GE Oil & Gas will acquire Advantec as it looks to improve the company’s capabilities of offering cost-efficient production and services. The company said the move is part of its wider efforts to address the challenges faced by its customers operating the growing number of mature subsea fields. Advantec will operate under its existing name and management team as part of GE Oil & Gas’ subsea services and offshore division.
Norway is set to ask the European competition authorities whether it can provide state support to energy firm Statoil in a bid to bring oil and gas to the shore from its Johan Castberg field in the Arctic. The country's oil minister, Tord Lien, said bringing it to shore would provide more benefits. Statoil had initially planned to pipe the oil to an onshore loading terminal, but deemed it too expensive and said pumping it onto tankers at sea might be a more viable option.
The head of oil and gas for professional services firm EY said the government has taken a "crucial step" towards protecting the longevity of the UK's oil and gas industry. Derek Leith said the recommendations were also in line with what had been set out in the Wood Review. The Chief Secretary to the Treasury, Danny Alexander, was in Aberdeen to outline three principles which will underline the future of oil and gas fiscal policy, as well as a new set of proposals. Mr Leith's comments come after he spoke to Energy Voice yesterday to give his initial reaction to the Chancellor's Autumn Statement.