Upstream
Shell invests in the Vito development in the Gulf of Mexico
Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc, announces the final investment decision for Vito, a deep-water development in the U.S. Gulf of Mexico with a forward-looking, break-even price estimated to be less than $35 per barrel. more
Subsea 7 makes $2B hostile bid to break up McDermott's U.S. deal
Offshore oil services firm Subsea 7 has made an unsolicited offer for U.S. rival McDermott for about $2 billion, potentially breaking up the U.S. company’s agreed deal with Chicago Bridge & Iron. more
Photo by Tami Heilemann, Interior
Interior secretary says won't lower oil, gas offshore royalty rates 'at this time'
Interior Secretary Ryan Zinke said he will not lower royalty rates for offshore oil and gas lease sales “at this time” despite a recommendation from an advisory panel to do so. more
Wood, Roue and Cisco open oil and gas center in Mexico
Wood, Cisco and Roue Consultores have participated in the opening of an Oil and Gas Advanced Technology Center (ATC) located in Wood’s operations center in Naucalpan, Estado de Mexico. more
BP and Reliance sanction second phase of integrated KG D6 development
BP and Reliance Industries Limited announced the sanctioning of the ‘Satellite cluster’ project in Block KG D6. The companies are moving forward to develop the Block’s discovered deep-water gas fields in an integrated series of projects... more
Statoil completes acquisition of U.S. Gulf of Mexico deepwater discovery
Statoil and Total have completed their acquisition of Cobalt International Energy’s 60% operated interest in the North Platte discovery in the US Gulf of Mexico for an aggregate purchase price of USD 339 million. more
BP commits to two new North Sea developments
BP today announced that it has committed to two new North Sea developments which are expected to produce 30,000 barrels gross of oil equivalent a day at peak production. more
Upstream FIDs pushes on with lower costs
As previously forecasted by Wood Mackenzie, 2017 saw a significant recovery in upstream FIDs, with the number of project sanctions more than doubled compared to 2016. more
TechnipFMC Awarded Integrated EPCI (iEPCI™) Contract for LLOG Exploration in the Gulf of Mexico
TechnipFMC has been awarded an integrated Engineering, Procurement, Construction and Installation contract by LLOG Exploration for the Who Dat field in the Gulf of Mexico, including the delivery and installation of a Multiphase Pumping System. more
Petrochemicals demand growth requires industry evolution
With a growing surplus of liquefied petroleum gas (LPG) and North American producers investing to capture value, North America is poised to become a global propylene producer. more
Over $114B will be spent on Oceania’s upstream projects by 2025, says GlobalData
Over $114 billion in capital expenditure will be spent over the lifetime of the top ten upcoming oil and gas upstream projects in Oceania, to produce 8,683 million barrels of oil equivalent, according to GlobalData, a leading data and analytics compa more
Statoil becomes operator of the Martin Linge field and Garantiana discovery
Statoil has acquired Total's equity stake in and take over the operatorships of the Martin Linge Field and the Garantiana discovery on the Norwegian continental shelf. more
Upstream production tank specifications
The upstream oil and gas industry relies heavily on storage tanks built to the API 12F specification. Shop-built, small, transportable storage tanks are a cost-effective solution that can help reduce overall installation costs. more
U.S. deepwater royalty cut would make its tax burden significantly lower than regional peers, says GlobalData
Cutting the U.S. deepwater royalty rate from 18.75 percent to 12.5 percent for new leases, as proposed by the US Royalty Policy Committee in its meeting on February 28, would significantly improve the attractiveness of the country’s fiscal regime. more
Lamprell, JV to construct maritime yard in Saudi Arabia
Lamprell provides an update on its participation in the joint venture (JV) with its partners, Saudi Aramco Oil Company, the National Shipping Company of Saudi Arabia, and Hyundai Heavy Industries Co. Ltd. more
Westwood Insight: Jubilee to Liza – lessons from a decade of exploration in the Central Atlantic
What lessons were learned from the exploration in the Central Atlantic? To find success, you need to first understand the geological factors that are needed for the success you are trying to replicate. This report identifies multiple key factors. more
Lamprell and GustomMSC join forces to develop LJ43 drilling and jackup rig design
Lamprell is pleased to announce its exclusive collaboration with GustoMSC to develop the Lamprell Jackup-43 (LJ43) jackup rig design, creating an advanced drilling rig with the highest level of safe, efficient and reliable drilling capabilities. more
IEA: Global shifts to solidify U.S. as major energy producer
IEA's executive director, Dr. Fatih Birol, testified before the United States Senate about the agency's global market outlook. Birol outlined four large-scale shifts in the global energy system that will set the scene for the coming decades. more
BP selects McDermott and BHGE for subsea contracts for West African Tortue/Ahmeyim development
McDermott International Inc, and Baker Hughes, announced the selection of front-end engineering design studies in advance of a substantial engineering, procurement, construction and installation contract for BP’s Tortue/Ahmeyim Field Development. more
Dove: Permian is ‘golden goose’ of all shale plays
According to Timothy Dove, President and Chief Executive Officer, Pioneer Natural Resources the shale play in the Permian Basin is “demonstrably different” from any other shale play that greatly impacted Texas and the United States, or even the world more
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