Saudi Arabia’s oil minister Ali bin Ibrahim Al-Naimi has no concerns about current and future demand, he told delegates at IHS CERAWeek on Tuesday. “The bottom line is that the world demands 90 MMbo/d and long-term this will increase…
Owners of significant floating assets are continuing to feel the pinch in the offshore market as rates sink to “unsustainable levels.” Floating production specialist BW Offshore says it is cutting its onshore staff by 35%, while Norwegian…
ExxonMobil is seeking a permit to plug 22 wells at its Jotun field in the North Sea, with start-up planned for April, according to news reports. The Jotun vessel. Image from ExxonMobil. The…
During the period of 5-7 January 2016, the Petroleum Safety Authority (PSA) Norway conducted an audit on ENI Norge's facility Goliat FPSO. The audit was conducted as a follow-up to an audit carried out in June 2015 linked to logistics on Goliat…
Blow out preventer (BOP) related issues have hit Songa Offshore with low earnings on two of its new Cat D semisubmersible drilling rigs. The Songa Endurance, the second of the firm's four new Cat D rigs, had just 11% operational and earnings efficiency while working for Statoil in Norway…
The Petroleum Safety Authority (PSA) of Norway has granted Statoil consent to use the Bideford Dolphin mobile drilling facility to drill a sidetrack on the Vigdis field in production license 089. The planned start-up is early February and the activity is estimated to last 8 days…
Semi-state owned Danish energy company DONG Energy has decided to keep its exploration and production business ahead of floating on the stock market. But, the firm said its exploration and production business will have to 'adapt to the significant decline in oil and gas prices…
Despite the already difficult North Sea market and painfully high cost levels, a new research report published today by DNV GL reveals that more short-term cost cuts are expected in 2016. Sixty-five percent of UK respondents think mistakes made in previous downturns are being repeated…
Yinson has awarded Singapore’s Keppel Offshore & Marine conversion work on a floating production, storage and offloading (FPSO) vessel meant for Eni’s Offshore Cape Three Points Block (OCTP), offshore Ghana. The award is one of four the…
Oil services giant Schlumberger posted more than a US$1 billion loss in its Q4 and full year 2015 results, in addition to a further 10,000 job cuts, bringing its workforce reduction to some 30,000 for the year. Kibsgaard…
Saudi Arabia’s reluctance to cut production to maintain its share of the global crude market has paid off. By not “blinking first”, the Kingdom has succeeded in driving rigs out of the US shale market with current rotary rig counts down 65% from 2014 highs in September…
Norway's latest awards in predefined areas (APA) license round has been hailed a success with some 56 exploration licenses being offered on the Norwegian Continental Shelf. The APA rounds offer acreage in known areas on the shelf, rather than frontier acreage…
Two Israeli firms are eying a multi-trillion cubic feet deepwater gas field offshore Israel. According to a resource report by Netherland, Sewell & Associates, the Og field lower sand contains 8.84 Tcf best estimate, unrisked gross prospective…
Statoil awarded IKM Ocean Design a contract worth an estimated US$22.5 million (NOK 200 million) for the Johan Castberg subsea integration pre-FEED and FEED project. Image of the contract signing in Oslo of Peder Hoås and Geir Paulsen…
Protea has completed the manufacture of a comprehensive crane package for an FSO (floating, storage, and offloading) that will be chartered by Total for operation at the Martin Linge offshore development. Comprising of two deck cranes…
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