OTC 2015: ‘Supply chain more open now than it’s ever been’
The recent oil slide has seen the supply chain become more open now than it's ever been.
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Apache North Sea helicopter evacuation
A man has been evacuated by helicopter from a North Sea oil platform.
#OG2050 – How easy money is helping oil companies weather the bust
#OG2050 – Never let a serious crisis go to waste
Rahm Emanuel, now the Mayor of Chicago, famously said “You never let a serious crisis go to waste. And what I mean by that, it’s an opportunity to do things you think you could not do before.” While what we are experiencing just now may feel like an oil price crisis, that’s not really the root cause. Where the crisis lies is in the high cost of recovering oil and gas – particularly from the North Sea. At the expense of stating the obvious, there are two variables at work which will determine the health of the oil and gas sector – price and cost.
#OG2050 – Light at the end of the tunnel?
2015 is proving to be challenging for the North Sea. Despite the oil price reaching its highest level so far this year, touching $68 per barrel this week, there seems to be no end in sight to the continuous stream of concerning news about companies cutting costs, announcing redundancies and cancelling activities.
#2050 – The UK sector is in a fragile state
The UK offshore industry is in a fragile state. Around 300 fixed production facilities remain in operation, many of which are in excess of 40 years of age and require continuous maintenance and integrity management provision.
Statoil granted new drilling permit
Statoil has been granted a drilling permit by the Norwegian Petroleum Directorate (NPD). Wellbore 6407/8-7 will be drilled from the Transocean Spitsbergen drilling facility. The well's licence, which is the first in the venture, concerns the drilling of a wildcat well in production licence 348 C, which was awarded in February.
Expert urges firms to change strategy
Oil and gas firms must show they are capable of doing more than just cutting costs if they are to secure the North Sea’s long-term future and save jobs, a top UK energy industry official said. The sector is in the grip of a downturn brought on by low oil prices and spiralling operating costs – a self-made crisis, in the words of many industry leaders. About 4,000 jobs have been lost in the UK, according to media reports, and only five exploration wells have been drilled in British waters so far this year – way below what the basin can support when business is booming.
OTC 2015: Harkand – It’s time to shed the oil price shock
An industry leader said it’s time the sector shed the oil price shock and started working on becoming a better version of its former self.
Video: Flyover view of Deepsea Aberdeen platform
Odfjell's semi-submersible rig Deepsea Aberdeen recentely began its drilling operation on BP's Quad 204 development project West of Shetland. The oil major is using the new-build rig in a seven-year contract deal. BP has published a short flyover clip showing the rig arriving to its destination.
#OG2050: Exclusive – Industry confident in return of $100 oil
The need to slash costs is the number one challenge for the oil industry, according to a major research project by Energy Voice, but leaders also believe crude prices will bounce back above $100.
OTC 2015: Step Change in Safety’s ‘coming of age’ year
Twelve months ago Step Change in Safety leader Les Linklater was staring down one of the toughest safety adaptation challenges in the sector’s recent history.
US seen joining biggest oil exporters if ban is lifted
The US will become one of the world’s largest oil exporters if domestic production continues to surge and policy makers lift a four-decade ban that keeps most crude from leaving the country, a government-sponsored study shows. America would be capable of sending as much as 2.4 million barrels a day overseas in 2025 if federal policy makers were to eliminate restrictions on most crude exports, an analysis by Turner, Mason & Co. for the Energy Information Administration shows. That would make the US the fourth-largest oil exporter, behind Saudi Arabia, Russia and the United Arab Emirates, based on 2013 EIA data. The report assumes domestic output rises by 7.2 million barrels a day from 2013.
OTC 2015: Hampco shrugs of $20million Brazilian hit
An Aberdeen entrepreneur now based in Houston has shrugged off a $20million (£13.2million) hit to his business as a result of the Petrobras “graft” scandal.
OTC 2015: Statoil – Industry must foster competitive spirit
The industry must foster a new kind of competitive spirit amid this latest down cycle, according to Statoil.
