Lamprell Sees Full-year Revenue at Low End of Guidance
British oil rig builder Lamprell sees full-year revenue slipping to the bottom of its guidance range because of stagnant oil sector investment and losses at a windfarm project, it said on Wednesday, sending its shares sharply lower. The company said that total losses on its East Anglia One (EA1) offshore windfarm project would be about $80 million because of mounting costs for unplanned staffing and equipment requirements. "We anticipated a challenging 2017 given the weakness of our end markets…
Alaska Eyes Foreign Capital to Jump-start Energy Projects
Alaska is pursuing foreign investors for its oil and gas industry, hoping to advance recent discoveries while struggling to compete with lower-cost shale projects and reverse a decades-long output decline. Sovereign wealth funds, banks and state-owned energy companies have met with Alaskan officials, John Hendrix, chief energy adviser to Alaska Governor Bill Walker said in an interview. China Investment Corp (CIC) and state-owned Chinese energy company Sinopec held talks with state officials last month, he said.
Mexico Deep Water Push Leverages Geophysical Data
The data rush of the past two years by many top geophysical companies has sparked some of the biggest imaging projects ever for technology also used to hunt for the ruins of ancient civilizations and explain the fate of the dinosaurs. "What they're doing is literally rewriting the geological model of the Gulf of Mexico," Juan Carlos Zepeda, head of the national hydrocarbons commission (CNH), Mexico's oil regulator, said ahead of Monday's deep water auctions where the likes of Chevron and BP are expected to participate.
Saudi's ADC Weighs Bid for Land Rig Operator Dalma
Saudi Arabia's Arabian Drilling Company (ADC) is considering bidding for Dalma Energy, sources told Reuters, in a deal which could value the land rig operator at more than $500 million. U.S. investment bank Goldman Sachs had been hired to arrange the sale of Dalma, which is owned by a consortium of investors through Saudi-based Al Qahtani Investments, two of the sources said on Tuesday. ADC is interested in Dalma's assets including those in Saudi Arabia, Oman and Algeria, a third source said…
Africa's "sweet spots" Still Viable After Price Rout
"Sweet spot" exploration to go ahead despite price drop; Frontier projects, such as pre-salt suffer most. African oil explorers will keep drilling in select locations such as onshore east Africa and less complex projects off the West African coast even with oil at $60 a barrel, executives and analysts told Reuters. But they warned that African governments with reserves in less attractive locations should revise terms now or forfeit the investment, leaving the oil and gas underground.
Small Oil Firms Hunt for Cash as Crude Slump Shuts IPO Door
Slumping oil prices are shutting the door to stock market listings for small oil and gas firms, forcing many to tap more costly forms of financing or to shelve projects and wait for better times. Initial public offerings (IPOs) in the oil and gas sector worldwide have dwindled since crude started sliding in June. The amount raised through listings in the second half of 2014 fell 63 percent from the first six months of the year to $3.8 billion, Thomson Reuters data showed.
Britain Weighs North Sea Tax Breaks
Britain is considering reducing the tax bill for oil explorers in the North Sea, including a proposal from the industry to halve rates, to help revive an area already in decline before the recent oil price falls, the Sunday Times said. Talks between the country's finance ministry and the industry, led by the trade body Oil & Gas UK, have focused on some key proposals, with one involving scrapping the 30 percent supplementary corporate tax levied on top of the 30 percent basic rate for the industry, the newspaper said.
Britain Mulls North Sea Energy Tax Breaks
ritain is considering reducing the tax bill for oil explorers in the North Sea, including a proposal from the industry to halve rates, to help revive an area already in decline before the recent oil price falls, the Sunday Times said. Talks between the country's finance ministry and the industry, led by the trade body Oil & Gas UK, have focused on some key proposals, with one involving scrapping the 30 percent supplementary corporate tax levied on top of the 30 percent basic rate for the industry, the newspaper said.
Britain to Fund Oil Regulator Until 2022
The British government announced on Wednesday another 3 million pounds ($5.14 million) a year in funding for the country's new oil regulator until 2022, after which it will be fully financed by the industry. The Oil and Gas Authority (OGA), which will be based in Aberdeen, Scotland, will be responsible for ensuring that oil explorers squeeze as much oil and gas out of Britain's North Sea as possible. It is expected to start operating later this year. A government-commissioned…
Smaller Firms Will Lead East Africa's Oil and Gas Development
Smaller oil explorers willing to take financial and operational risks will lead the development of East Africa's oil and gas industry as majors ditch riskier projects as margins fall, executives from several oil and gas firms said on Tuesday. The region has emerged as a significant prospect for the export of liquefied natural gas (LNG) because of the size of natural gas discoveries there and its proximity to Asia's major LNG consumers. The U.S. Geological Survey has estimated that more gas lies off the shores of Kenya…
Falkland Oil Explorers Contract Rig for 2015 Drilling
Energy companies active in the Falkland Islands have leased a rig for their 2015 drilling programme, paving the way for oil and gas exploration to continue next year in the region contested by Britain and Argentina. London-listed Premier Oil said it had contracted the rig to drill a minimum of four wells in the North Falkland Basin with partner Rockhopper. Cyprus-based Ocean Rig UDW said it had signed a leasing contract for its Eirik Raude drilling rig to be deployed in waters off the Falklands for around 260 days.
