Production ///

Subsea 7 installs world's first subsea wet gas compressor at Statoil's Gullfaks platform

After several years of technology development, construction and testing the first subsea wet gas compressor in the world is now installed at the Statoil's Gullfaks C platform in the North Sea.

4Subsea receives research grant for corrosion in flexible pipes

The Research Council of Norway has through the “Petromaks 2” program has awarded 4Subsea funding for a research initiative on corrosion in flexible pipes.

Lundin gains increased unitized interest in Johan Sverdrup

Lundin Petroleum has announced that the Norwegian Ministry of Petroleum and Energy has determined the allocation of resources in the Johan Sverdrup oil field and has decided to increase the unitized interest for Lundin Petroleum from 22.12 to 22.6%.

Oil oversupply meets rising demand in quietest market since 2013

The sleepiest oil market since 2013 will probably limp through the second half of the year as well.

Shale boom shows resilience as rigs rebound with oil under $60

For the first time in almost seven months, America’s shale drillers put rigs in oil fields back to work, and they’re doing it at a lower price.

Mexico unveils licensing plan to add million barrels output

Mexico plans to auction 914 onshore and offshore oil areas in the next five years as the historic opening of the country’s energy industry aims to add 1 MMbbl of production by 2025.

Elk-Antelope joint venture selects LNG project sites

InterOil Corporation and the PRL 15 joint venture participants have unanimously endorsed recommendations from Total SA for key project infrastructure sites for development of Elk-Antelope gas field in Papua New Guinea.

Emerson improves offering with Yggdrasil acquisition

Emerson Process Management has acquired Norwegian company Yggdrasil, a provider of flow assurance and production optimization software.

China wary of closer Russia energy ties, ex-Cnooc economist says

China is wary of expanding energy investments in Russia because closer ties with the Kremlin could harm its relations with the U.S., according to a former researcher at China’s biggest offshore explorer.

Oil steady after biggest drop since April as U.S. supplies rise

Oil was steady after the biggest decline since April as an unexpected gain in U.S. crude stockpiles signaled a supply glut may persist.

Shale drillers lose most-precious asset—the $90 hedge

The insurance protecting shale drillers against plummeting prices has become so crucial that for one company, SandRidge Energy Inc., payments from the hedges accounted for a stunning 64% of first-quarter revenue.

Canada’s NEB approves Quicksilver's LNG export license

Canada’s National Energy Board (NEB) has approved the application of Quicksilver Resources Canada Inc. for a 25-year natural gas export license with a maximum term quantity of 733 Bcm. The issuance of this license is subject to the approval of the Governor in Council.

FEED phase entered for Browse FLNG development, Woodside says

Woodside, as a participant in the Browse FLNG Development, advised Wednesday that an agreement has been reached to enter the front-end engineering and design (FEED) phase for the proposed development.

Wood Group wins onshore pipeline work for Origin Energy

Wood Group has secured a $1-million contract with Origin Energy to provide detailed design engineering for the onshore pipelines related to the Halladale, Black Watch & Speculant (HBWS) Natural Gas Project in South West Victoria, Australia.

Ukraine halts Russian gas purchases as talks on deal fail

Ukraine halted purchases of Russian natural gas after its bigger neighbor took away most of a price discount and declined to sign a three-way accord with the European Union through the winter heating season.

Russia seen extending oil-sales lead with second China pipeline

Russia is set to strengthen its position as the biggest oil supplier to China in the coming decade with a planned second pipeline link to Chinese refineries, according to a unit of Fitch Group Inc.

OPEC crude production surges as Iraq pumps at record pace

Iraqi crude production climbed to a record this month, helping send OPEC output to the highest level since August 2012.

Cenovus sells royalty business for $3.3 billion

Cenovus Energy has reached an agreement to sell Heritage Royalty Limited Partnership (HRP) for gross cash proceeds of approximately $3.3 billion.

2H Offshore appoints Prahlad Enuganti as technical manager in Aberdeen office

2H Offshore has appointed Prahlad Enuganti as technical manager in its Aberdeen office, to strengthen its management team and drive business growth.

Statoil submits $115-million development plan for Gullfaks area

Statoil and its partners have submitted an amendment to the Plan for Development and Operations (PDO) for the Gullfaks license to Norway’s Ministry of Petroleum and Energy for phase 1 of the Shetland/Lista development.