BP Rig Arrives On Site Despite Protests
A BP drilling rig reached its destination in the North Sea on Wednesday after 11 days of delays due to Greenpeace protests over climate change, the activist group said.The 40,000-metric-ton Paul Loyd JNR left Cromarty Firth, north of Inverness, Scotland last Friday, after being held for six days by activists who had climbed and camped out on one of its legs.Once at sea…
Shell Appoints Sawan as Upstream Boss
Royal Dutch Shell has appointed Wael Sawan to head its oil and gas production division, replacing Andy Brown who will step down after 35 years at the Anglo-Dutch company.Sawan, 44, a Canadian citizen of Lebanese origin, currently heads Shell's deepwater operations, one of the company's cash growth engines in recent years.
New O&G Projects to Expected to Accelerate
The number of new oil and gas projects will rise five-fold next year from a 2015 trough but overall spending is still unlikely to be enough to meet future demand, consultancy Wood Mackenzie said in a report.Shaken by a sharp drop in oil prices in recent months, boards are generally expected to stick to spending…
Big Oil Digs North Sea's 'Final Frontier'
"Little hope of THIS rock ever producing oil," BP geologist Bill Senior scribbled in 1977 on a note assessing a recent oil discovery in a distant corner of the North Sea.That same rock is today the heart of BP's prized Clair field in the West of Shetland region, which this week started its second phase of production.The…
NIS Reports 30% Fall in Q1 Net Profit
Serbian oil company NIS , majority owned by Russia's Gazprom Neft, on Friday reported a 30 percent drop in net profit for the first quarter of 2018.Net profit declined to 3.7 billion dinars ($37.9 million) from 5.4 billion a year earlier, the company said in a statement, giving no explanation for the fall.Earnings before interest…
NIS to Spend $2.2 Bln to Boost Production
Serbian oil company NIS plans to invest $2.2 billion in its operations by 2025 and increase production to secure a leading position in south-east Europe. Russia's Gazprom Neft owns 56.15 percent of NIS, the Serbian government 29.88 percent and small shareholders the remainder of the company. NIS said on Friday…
Oil Explorer Finder Seeks $150mln for Australia Drilling
Australia-focused oil and gas explorer Finder Exploration is seeking to raise $150 million for the drilling of five wells off the country's northwest coast, a document seen by Reuters showed. The wells could hold as much as 600 million barrels of oil and gas equivalent, the privately owned company said in a presentation to potential investors.
Construction Starts on Serbian Oil Firm's New Deep Conversion Complex
Serbian oil company NIS, majority owned by Russia's Gazprom Neft, started construction on Monday of a 300 million euro ($352 million) deep conversion complex at its main refinery, which it says will boost efficiency and reduce pollution. The project at the Pancevo refinery is part of the second phase of a Gazprom Neft programme to modernise NIS's refining capacity…
BP, Shell Double Down on North Sea
BP, Shell plan around 10 exploration wells, even though both companies have sold many North Sea assets. Two of the most veteran oil and gas producers in the UK North Sea, Royal Dutch Shell and BP, still tie their future to the ageing offshore basin despite a broad retreat in recent years. Both companies plan to explore this year for new resources in the North Sea…
Petrobras Offers to Sell up to 10% of Libra Field
Brazil's state-run oil company Petrobras is offering up to a quarter of its 40 percent stake in the huge Libra offshore oil prospect as its seeks to reduce the largest debt in the global oil industry, two industry sources said on Tuesday. The stake could fetch up to $1.5 billion, according to analysts at Macquarie…
