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Derrick Booth, who died at home in California at the age of 89 on Oct. 25, was the original subsea watcher.
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.
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.
Want to make of a series of high-profile consolidations in Abu Dhabi this year? The Abu Dhabi National Oil Co. (ADNOC) is the latest entity to enact structural changes—all in an effort to drive down costs and increase efficiency.
Can deepwater oil and gas survive in a $50/bbl environment?
Technip raised targets for its subsea division on Oct. 27 after the French oil services company beat third-quarter expectations helped by cost cuts.
A growing trend offshore could help pave the way to profits for Schlumberger as the oil and gas industry emerges from the downturn.
It is a tough marketplace out there in the subsea world with a limited number of new projects coming forward to keep business ticking over. So how do companies survive this prolonged downturn while waiting and hoping for the long-expected upturn?