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Wintershall awards contract to 4Subsea for North Sea project

HVALSTAD, Norway -- Wintershall Norway) has awarded 4Subsea a frame agreement contract related to Subsea Engineering Services. The agreement covers engineering and advisory services related to subsea production systems including wellheads, Christmas trees and well intervention systems.

GE opens marine-dedicated division

PARIS -- GE has unveiled its new GE Marine organization, which combines several GE businesses, and will be led by Tim Schweikert, V.P., GE Marine.

Maersk Drilling takes delivery of third ultra-harsh environment jackup

Maersk Drilling has taken delivery of its third ultra-harsh environment jackup, XLE-3, from the Keppel FELS shipyard in Singapore ahead of schedule.

Shell cuts spending by $15 billion as profit misses forecasts

Royal Dutch Shell will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts.

Shell, Exxon sell North Sea field to ONE after oil-price rout

Royal Dutch Shell and Exxon have sold their stakes in the Sean field to Oranje-Nassau Energie for an undisclosed sum as drillers seek to offload aging North Sea assets.

Lundin to drill appraisal well in Barents Sea

The Norwegian Petroleum Directorate has granted Lundin Norway a drilling permit for an appraisal well 7220/11-2 under PL609 in the Barents Sea.

BG Group, KBR sign global alliance amid oil slump

BG Group has signed a global alliance with KBR enhancing the company’s capacity to deliver commercially attractive oil and gas projects around the world.

Ramboll wins Maersk contract for additional Culzean jacket design projects

Maersk Oil UK has awarded Ramboll Oil & Gas the detailed design for the two jackets for a central processing facility platform and a separate utilities and living quarter platform for Culzean field offshore Aberdeen.

Exciting year ahead for Europe's upstream sector, Wood Mackenzie says

Wood Mackenzie's European upstream research team have assessed the most significant events of 2014 impacting Continental and Mediterranean Europe’s—all of Europe excluding UK and Norway—oil and gas sector, including the Ukraine Crisis and the collapse of global oil prices, identifying the key areas to watch this year.

BP freezes employee pay in response to oil price slump

BP will freeze employee pay in the latest example of cost cuts as the world’s top oil companies respond to plunging crude.

Launching licensing rounds in tough times

The low oil price and high project costs mean countries are under pressure to make oil and gas licensing rounds as attractive as possible for bidders if they are to be successful.

$200 oil possible with lack of spending, OPEC’s El-Badri says

OPEC’s secretary-general said oil prices as high as $200/bbl are possible if producers fail to invest in new supply.

Aker Geo renamed following Aker Solutions split

Aker Geo will—following the split of Aker Solutions—operate under the First Geo brand with immediate effect.

Statoil receives consent to drill exploration well in Norwegian Sea

Statoil has received consent from Norway' s Petroleum Safety Authority (PSA) to drill the exploration well 6706/12-2, located in the Norwegian Sea.

Gunvor sees no return to $100 oil once price plunge is reversed

Oil prices won’t recover to $100/bbl once a current rout is reversed, said the head of research at Gunvor Group Ltd., a firm trading more than 2.5 MMbbl of crude and fuels each day.

Lundin bags eight licenes in Norwegian licensing round

Lundin Petroleum, through its wholly owned subsidiary Lundin Norway AS has been awarded eight exploration license interests in the 2014 Norwegian Licensing Round (Awards in Predefined Areas, APA).

Det norske kicks off drilling campaign at Ivar Aasen field

The drilling rig Maersk Interceptor has started the drilling program on Ivar Aasen field in the North Sea. The campaign has a duration of three years and comprises a total of 15 wells in addition to three pilot wells.

Total must curb costs, lower break-even point, CEO says

DAVOS, Switzerland (Bloomberg) -- Total SA must lower its break-even point and cut spending amid weak crude prices that could last at least until the middle of the year, CEO Patrick Pouyanne said.

Eni can still do well with oil at $65-$70, CEO says

Eni can do well with oil at $65/bbl to $70/bbl, CEO Claudio Descalzi said.

Aker bags $590 million Johan Sverdrup contract

Aker Solutions will provide engineering, procurement and management assistance services for five years at the Statoil-operated Johan Sverdrup development in the Norwegian North Sea.