Russia, Saudi oil ministers to mull cooperation agreement, report says
Russian and Saudi oil ministers plan to discuss a broad cooperation agreement on Thursday at an economic forum in Russia's second city of St Petersburg, two sources told Reuters.
Asco ties up £50m deal with Marathon for North Sea support services
North-east oilfield support services firm Asco has struck a deal worth more than £50million with Marathon Oil UK for work in the North Sea. The five-year contract will see Asco provide a range of integrated oilfield services to support Marathon’s Brae field operations. Commenting on the award, Craig Lennox, Asco’s chief executive for Europe, said: “Asco has supported Marathon Oil for many years and we are delighted to secure a new long term contract with them.
Unions call off offshore strike ballot
Trade unions have shelved plans for a strike action ballot over North Sea working conditions following negotiations with industry bosses yesterday. Last night the Unite union said the Offshore Contractors Association (OCA) tabled an improved offer for offshore workers during the latest round of talks in Aberdeen. Unite regional officer Willie Wallace, said: “Today’s talks have been constructive and we have made enough progress to be able to put an improved offer from the OCA to our membership."
Russia’s Sechin says U.S., not OPEC, rules oil markets
Igor Sechin, the head of Russia's top oil producer Rosneft, said on Wednesday the United States is calling the shots on global oil markets, while the influence of OPEC has shrunk. The United States emerged with renewed vigour as a top producer thanks to its shale boom. By refusing to curb its output to prop up oil prices, OPEC has tried to maintain its share in the global market, shrugging off lower prices which damage U.S. producers.
Shell, Japan firms may get stake in Gazprom’s Baltic LNG, report says
Russian gas company Gazprom may offer up to 49 percent in its Baltic LNG project to a strategic partner and the most likely candidates are Royal Dutch Shell or a consortium of Japanese firms, Russia's Kommersant newspaper said on Wednesday. The agreement may be signed this week during an economic forum in Russia's second city of St Petersburg, it reported, quoting sources in the gas industry.
Oilfield services provider Calfrac halves dividend
Canadian oilfield services provider Calfrac Well Services halved its quarterly dividend to 6.25 Canadian cents per share, citing lower crude oil prices and weak demand for oilfield services. Calfrac's board also approved an additional capital of about C$12 million for 2015 to expand in Latin America, the company said on Wednesday.
Gazprom’s Turkish pipeline talks expected to resume next week
A meeting between the head of Russia's Gazprom's and Turkish Energy Minister Taner Yildiz is expected to be rescheduled for next week as both sides strive to finalise agreement on a proposed underwater gas pipeline to Turkey, a senior energy ministry official said on Wednesday. Turkey was named as Russia's preferred partner for an alternative to its planned South Stream pipeline to carry gas to southern Europe without crossing Ukraine after Russia aborted the project in December, citing EU objections.
National Oilwell Varco to cut 1,500 Norwegian jobs
National Oilwell Varco, the largest U.S. oilfield equipment maker, said it will cut its Norwegian workforce by 1,500 by the end of this year as low oil prices have reduced investments. It plans to cut 900 permanent jobs and 600 contractors, the firm said in a statement on Wednesday.
New report urges oil and gas firms to cut costs by taking a lead from other industries
Oil and gas firms need to cut costs by up to 40% a barrel to prolong the production life of the North Sea, a new report says. It urges energy firms to implement seven key tactics used by the aerospace, automotive, chemical, and rail sectors to lower costs and manage performance during hard times. The report, from professional services firm PwC and the Oil and Gas Industry Council, will be officially launched at the Oil and Gas Industry Conference (OGIC) 2015 in Aberdeen today.
Sir Ian Wood tells new North-east taskforce for employment to set the standard for Scotland
The north-east can carry the torch for Scotland in the crusade to reduce unemployment among the country’s young people, Sir Ian Wood told the region’s fledgling jobs taskforce yesterday. Sir Ian, the former chairman of energy giant Wood Group, said the area was in far better position than other parts of Scotland to meet ambitious employment targets put forward last year in his commission’s report into youth joblessness. He added: “We are very lucky in this part of Scotland. In terms of prospects, we have got a whole bunch of youngsters, whether we call them technicians or tradesmen, who are 25 to 30 years old and they’re earning up to £50,000 a year.
