a lack of personnel after Kuwait stopped issuing and renewing work permits in October, they said.
Chevron has acquired a 30% interest in three blocks in waters offshore Mauritania from Kosmos Energy.
The agreement, for blocks C8, C12 and C13 are subject to approval from the Mauritania government.
Under the agreement, Kosmos Energy will retain a 60% interest and remain as operator.
Chevron has appointed a new corporate vice president to its company.
Jeanette Ourada will take over the position from Matthew Foehr on April 1 following his retirement from the company after 33 years.
In her new role, Ms Ourada will lead corporate-wide accounting, financial reporting and analysis and internal controls.
Chevron has reduced its capex by 13% with plans to spend $35billion this year on oil and gas projects.
The company plans to spend the bulk of that amount on projects in Australia, Argentina and Kazakhstan.
The oil major said it would still be focused on investments in shale formations including one of its major plays in the oil-rich shale Permian formation in Texas.
