RMEC plunged into the red in a dramatic £1.8 million turnaround in its fortunes last year.
The world’s two largest providers of oilfield drilling and fracking services have now declared that the worst may be over in the two-year-old oil market crash.
OMV has awarded DOF Subsea a contract to complete a mooring upgrade on its FPSO (Floating, Storage, Offloading and Production) vessel in the Maari oilfield. The upgrade work at the Maari system, off New Zealand is expected to cost around $60million in total. It is expected to be carried out between February and April next year and will help future proof the mooring system for the next decade.
The US State of California has shut down 33 oilfield wells which were allegedly improperly permitted to inject into federally protected water supplies. The move was put into effect late last week affecting oilfield injection wells in the state’s Kern County.
A planned shutdown of the Buzzard oilfield in the North Sea is likely to be rescheduled for November. The move would boost next month's supply of crude which helps underpin the Brent benchmark. The shutdown had originally been planned for next month instead.
Hurricane Energy is cracking on with plans to extract oil from 4,000 feet beneath the seabed after its North Sea Lancaster asset was officially designated as an oilfield. The Surrey-based company was founded in 2005 by chief executive Robert Trice to discover and develop oil from naturally fractured “basement” reservoirs in rock that was formed more than 2billion years ago. It has just achieved official oilfield status for Lancaster, located west of Shetland, from the Oil and Gas Authority (OGA).
The Oil and Gas Authority (OGA) has granted Hurricane Energy’s request for a field determination area for Lancaster. The company has been awarded the oil field status as oil field number 572 which Hurricane says is the first step in progressing the submission of the Lancaster early production system (EPS) field development plan (FDP).