Shell has agreed to sell a package of UK North Sea assets to Chrysaor for a total of up to $3.8bn, including an initial consideration of $3.0bn and a payment of up to $600m between 2018-2021 subject to commodity price, with potential further payments of up to $180m for future discoveries.
Heavy lift vessel (HLV) contractors have faced a challenging market in recent years as the low oil price environment combined with a shift towards subsea installation and deepwater activity has seen fixed platform installations decline globally.
New research by DNV GL, the technical advisor to the oil and gas industry, shows oil and gas companies seeking to rebalance business portfolios and reorganizing for a new era. In a period of drawn-out recovery, almost half (49%) of senior oil and gas professionals surveyed expect their businesses to diversify into, or invest more in, opportunities outside of oil and gas. Still, almost eight out of ten see long term opportunities for gas.
Last week Douglas-Westwood (DW) gave its annual presentation to the Society of Underwater Technology at Imperial College, London on the subject of ‘Global Offshore Prospects’. This has been a regular winter event for the SUT for more than a decade, and an opportunity for DW to share its outlook for the offshore energy sector including the latest findings from recent and soon-to-be-published studies.
Brazil and Tanzania are two countries at very different stages of oil and gas development – Brazil is a well-established powerhouse, reeling from a recent corruption scandal, while Tanzania is at the early stage of development after a series of promising discoveries by majors including Shell and Statoil.
BHP Billiton announced on February 9, that the Board has approved expenditure of US$2.2 billion for its share of the development of the Mad Dog Phase 2 project in the Gulf of Mexico.
Hydrocarbon production from the ‘Golden Triangle’ – incorporating the deepwater (>500 m water depth) plays of Brazil, the US Gulf of Mexico and West Africa – will peak in 2019 due to the lack of projects sanctioned in recent years.
CNOOC Limited (the "Company") (SEHK: 00883, NYSE: CEO, TSX: CNU) has announced its business strategy and development plan for the year 2017.
As President Obama leaves the Oval Office on Friday, he leaves a legacy of mixed fortunes for the energy industry.
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