The project will increase capacity of the tank farm to accommodate the upgrading of the existing tank farm, Wood Group said in a news release.

The B8 field is estimated to have about 3.5 million tonnes of oil where Lotos has said it plans to produce ultimately some 250,000 tonnes, Reuters said.

Colombia's state-owned Ecopetrol and Canada's Parex Resources signed deal to boost reserves and production at Aguas Blancas Field in Santander province, Reuters said. Output could rise to 10,000bbl/d by 2020.

Polarled is the first pipeline on the Norwegian continental shelf that crosses the Arctic Circle and opens up a brand new highway for gas from the Norwegian Sea to Europe.

A portion of the gas exported from the U.S. will be pipelined to Mexico, but most of it will be liquefied and then loaded onto tanker ships destined for overseas markets in Europe and Asia.

With crude oil prices halving in a year, oil firms have been forced to reduce spending, putting the oil services industry under severe pressure to slash costs.

The central processing facility, understood to be the world’s largest semisubmersible, was officially launched from the offshore floating dock at the Samsung Heavy Industries shipyard in Geoje, South Korea, where it has been under construction since 2013.

Malaysia, FLNG, PFLNG 1, Petronas

The unfolding global story of FLNG is being spearheaded by the Southern Hemisphere. While most of the noise so far has been made by the operators of Australia’s megaprojects, it is Malaysia that has been quietly setting the pace.

The 150,000 cubic-meter cargo will be sourced from French utility ENGIE, part of a cooperation agreement signed in July.

FMC Technologies will provide enhanced vertical deepwater trees, subsea manifolds, topside controls, a control system and a distribution system for the field, which is in the Mississippi Canyon area of the eastern GoM in 7,200 ft of water.

Åsgard, subsea, compression, Statoil, production, Norwegian Sea

Compression will increase production at the Åsgard Field in the Norwegian Sea by some 306 million barrels of oil equivalent during the field’s productive life, Statoil said.

The acquisition was funded using a combination of net proceeds from the offering of 7.5 million common units that closed September 15 and borrowings under the revolving credit facility.