EMGS cuts fleet and slashes workforce as recession bites hard
Norwegian company Electromagnetic Geoservices (EMGS) is restructuring and cutting its workforce in the hope of riding out the recession successfully.
Published: 01/06/2009
Share of DONG licence up for grabs
DONG Energy is inviting companies to acquire up to 20% of its UK Atlantic Margin Licence P1195.
Published: 01/06/2009
Petrobras leading the way with spectacular new-builds order book
Leader of the South American petroleum pack by miles is Brazil, its ascendancy largely down to the driving ambition of state-owned Petrobras, the reputation of which is legendary in upstream petroleum, especially deepwater. A measure of that determination is the company’s latest five-year investment plan, rolled out early this year. At $174billion through 2013, it is 55% up on the previous $112.4billion five-year plan.
Published: 04/05/2009
US upstream hammered by recession
The global financial crisis has, without question, taken its toll on upstream investment.
Published: 04/05/2009
Global expansion heralds 400 more jobs for the north
Northern Scotland’s Global Energy Group predicts turnover for 2009 to leap to £170million, compared with £130million last year. The firm’s chairman, Roy MacGregor, also expects to recruit another 400, mostly engineering and fabrication, personnel over the same period, which is twice the forecast of just of a few weeks ago.
Published: 02/03/2009
Subsea sector not immune to triple whammy of negatives
Just because of healthy backlogs for 2009 and 2010, the subsea sector is not immune to the triple whammy of recession, the financial crisis and the current oil-price slump.
Published: 02/03/2009
Rig rates: $350,000 in January and $300,000 last week – could they drop to $250,000?
For months, the North Sea has been teetering on the edge – $40 oil isn’t enough to sustain the flow of mini-projects needed to assure reasonable health, though large developments and cash-cow production appear secure.
Published: 02/03/2009
Capacity remains an issue despite UKCS downturn
IAN Burdis agrees that the North Sea still presents exciting opportunities for development, with encouraging discoveries and clear development candidates such as Breagh, Rinnes, Huntingdon and perhaps Cladham; also Laggan/Tormore, Rosebank/Lochnagar, Fyne & Dandy, Causeway and Columbus helping to buoy the UK industry.
Published: 02/03/2009
Shell offers 40% in Stavro
SHELL is offering the opportunity to acquire 40% equity in UK Licence P.077, block 22/12a Stavro Area, with a view to drilling the 100million-barrel prospect in Q4 2009 or Q1 2010.
Published: 02/03/2009
Cuts versus being prepared a high-wire act
THE upstream oil&gas supply chain is walking a tightrope between making cutbacks driven by the latest slump in oil prices and being ready for the next upturn in the fortunes of Big Oil, according to Schlumberger’s CEO, Andrew Gould.
Published: 02/03/2009
Atlantic dumps Anglesey stake
FAROESE company Atlantic Petroleum has relinquished its stake in offshore UK licence P1211, comprising blocks 14/9a and 14/14b, in the Central North Sea, for money reasons.
Published: 02/03/2009
