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Technip swings to loss as oil industry downturn lasts

Technip SA swung to a loss in the second quarter after Europe’s biggest oil-services provider took a writedown amid an industry downturn it expects to last for longer than anticipated.

Shell plans to cut 6,500 jobs as prolonged downturn looms

Royal Dutch Shell Plc said it’s preparing for a “prolonged downturn” by cutting thousands of jobs and slashing billions of dollars in investments over the next two years. The shares gained the most in three weeks.

Repsol profit declines 20% as crude slump counters refining

Repsol SA, Spain’s largest oil company, reported a 20% drop in second-quarter earnings as lower crude prices outweighed higher refining margins and led to a loss at its upstream operations.

Eni second-quarter profit drops 84% as Saipem reports loss

Eni SpA said second-quarter profit dropped 84% as its oil-and-gas contractor unit Saipem booked $1 billion in writedowns earlier this week after a plunge in crude prices.

Oil industry starts fresh round of cost cuts as oil slump persists

BP Plc and Chevron Corp. fired the opening salvo for a further round of cost cuts by major oil companies grappling with the prolonged collapse in crude prices.

Total sells minority interests in West of Shetland fields

Total is to sell 20% of its interests in Laggan, Tormore, Edradour and Glenlivet fields, in the West of Shetland area, to SSE E&P UK Limited for around $876 million (£565 million).

Total profit beats estimates as production, refining advance

Total SA’s second-quarter profit almost matched year-earlier results as higher margins at Europe’s biggest refining business helped the company shrug off a 50% slump in crude prices.

ConocoPhillips extends Mærsk Innovator contract

ConocoPhillips Norway has awarded Maersk Drilling a contract extension for the Mærsk Innovator for work on Eldfisk field, part of the greater Ekofisk area, offshore Norway.

Vermilion Energy farms into North German basin licenses

Vermilion Energy has entered into a farm-in agreement with Mobil Erdgas-Erd l GmbH (MEEG) and BEB Erdgas und Erd l GmbH & Co.KG (BEB).

UK names final winners from 28th seaward licensing round

The Oil and Gas Authority—the UK oil and gas regulator—announced the remaining winners from the 28th Offshore Licensing Round on Monday.

BP has worst profit in 10 years on Libya write-off, trading

BP Plc reported the lowest quarterly profit in at least 10 years after a boom in trading faded and the conflict in Libya forced almost $600 million of writedowns.

Cuadrilla to appeal planning refusals for UK shale sites

Cuadrilla plans to appeal Lancashire County Council’s (LCC) Development Control Committee’s decisions last month to refuse planning consent for two applications for temporary shale gas exploration sites.

Brent drops below $55/bbl with U.S. crude in bear market

Brent crude dropped below $55/bbl for the first time in more than three months while U.S. prices traded in a bear market amid a persisting surplus.

Statoil spuds first production well on Gina Krog field

Drilling of the first production well at Gina Krog field has started, just eight days after the rig arrived at the North Sea field.

Det Norske seeks 20 MMbbl more of Johan Sverdrup resources

Det Norske Oljeselskap ASA is claiming as much as 20 MMbbl more of Johan Sverdrup oil field as it appeals a government decision that reduced its stake in the giant deposit offshore Norway.

Statoil finds gas, condensate in North Sea's Julius prospect

Statoil and Total E&P Norge, its partner in PL146/PL333, have made a gas and condensate discovery in the Julius prospect, in the King Lear area of the North Sea.

Global Marine lands Subsea 7 contract for Clair Ridge project

Global Marine has secured a contract that will see it provide personnel and equipment to support the delivery of a submarine fibre optic link between platforms on behalf of client, Subsea 7, and end user BP.

Misreporting of production from ageing gas fields is costing North Sea operators big, NEL

Research from NEL, the flow measurement R&D specialist, reveals that the North Sea oil and gas sector could be misreporting over $1093 million per year.

Technip wins Trans Adriatic Pipeline contract

Trans Adriatic Pipeline (TAP) has awarded Technip a project management consultancy (PMC) services contract, for a project designed to transport gas from Shah Deniz field to the European market.

Searcher Seismic completes Echidna survey offshore Ireland

Searcher Seismic in cooperation with MAGE, announced the acquisition of the Echidna Regional Broadband 2D seismic survey covering the Porcupine & Slyne basins and the Goban Spur offshore Ireland, is now complete.