The numbers are staggering. At US$50/bbl, at least 20% of production in the North Sea is loss making, an industry event was told last week. And that is likely to be a conservative estimate. Faced with what has been called “a perfect storm” by many – high operating costs…
When the oil price drops, people want to know how long the decline will last and when it will go back to “normal.” Audrey Leon reports on how market watchers and researchers tried to make sense of the downturn at this year’s SPE Offshore Europe conference…
Sustained low oil prices could lead to a long-term drop in upstream oil and natural gas investment, according to a new report by the US Energy Information Administration. “Given the fall in oil prices that began in mid-2014 and the relationship between oil prices and upstream investment…
The speakers at Wednesday's Oil & Gas UK economic report release highlighted the need for a major transformation to take place within the oil and gas industry. All noted that problems in the UKCS began long before the decline in oil prices…
A team of subsurface and facilities engineers have been working together to create a viable, small footprint solution for a string of sour fields in the UK’s Outer Moray Firth. Mike Cooper explains. Cooper…
North Sea production could finally reverse its 15-year downward trend this year as new fields come onstream and production efficiency measures take hold. According to the Department of Energy and Climate Change provisional 2015 production figures…
Petrofac completed a project for Nexen Petroleum UK Golden Eagle Development Area, delivered through its Plant Asset Management consulting business that involved the development and implementation of a maintenance program for the Golden Eagle installation…
Petrofac has been selected as duty holder for newly appointed southern North Sea Sean field operator Oranje-Nassau Energie (ONE), as of 1 June. Dutch operator ONE made its first step into UK waters when it bought a 50% stake in and took…
Aberdeen-based Nexen Petroleum awarded Asset Guardian Solutions Ltd. (AGSL) a contract to provide solutions software for the Golden Eagle project offshore the UK North Sea. AGSL will provide the software management tool, Asset Guardian…
In a year during which the oil price remained stable at circa US$100 per barrel until the last quarter when a significant collapse in commodity price began, activity levels in both the UK and Norwegian sectors have continued to show a distinct divergence…
China's CNOOC has announced first oil on the US$3.3 billion UK North Sea Golden Eagle Area Development (GEAD). The development, comprising separate production and wellhead platforms and two subsea production systems, is producing about 18…
Watch as Nexen’s video gives insight into the four-day operation needed to lift and install the production, utilities and quarters (PUQ) deck for the Golden Eagle area development offshore, approximatley 70km northeast of Aberdeen…
Technip remains the most successful contractor on the UK Continental Shelf (UKCS) with 25 secured contracts over the past four years. These were the findings of the Energy Industry Council (EIC)’s latest report into contracting activities offshore Norway and UK based on EICDataStream…
Statoil and BP continue to the most active operators on the UK Continental Shelf (UKCS) and the Norwegian Continental Shelf (NCS) according to the latest report from the Energy Industry Council (EIC). Image: Fig 1. The report, based on EICDataStream…
The topsides for the Golden Eagle area development (GEAD) are nearing final assembly in the UK North Sea, 43mi. (70km) northeast of Aberdeen. The project is operated by Nexen Petroleum, a wholly-owned subsidiary of CNOOC Ltd. GEAD involves three fields: Golden Eagle…
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