Oil & Gas

Occidental in $980m pay out from Ecuador


Ecuador said it has reached a deal to pay Occidental Petroleum Corp $980million by April to compensate the company after seizing one of its oil fields in the Andean country. The country has managed to negotiate down an arbitration award four years ago from the International Center for Settlement of Investment Disputes requiring it to pay the US-based company $1.77 billion.

Oil & Gas

LGO looks to bridge funding gap with new strategic investments


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

Sona Petroleum to buy Stag field from Santos in $50million deal


Sona Petroleum has agreed to buy the Stag oil field off the coast of Australia from Santos and private equity firm Quadrant Energy in a $50million deal. Santos had been looking to sell its two-thirds stake in the field before it put all its assets up for stake three months ago. Last month Santos had rejected a $5billion takeover offer in the hopes of getting better value from selling assets.

Oil & Gas

Proserv wins £1.6million contract for Johan Sverdrup platform


Proserv has won a contract worth £1.6million to provide topside control equipment on Statoil’s Johan Sverdrup drilling platform. The company said the agreement will see it supplying Aibel with an hydraulic power unit (HPU) and three chemical injection plants to be used on the field. Proserv said it plans to make most of its international network with staff in Norway working in collaboration with their Dubai colleagues.

Oil & Gas

Centrica Energy drills new well in North Sea


Centrica Energy is drilling a new well at the York field in the North Sea that could tap into an additional 20billion cubic feet of gas. The company said work has begun to unlock the new gas reserves and boost production following £80million worth of investment. The York gas field, 20 miles off the Lincolnshire coast, already produces enough gas every day to heat all the homes in Hull and both north and north east Lincolnshire combined.

Oil & Gas

Buzzard oilfield ramps up production after shutdown


The Buzzard oilfield in the North Sea has begun ramping up production once again after a four-day outage. The operator Nexen said the field, which is the largest contributor to the Forties crude oil stream, was coming back online after it was shut down last week. Buzzard produces about 186,000 barrels per day (bpd).

Oil & Gas

Statoil reduces spending on Johan Castberg field


Statoil has reduced its spending on the Johan Castberg field by an estimated 30%. According to reports in Norwegian media, the Norwegian operator is still on target for a concept decision next year. The company’s vice president for field development Erik Strand Tellefsen told a seminar costs had been reduced through multiple processes on the project.

Oil & Gas

Reports:Shell looking to sell stake in some North Sea assets


Oil major Shell is reportedly looking to sell its stake In the Gannet field in the North Sea. According to reports in The Times, the oil production platforms and pipelines 110 miles from Aberdeen are being marketed to buyers. As well as the Gannet field, Shell could also sell its 26% stake in the Triton floating production, storage and offloading vessel (FPSO) operated by Dana Petroleum.

Oil & Gas

Statoil confirms oil spill at Statfjord


Statoil said a spill has been discovered during the loading of oil from the Statfjord A platform tanker offshore Norway. The company said loading to the tanker has been stopped and supply to the pipe and loading system from Statfjord A has been closed. A spokesman said production from Statfjord A is operating normally in the meantime.

Oil & Gas

Statoil takes First Oil’s stake in Alfa Sentral field


Statoil said it has acquired First Oil’s 24% equity share in the UK licence for the Alfa Sentral field in a $15million deal. The Alfa Sentral is a gas and condensate field planned to be developed as a tie-back to the existing structure for Sleipner on the Norwegian Continental Shelf (NCS) which Statoil operates. Mette Halvorsen Ottøy, senior vice president for the operations south cluster in Development & Production Norway (DPN), said the company had set “ambitious goals” for future activity.