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However the U.K.-based company said it was seeing signs of a potential uptick in onshore spending in North America, as the rig count in the U.S. rises, Reuters reported.
Oil Search is also a partner in the Papua LNG project, run by Total, which is looking to develop the Elk-Antelope gas fields. Oil Search believes billions of dollars could be saved if those fields are used to help expand the PNG LNG project, Reuters reported.
Australia-based, but Alaska-focused 88 Energy was Australian Stock Index star as the country’s oil and gas sector climbed out of a very deep hole.
The two projects, Foster Creek phase H and Narrows Lake phase A, would add up to 75,000 barrels per day of production.
Encana has also narrowed operations to focus on four core North American plays: the Montney and Duvernay in Western Canada, and the Eagle Ford Shale and Permian in the U.S.
The expansion will allow the Ormen Lange Field in the Norwegian Sea to increase production by 25 billion standard cubic meters of gas.
Marc Benayoun, CEO of Italian energy group Edison, which is exploring areas near the Zohr Field, said on Feb. 14 he was confident more gas would be discovered, Reuters reported.
Eight key oil and gas industry players have formed a collaborative partnership to promote investment in and early adoption of innovative plugging and abandonment (P&A) technology.
With Shell U.K. Ltd. submitting a decommissioning program for the Brent Field to the U.K. government, three concrete gravity-based platforms create major logistics problems.
Lundin Petroleum AB plans to spin off its assets from outside of Norway into a separately listed company and will distribute shares in the new firm to existing investors.
The company has initiated cost-saving measures and tackled drilling efficiency among other areas while working toward its goal of developing a remotely operated factory.
CEO Graham Stewart said 2016 was a “transformational” year as the company acquired a Norwegian portfolio of producing assets from DONG that doubled group production, the material Brasse discovery in Norway, and a successful 66 million pound equity raise.