China’s Sinopec hunting U.S. shale deals, but prices high
Sinopec, the world's second-biggest oil refiner, is on the hunt for minority investments in U.S. shale oil and gas projects as it seeks to diversify China's supply sources, a senior company official said. The Chinese state energy firm is keen to take a 10-15 percent stake in projects to export liquefied natural gas (LNG), said Jack Yu, managing director of Sinopec D.C., which handles government relations in the U.S. Previous talks over investing in Freeport LNG's project in Texas fell through, he said. New deals, if they materialize, would come more than two years after Sinopec made waves with two big U.S. investments, spending more than $3 billion buying various shale stakes from Devon Energy and Chesapeake Energy.
Shell-BG $70 bln deal crosses key milestone with U.S. clearance
U.S. regulators have given the green light for Royal Dutch Shell's proposed $70 billion acquisition of British rival BG Group, the first clearance for the biggest deal in the energy sector in over a decade. The two companies said on Tuesday the United States Federal Trade Commission (FTC) had cleared the deal. The deal, which the companies aim to complete by early 2016, will require further regulatory clearances from all the countries BG operates in, including the European Union, China, Australia and Brazil.
Job losses in UK’s North Sea raise skills and safety concerns
Cost-cutting in Britain's North Sea oil and gas sector could lead to more acute skills shortages in future, industry experts have warned, with some expressing concerns that safety could be compromised. A plunge in crude prices over the last 12 months has prompted oil majors such as Royal Dutch Shell, BP, Chevron and ConocoPhillips to lay off hundreds of workers. Oil field services groups such as Amec Foster Wheeler, Wood Group and Petrofac are also in consultation with employees over job cuts.
Russia’s Gazprom says answers on Sakhakin-2 expansion to come in 2016
Russian gas company Gazprom, a leading shareholder in Russia's sole liquefied natural gas (LNG) plant, Sakhalin-2, hopes to be able to answer questions about the plant's expansion next year, deputy chief executive Alexander Medvedev said on Tuesday.
Petroceltic exits Romania, sells unit to GVC Investment
Irish oil producer Petroceltic International said it sold its Romanian unit to GVC Investment BV as it exits high-risk exploration ventures.
Carbon capture could boost North Sea oil recovery and aid decarbonisation drive, report says
The development of a fully-fledged North Sea carbon capture and storage (CCS) network could boost oil recovery – as well becoming the most cost efficient way of meeting UK emissions targets, a new report says.
LR Senergy secures patents for well modelling process
Aberdeen-based energy service firm LR Senergy said yesterday it has secured US and UK patents for a well modelling process it developed.
African nations, Iran eye Venezuela oil blend project
Algeria, Angola, Iran and Nigeria are interested in blending their light oil with Venezuela's heavy oil to get better a price for their crude, the president of Venezuelan state oil company PDVSA said on Monday.
Total restarts La Mede refinery after strike
French oil major Total said on Monday it had begun procedures to restart its La Mede refinery near Marseille, which management had decided to halt after the CGT union called a strike against plans to stop crude processing.
St Fergus gas terminal outage extended to 16 days
A maintenance outage at Total's St Fergus natural gas terminal was brought forward by a day to start on June 14 and will last for 16 days in total, the company said over the weekend in a regulatory note.
Big Oil saves Putin’s top investor show, again
Some of the world's most powerful oil executives will attend Russia's top investment show this week, once again helping the organisers shrug off a meagre turnout from other leading Western industrialists and bankers.
Second small oil tanker goes missing in Malaysia this month
A small-sized oil tanker went missing off the southeast coast of Malaysia close to Singapore over the weekend in what could be the second hijacking of such a vessel this month, maritime officials said on Monday.
Oil bosses break long climate silence with urgent initiative
For an industry used to cautious, long-term evolution, the speed at which leaders of Europe's biggest oil and gas companies moved to take a joint stand in the climate debate speaks volumes.
South Korea makes rare large purchase of West African crude oil
South Korea's GS Caltex Corp is set to receive a shipment of 2 million barrels of West African crude, dwarfing the country's usual purchases from the region as it looks to diversify supply away from the Middle East.
BP completes planned maintenance at West Azeri platform
UK oil company BP has completed maintenance and resumed production at its West Azeri platform in the Caspian Sea, Tamam Bayatly, a spokeswoman for BP Azerbaijan, said on Friday.