A subsea and offshore contractor affiliate of Ezra Holdings Ltd., a struggling Singaporean oilfield services firm, filed for U.S. bankruptcy as it ran short of cash due to a lingering downturn in the oil and gas industry.

State-run Petrobras’ plan to divest more than $15 billion in assets is reshaping the energy scene in Brazil, creating opportunities for more players to join the pursuit of not only oil, but gas.

Margareth Øvrum, executive vice president of technology, projects and drilling for Statoil ASA, believes in setting “impossible targets” that require “radical changes.”

Economic development agency Scottish Enterprise is making a push to keep Scotland at the top of the global subsea market, despite the challenges offered by competition from other regions around the world and the harsh realities of the severe industry downturn.

Chrysaor, which has just bought much of Shell’s U.K. North Sea assets for up to $3.8 billion, is in the market for more North Sea deals to expand its newly acquired position as one of the basin’s biggest independent producers.

Israel’s Delek Group has wrapped up a deal with Dana Petroleum to acquire a 13.18% stake in Faroe Petroleum in a move that bolsters Delek’s North Sea portfolio and makes it the majority stakeholder in Faroe.

Total and Petrobras took their relationship to the next level Dec. 21 with a $2.2 billion deal that gives the French company a stake in two presalt fields as the financially struggling Brazilian deepwater leader  moves closer to its asset sale target.

Like just about every other sector in the oil and gas industry, the lingering oversupply-driven downturn crushed activity and continued to nip away any demand left for equipment for the subsea sector last year.

Derrick Booth, who died at home in California at the age of 89 on Oct. 25, was the original subsea watcher. 

John Wood Group Plc capped off the 2016 year bringing a mixed bag of offshore news in its pre-close trading update for the year, stating its financial performance was “in line with expectations.” 

BP has agreed to buy 10% of Eni’s Shorouk concession offshore Egypt, which includes the giant Zohr gas field, for $375 million, joining other oil majors in increasing bets on the growing gas market.

When it comes to breakeven prices for development projects targeting natural gas, the ultradeep water of the Mediterranean Sea and the deep U.S. Gulf of Mexico are hard to beat.

Pages