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Oil and gas companies have taken some stalled projects off the shelves, pushing the number of developments reaching final investment decisions so far in 2017 above that of last year, according to Norway-based energy consulting firm, Rystad Energy.
Operational efficiency is the watchword for E&P within the current low oil price scenario, and at the heart of this is innovation. That’s why Statoil established Statoil Technology Invest (STI) to support small and medium enterprises with new technologies.
There is a wildcard among the world’s oil market players that some believe could be a game-changer, throwing a production curveball.
Anadarko Petroleum Corp. reported a bigger-than-expected quarterly loss this month, as expenses rose about 53%, failing to offset gains from higher crude prices.
Oil services company Subsea 7 reported first-quarter margins that were better than most investors had expected and upgraded its full-year profitability forecast.
Revenues at Norwegian oil service firm Aker Solutions fell 20% in first-quarter 2017 from a year earlier, hit by weak demand and the ending of some projects, the company said May 9.
The global subsea market has undergone one of, if not the, most brutal downturn in recent history.
Aker Solutions agreed to buy oil services provider Reinertsen to build on its position as a maintenance and modifications supplier offshore Norway, the company said March 30.
The subsea area has been essential for Petrobras to achieve competitive gains over the past few years. The use of subsea equipment has helped to reduce presalt exploratory costs, contributing to Petrobras’ impressive output numbers.
ExxonMobil Corp. said March 9 it has reached an agreement to purchase a 25% indirect interest in the natural gas-rich Area 4 Block, offshore Mozambique, from Italian energy company Eni. ExxonMobil agreed to a cash price of about $2.8 billion.
British oilfield services company John Wood Group has agreed to buy Amec Foster Wheeler in a deal valuing its smaller rival at about 2.2 billion pounds (US$2.7 billion) and averting a planned 500 million pound (US$624 million) rights issue.
Cobalt International Energy Inc. continues getting knocked against the ropes by federal investigations, a $1.6 billion impairment, possible delisting from the New York Stock Exchange (NYSE) and its troublesome divestment of its Angola assets.