By applying certain technologies, BP believes proved oil and gas reserves could increase from 2.9 trillion barrels of oil equivalent to 4.8 trillion barrels.
The Caspian region is overcoming immense challenges to prove itself as an oil and gas giant.
Earnings fell to $5.1 billion, a 43% drop compared to last year at this time, as the company cut capex to cope with lower commodity prices.
A group of oil and gas companies, led by Norway’s DNV GL, is studying the use of floating wind turbines to power water injection at subsea wells.
An aging infrastructure, economic viability of small offshore fields and the need for more qualified people to operate assets are among the country’s challenges, according to a petroleum geosciences consultant.
Norway’s Polarcus has been hired to conduct a 3-D marine seismic survey offshore Egypt.
Various subsea equipment will be delivered throughout 2015 and 2016.
GE Oil & Gas has invested more than $20.5 million across its subsea manufacturing facilities in Montrose, Scotland, in a move to enhance its business’s test and assembly and manufacturing capabilities.
Ceona has successfully installed a 570-mt multiple pipelay vertical lay system (VLS) and twin 400-mt cranes onto its next-generation flagship asset, the Ceona Amazon.
Kosmos Energy is taking a fresh look at a handful of new and existing exploration prospects in frontier waters offshore Ireland, according to partner Europa Oil & Gas.
Dag Omre, senior vice president of Centrica Norway, said the company expects to spend 50 million British pounds per year on E&P, most of it in Norway, Reuters reported.
The move followed a review, which began in April, of the company’s options concerning its future. Other options considered included long-term financing for the group and a corporate M&A transaction.
Schlumberger has acquired Fluid Inclusion Technologies Inc. (FIT), a Tulsa, Oklahoma-based oil and gas service company specializing in laboratory analysis of trapped fluids in rock material, and advanced borehole gas analysis on drilling wells, according to a news release.
JKX Oil & Gas has been granted three 35-year production licenses covering an area of about 75 sq km within its former Hernad I & II exploration license areas in northeastern Hungary, the company said in a news release. The licenses are wholly owned by JKX.
Under Italian law, an investor holding more than 25% of companies like Saipem must launch a bid on the remaining shares providing there is no bigger shareholder, Reuters said.
Output at world’s 10th-largest natural gas field will be capped at 27Bcm per year, according to a Dutch court ruling, Reuters reported. Groningen helps supply about 15% of Europe’s gas.
The overall output from Norway's oil and gas industry is expected to remain at the current level for the next four to five years, the oil directorate said, Reuters reported.
Production began at the field in September 2013 but output was halted a few weeks later after leaks were detected in its pipes.
Water depth in the block ranges from 300 m to 1,200 m. The Lira-1X well is about 170 km from the coast. It was drilled to a 2,700 m total depth by TransOcean Development Driller II semisubmersible rig.
Scotland has placed a moratorium on underground coal gasification, a form of unconventional gas extraction, adding to a ban on shale gas that it imposed in January.
Wintershall is looking to boost oil and gas production from its core areas including Russia, Norway and the UK while also expanding activities in Argentina, new company chairman Mario Mehren told the World Gas Conference in Paris.
The threat of possible strike action continues to hang over the U.K. North Sea.
The latest international survey of the offshore oil and gas sector reminds the industry of some of its worst ills that have only been exacerbated by the current low-price environment.
The rampant cost inflation which U.K. North Sea producers have been battling against in recent years was starkly highlighted at an industry event in Aberdeen.
The UK government has finally unveiled a package of measures to help the country’s ailing offshore industry which it says will encourage more than £4bn of additional investment over the next five years.
The Ormen Lange gas field, which feeds the Langeled pipeline under the North Sea, is one of Britain's biggest sources of natural gas, Reuters said.
The $14.8 billion deal will expand Schlumberger into new territories in subsea and equipment manufacturing.
The $120 million transaction comprises Premier’s 50 percent stakes in the Norwegian Vette development and the adjacent Mackerel and Herring discoveries, a 50 percent interest in the Froey Field and seven exploration licenses in the North Sea, the two companies said on Nov. 16.
Under the agreement, Zenith Energy will provide well planning services, contracting of the rig, procurement of tangible items and the supervision of drilling and completion operations, a news release said.
The Africa-focused oil company also trimmed its full-year production forecast from its West African fields to 66,000-67,000 barrels of oil per day (bbl/d), down from 66,000-70,000 bbl/d previously.