Exclusives

The proposal includes an investment allowance, reversal of the increased supplementary charge and a new exploration tax credit.

Vast shale deposits are beckoning, but the geology needs to work.

The company expects permits for its onshore exploration in the Emilia Romagna region to be issued in the first half of next year.

Scots reject independence with 55% voting no and 45% voting yes.

As the country’s referendum on independence nears, polls show Scots remain divided on the issue.

Deepwater International

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.

Exploration

The discoveries in the Krafla area once again demonstrate that growth opportunities still exist in the North Sea. 

The Zulu exploration well has been completed as a gas discovery.

Work commitments are a mix of reprocessing of seismic and acquisition of existing or new 3D-seismic, all followed by a drill-or-drop decision.

Of the 54 production licenses, 34 are located in the North Sea, 16 are in the Norwegian Sea and four are in the Barents Sea, the release said.

Open-hole wireline logs, mud logs and drill cuttings indicate seven Cenezoic-aged sandstones with an aggregate of 90.5 m (297 ft) of hydrocarbon-bearing rock and 22 m (72 ft) of potential net pay, the release said.

Production

The investment decision is expected next winter. 

Det norske oljeselskap ASA has produced first oil from the Bøyla Field.

Coreflooding measures the effectiveness of water or gas injected into an oil-bearing rock sample to displace oil. This can be used to assess the potential for water flooding in an oil field, BP said in a news release.

Subsea Engineering

The recent arrival of Allseas’ massive Pieter Schelte single-lift vessel in Rotterdam has been met by a furore over its name.

It’s too early to know if the new tax arrangements offered by the UK government will revitalise the offshore sector, but that it needs a lift is beyond doubt, despite near record investments of some £13bn. 

Aberdeen City Council is now arranging a job summit, amid fears thousands of posts could be axed, but fears have been expressed the event could achieve nothing.

Politics has reared its head in the energy industry again as Russia, in the form of Gazprom, has cancelled the $40bn South Stream gas pipeline project across the Black Sea which would have supplied gas to southern Europe while avoiding the Ukraine.

A new centre for well innovation (CWI) could make its way here.  

Technology

Steven Newman has agreed to step down as president and CEO of Transocean Ltd., effective Feb. 16, the company said in a news release.  Ian Strachan, chairman of Transocean’s board, will also serve the company in the role of interim CEO.

Aqualis ASA has decided to merge the operations of Tristein AS into Aqualis Offshore, according to a news release. 

Statoil has signed a contract with Nexans at a value of about $5.1 million for the fifth delivery of standardized umbilical cables developed by Nexans.

INPEX NORGE AS has selected subsurface consultancy First Geo to provide exploration teams and services for the E&P company’s exploration efforts on the Norwegian Continental Shelf.

Shell, the first of the world’s largest oil companies to report earnings following the slump in crude to a five-year low, will defer or cancel about 40 projects worldwide, CEO Ben van Beurden said. Exploration will also be curtailed.