Price Drop Triggers Haggling Over Oil and Gas Deals
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash,…
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…
Equinor Acquires 40% Stake in Rosebank Project
Equinor has signed an agreement to acquire Chevron’s 40 percent operated interest in the Rosebank project, one of the largest undeveloped fields on the U.K. Continental Shelf (UKCS). The parties did not disclose the commercial terms of the agreement.“Today’s agreement allows us to buy back into an asset in which we previously had a participating interest…
Chevron Receives Interest in Major North Sea Field Stake
U.S. oil group Chevron has a potential buyer for its stake in one of the UK North Sea's biggest oil and gas developments, a company spokeswoman said on Wednesday.The sale of its 40 percent stake in the Rosebank project would mark Chevron's complete exit from the ageing basin after it launched the sale of its other fields in the region earlier this year.However…
Siccar Point Energy Confirms Cambo Well Test Success
Siccar Point Energy has successfully concluded well testing operations on the 204/10a-5 appraisal well in the Cambo field, north-west of Shetland.A vertical pilot hole was initially drilled confirming over 100ft of oil column and a higher than anticipated net pay of 58ft. Extensive logging and coring were conducted confirming…
MMT Inks 10 New Contracts over 2 Months
Swedish based marine surveyor MMT has during the past two months received 10 new subsea survey and inspection projects within the offshore wind, renewable energy and oil and gas industries.MMT said the contracts, some of which are in joint collaboration with MMT’s Norwegian partner Reach Subsea, come from a wide portfolio of old and new clients…
DeltaTek Announces Inaugural North Sea Contract Win
Well construction specialist, DeltaTek Global continues its upward trajectory during 2018, with the award of a two-year contract from Aberdeen-based operator, Siccar Point Energy.Operating on a call off basis – and with an optional contract extension - DeltaTek will provide cementing services via its SeaCure technology…
Britain Launches North Sea Frontier Oil, Gas Licensing Round
Britain's Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.The blocks cover an area of 370,000 square kilometres (142,858 square miles) West of Scotland…
Cairn Buys Into Seacrest-backed British North Sea Oilfield
Cairn Energy has bought a 50 percent stake in the Agar-Plantain oilfields in the British North Sea from Azinor Catalyst, the companies said on Thursday, amid renewed interest in North Sea assets.Oil producers are returning to the North Sea having sold many assets in the past few years, often to private equity investors…
In Vote of Confidence, Oil Firms Mop Up New North Sea Blocks
The UK Oil and Gas Authority (OGA) on Wednesday awarded 123 licences to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the ageing basin that has enjoyed a revival in recent years.Companies ranging from Royal Dutch Shell, BP and Norway's Equinor, to smaller independents including Siccar Point…
Siccar Point Confirms Cambo Well Spud and Shell Deal
Siccar Point Energy has started drilling a final appraisal well on the Cambo field, north-west of Shetland, with results expected this summer. The Aberdeen based production, development and exploration company, has also confirmed the completion of a sale and purchase agreement with Shell UK Limited, on 01 May 2018, for a minority interest of the acreage, 125 km north-west of Shetland.
Siccar Point Announces Sale
Siccar Point Energy (“Siccar Point”) has announced that on March 28, 2018, a Sale and Purchase Agreement was signed with Shell UK Limited (“Shell”) under which Shell will acquire a 30% non-operated working interest in UKCS licences P1028 and P1189 (incorporating the Cambo discovery) and a 22.5% non-operated working interest in P1830 (including the Blackrock prospect)…
UK North Sea Output Could Resume its Decline
North Sea production has recovered slightly since 2015 as new fields, more drilling helped reverse declines. The UK North Sea is set to resume a two-decade decline in oil production next year, snapping a brief period of growth since 2015, consultancy Bernstein said in a report on Monday. Production in the North Sea, home to the Brent global crude benchmark…
Endeavour Energy Kicks Off North Sea Assets Sale
Endeavour Energy UK has launched the sale of its North Sea oil and gas assets at an ambitious price target of $500 million, according to two industry sources and a document seen by Reuters. The sale is part of group asset sales after Endeavour's U.S. parent company filed for bankruptcy in 2014. The UK company and its administrators…
Chrysaor to Begin Oil Drilling in 2018 after Shell Purchase
North Sea producer Chrysaor plans to begin drilling for oil and gas in early 2018 after completing a $3 billion acquisition from Royal Dutch Shell, Chrysaor Chairman Linda Cook said on Wednesday. Chrysaor became the largest independent oil and gas producer in the Britain's North Sea following the deal, as new private equity…
Statoil: UK Exploration Wells Disappoint
Statoil's exploration campaign off Britain yielded one discovery, one dry well and one non-commercial discovery this year, the company said on Monday. Results of the Mariner Segment 9 and Jock Scott wells were disappointing, while the third, a sidetrack to Statoil's Verbier well in the outer Moray Firth, proved at least 25 million barrels of oil.
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…
DONG to Sell O&G Business to Ineos for $1.3 Bln
Danish utility and offshore wind farm developer DONG Energy has agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 billion, it said on Wednesday, the latest in a string of North Sea deals. The sale is a blow to shipping group A.P. Moller-Maersk , which had sought to merge its oil and gas business…
Shell to sell $3B in North Sea Assets
Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields…
Statoil: Production Drilling Starts on Mariner
Production drilling has started on the Statoil operated Mariner field in the UK North Sea. Up to five wells will be drilled before the Mariner A platform hook up and commissioning activity starts next summer. First oil is expected to be produced from Mariner in 2018. “Predrilling enables production to reach plateau levels more quickly after the start of operations on Mariner A.
