The 10-year collaborative arrangement, which is for GE’s engageDrilling Services, will include GE purchasing the BOP systems aboard Diamond Offshore’s four drillships in the U.S. Gulf of Mexico for a total of $210 million, according to a news release.

Iona has become the first casualty of 2016, but many more North Sea companies are under threat from the plummeting oil price.

The fire occurred on the offshore Abkatun A Permanente processing platform in Mexico's oil-rich Bay of Campeche. Casualties  include two Pemex workers and one employee of Cotemar.

Chevron, M&A, A&D, asset, oil, land, sale, John Watson, Gulf of Mexico, Permian

Although M&A and A&D activity has been down lately, some believe change is coming.

A group’s analysis showed that 3.4 MMbbl/d of oil pumped now, 3.5 percent of worldwide production, is “cash negative” at Brent prices of $35 per barrel.

John Paisie, Stratas Advisors

At Hart Energy’s Viewpoint Executive Energy Club, Stratas Advisors directors gave industry executives a wide-ranging view and key to competing in the upcoming year.

With about 210 small pools already discovered but not yet developed, reducing costs by half would make the development of those 150 fields economically viable, according to a speaker at Subsea Expo.

The company reported a fourth-quarter adjusted operating profit of 15.2 billion crowns (US $1.78 billion), down 43 percent from a year earlier but better than the 13.9 billion ($1.6 billion) expected by analysts polled by Reuters.

ConocoPhillips on Feb. 4 lowered its 2016 capex target by 17% to $6.4 billion, and its operating cost forecast by 9 percent to $7 billion.

Shell said 2015 income fell 87% to $1.94 billion, in line with analysts' estimates, as its oil and gas production unit took a big hit from slumping oil prices.

The company expects to grow oil and gas production by 2-4% this year from ongoing operations due to a fall in drilling and completion costs.

Gas project in New South Wales delivered "disappointing gas flow" and "the economic returns to support the investment of approximately AU$1 billion were not adequate," the company said, Reuters reported.