Global spending on oil and natural gas exploration is set to fall next year to the lowest level in 12 years as the industry cuts costs and shuns more expensive areas, such as the Arctic, according to Wood Mackenzie.
Total has been awarded exploration licenses on three blocks in offshore Mexico, following the country’s first competitive deep water bid round.
Atwood Oceanics Inc. announced today that it has agreed with Daewoo Shipbuilding & Marine Engineering Co. (DSME) to delay the requirement to take delivery of Atwood's two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, by two years to September 30, 2019 and June 30, 2020, respectively.
Companies can now apply for new licences to drill for offshore oil and gas in a number of blocks in the Offshore 2016 Supplementary Round.
Frigstad Deepwater Holding Ltd, a subsidiary of Frigstad Offshore Group, has decided to sell all of its shares in Frigstad Deepwater Ltd to a subsidiary of China International Maritime Containers Group (CIMC) with effect from Dec. 6, 2016.
Mexico’s first competitive deepwater oil auction surpassed expectations as eight of 10 blocks were awarded to some of the world’s top oil companies.
Subsea Integration Alliance has announced the industry’s first deepwater integrated subsea engineering, procurement, construction, installation and commissioning (EPCIC) multiphase boosting system award.
For the three titans of Latin American oil—Pemex, PDVSA and Petrobras—last week’s OPEC-driven price rally won’t be enough to halt a slow descent from the ranks of international crude heavyweights.
In Mexico, the era of big oil is just getting started. But for the state oil dinosaur, its best days appear to be behind it.
BP has sanctioned the Mad Dog Phase 2 project in the U.S., highlighting its long-term commitment to the country despite the current low oil price environment. Mad Dog Phase 2 will include a new floating production platform with the capacity to produce up to 140,000 gross bopd from up to 14 production wells. Production is expected to begin in late 2021.
CGG announced that the final processed depth volumes (Kirchhoff and RTM PreSDM) from the company's recent 3D BroadSeis multi-client survey in the highly prospective Gabon South Basin are now available for license.
Jacobs Engineering Group has been awarded a contract from Shell Offshore for its Vito host project in the Gulf of Mexico.
The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years. This rapid trend toward decommissioning is causing spending to rise significantly, according to a new study by IHS Markit.
GustoMSC, an independent design and engineering company, has unveiled a new drillship design: Scylax. The new design aims to facilitate mid- to deepwater developments by providing fit-for-purpose capabilities.
When OPEC exempted Nigeria from its plan to cut oil output for the first time in eight years, it highlighted how far Africa’s biggest producer has fallen.
Statoil has completed its acquisition of Petrobras’ 66% operated interest of the BM-S-8 offshore license in Brazil’s Santos basin.
Seadrill Ltd.’s earnings beat forecasts as the offshore rig company controlled by billionaire John Fredriksen continues to cut costs and sees signs of improvement in a challenging market.
Talos Energy has announced initial production from the Tornado exploration project in Phoenix field in the Gulf of Mexico. The field is located in Green Canyon Blocks 236, 237, 280 and 281 in approximately 2,700 ft of water.
Maersk Drilling and National Oilwell Varco (NOV) have entered into a five-year partnership to improve maintenance predictability for drilling equipment.
Drillers burned by a two-year slump in crude prices are slowing exploration of deepwater prospects off the coast of Africa, undermining a key driver of growth on the continent.