OTC 2015: Industry must have investment courage, says Atlas boss
The industry must be courageous enough to invest in its skills pipeline amidst a dipped marketplace, according to Atlas chairman Robert Morgan.
Union boss warns of “zero-hours” impact on offshore safety
Offshore workers are being put on “zero-hours” contracts that are a threat to safety in the oil and gas industry and should be outlawed, a union boss said last night. Jake Molloy, regional organiser for the RMT, was speaking after it emerged energy service firm Bilfinger Salamis UK was signing people up on terms he said were tantamount to controversial zero-hours deals. But the company denied this was the case, saying its employees were paid even if there was no work available and that “technical variations” to contracts gave it more flexibility in the oil and gas downturn.
Nautronix unveils £25million plus contract extension
Aberdeen marine technology firm Nautronix said yesterday it had won a £25million-plus contract extension to provide survey services to Norwegian subsea company Ocean Installer for a further three years. Nautronix - represented at this week's Offshore Technology Conference in Houston - has been growing its survey services business since 2012, supporting projects on Ocean Installer vessels globally. Growth at the division has come amid significant investment in people and equipment, and it now employs about 50 workers and owns a large quantity of survey equipment.
All-Energy 2015: Scotland could lead the way in renewables
Scotland has always led the way in renewables and All Energy has long been a showcase for the wide range of technologies which will enable the renewable and low carbon transition.
Transocean to scrap historic Cold War ship
Transocean's list of offshore rigs scheduled for disposal - ostensibly destined for cutting up - has grown up to 19 with further units likely to join the scrapping queue. The list so far comprises: Deepwater Expedition, GSF Article III, GSF Explorer, DSF Seven Seas, Sedco 710, Sovereign Explorer, Sedco 700, Sedco 601, JW McLean, GSF Arctic I, Falcon 100, Sedneth 701, Sedco 703, Sedco 709, C K Rhein, Jr, SF Aleutian ey and Sedco 70, plus Transocean Legend and Transocean Rather. Expentation is that roughly another 10 will be weeded out this year before Transocean bosses are satisfied that the fleet is back in balance.
OTC 2015: Making business work in hot export locations
In current market conditions, the best way to nurture the skills and profit margins of a Scottish company is to grow it abroad, advises chairman and partner at Scottish independent accountancy firm Campbell Dallas LLP, Ian Williams. The links between Texas and the North-east of Scotland are well known. The latter borrowed the native oil and gas pioneers from the US to kick-start its industry in the North Sea. Now, the UK Continental Shelf is established in its own right and is seen as a testing ground for projects with international potential. The region sends thousands of experts with years of knowledge to work in all parts of the globe.
OTC 2015: Brazil confirms acreage auction
Brazil confirmed 269 blocks located outside its pre-salt area will be auctioned off at the end of this year.
Repsol said to send Brazil chief exec to US for Talisman integration
Repsol SA, Spain’s largest oil company, will transfer the chief executive officer of its Brazilian operations to the US to help integrate Talisman Energy Inc. into its operations, according to two people familiar with the decision. Tomas Garcia Blanco, who took over the Brazilian operations less than a year ago, will help oversee integration of Calgary-based Talisman’s North American assets after the $13 billion acquisition is completed on May 8, one of the people said, asking not to be identified before a public announcement. Garcia Blanco, who will be based in Houston, was head of exploration and production at Repsol’s YPF SA unit until the Argentine government nationalized it in 2012.
Flexlife wins North Sea Apache contract
Flexlife has been awarded a contract by Apache Corporation for work on the Aviat gas development and other operations in the Central North Sea. The subsea project management and engineering support contract also includes work on the Ness/Nevis tie in and general subsea operations support.
Range Resources completes sale of RDSL
Range Resources has confirmed the sale of part of its assets has successfully closed. The oil and gas exploration firm has sold Range Resources Drilling Services (RDSL) for $4.37million. Texas-based RDSL will continue to provide full oilfield operations services to Range in Trinidad.