Industry doyen Sir Ian Wood has warned that halting new oil and gas exploration and production projects in the UK would be "absolutely crazy".
Exploration and production
Aberdeen-based Adept Solutions’ plans to grow its operations in Europe have received a major boost after the company secured a seven-figure contract with Spirit Energy.
Independent exploration and production (E&P) firms that fail to adjust to the energy transition face extinction before 2050, an analyst said today.
Well numbers and discovered volumes fell to a nine-year low in 2016, but success rates increased by 35% and further growth is expected this year, a new report said.
Centrica said yesterday that it was weighing up partnerships and joint ventures to bolster its exploration and production (E&P) business.
Smarter choices and cost cutting will see oil and gas companies’ exploration efforts worldwide returning to profitability in 2017, a new report has claimed.
Lansdowne Oil and Gas reported a slight improvement in its financial position in what the Dublin-based firm described as a “very challenging” first half of 2016.
Oil majors are getting the economics of exploration right after taking the crude price downturn by the horns, a new report said.
Aberdeen-based Zenith Energy has won a contract worth a six-figure sum to provide well management services for Europa Oil and Gas.
Faroe Petroleum said today that appraisal drilling on a Norwegian North Sea well had begun.
The new chairman of Independent Oil and Gas (IOG) has said the company’s bold North Sea plans and UK energy sector’s response to the downturn had convinced him to take on the role. David Peattie, who is expected to help support IOG’s mergers and acquisitions strategy, said there were “all sorts of opportunities” in the UK North Sea. “There has been a positive response from the supply chain in terms of reduced costs, risk sharing and flexibility,” said Mr Peattie, who spent more than 30 years of his career at BP.
The boss of a newly formed group of three businesses has vowed to come to the rescue of North Sea oil and gas companies with badly-needed well intervention services. Paul Landers said The New Way (TNW) will pool its resources to improve flow from wells at a low cost and with a quick turnaround time. TNW is made up of well services firm StimLite and GB Seismic, both based in Leicester, and UCS, a contracting supply company.
A venture between Royal Dutch Shell and Canada's Petromanas has applied to drill two onshore blocks in central Albania close to another promising well they are drilling further south, an official said on Thursday. The official said three bids had been submitted for the blocks - from Shell Upstream Albania B.V with Petromanas Albania GmbH, Israel's Delek Group Limited and Interland Investments SA.