Latest News

Siccar Point Energy Increases Existing Reserves Based Lending Facility

Siccar Point Energy has signed an agreement with its existing syndicate of banks to increase and extend its existing Reserves Based Lending Facility (“RBL”). Key features are: - Increase in facility limit from $600 million to $800 million. Availability under the RBL has also increased to over $700 million. -…


Nordic American Offshore Ltd. – Private Placement and Senior Management and Board Appointments

Nordic American Offshore Ltd. announced that it has entered into a share purchase agreement with Scorpio Offshore Investments Inc., a closely held company owned and controlled by the Lolli-Ghetti family, including Emanuele Lauro (“Scorpio”), pursuant to which Scorpio has invested USD 5,000,000 in a private placement of the Company’s common…


Area Fee Rates to be Adjusted

The area fee rates in Section 39 (1) of the Petroleum Regulations will be adjusted effective 1 January 2019.The Statistics Norway (SSB) consumer price index is the basis for the adjustment. The new rates are as follows:"After expiration of the period stipulated pursuant to Section 3-9 (1)(1), the area fee…


Dry Well and Minor Oil Discovery Southwest of the Vega Field in the North Sea – 35/10-4 S and 35/10-4 A

Equinor Energy AS, operator of production licence 630, has completed the drilling of wildcat wells 35/10-4 S and 35/10-4 A.The wells were drilled about ten kilometres southwest of the Vega field in the northern part of the North Sea.The primary exploration target for well 35/10-4 S was to prove petroleum…


Attractive Refinancing of the Dudgeon Wind Farm

The owners of the Dudgeon wind farm, Equinor, Masdar and China Resources Group, have signed a hybrid refinancing of GBP 1.4 billion. The refinancing includes commercial bank debt and senior secured notes privately placed with institutional investors. Both tranches have been oversubscribed, underpinning strong investor interest. The A- (EXP) rating…


Magseis ASA Awarded Contract in the North Sea

Magseis is in the process of finalising a contract with an undisclosed client for the provision of a 4D seabed seismic acquisition survey in the North Sea. Magseis will mobilise a MASS-Modular crew for the project. The duration of the contract is estimated at approximately 2 months and will commence…


Western Gas Selects McDermott and BHGE as Development Partner for Equus Gas Project in Australia

McDermott International, Inc. announced they, with Baker Hughes, a GE company, have signed a memorandum of understanding (MOU) with Western Gas Corporation Pty Ltd to be the exclusive development partners for the Equus Gas Project in Western Australia. The companies were also awarded a contract to support the planning phases…


ExxonMobil Makes Final Investment Decision to Develop West Barracouta Gas Project

ExxonMobil said that it has made a final investment decision to develop the West Barracouta gas field in Bass Strait to bring new gas supplies to the Australian domestic market. The project, located in the VIC/L1 block offshore Victoria, is part of the company’s continuing investment in the Gippsland Basin.The…


Total Strengthens Its Exploration Position In Mauritania

Total and the Ministry of Petroleum, Energy and Mines of Mauritania have signed an agreement awarding Total two new exploration and production contracts for Blocks C15 and C31 deep offshore Mauritania, covering an area of 14,175 square kilometers. According to the terms of the contracts, Total will be the operator…


OGA Releases New Data Packages to Revitalise Greater Buchan Area

The Oil and Gas Authority (OGA) is continuing to make more and more data openly available to help revitalise exploration of oil and gas in the UK Continental Shelf (UKCS).At PROSPEX 2018, OGA announced their latest significant data release, the publication of a suite of subsurface data packages for the…


Construction Start for Next Phase of Norway’s Upcoming Major Income Source

On 13 December, Kvaerner and Aker Solutions cut the first steel plate for phase 2 of the Johan Sverdrup offshore field development. After start of oil production starts, this installation will become one of Norway’s most important income sources for the coming decades. The Johan Sverdrup development, including phase 1…


Hess Announces 2019 E&P Capital and Exploratory Budget

Focus on High Return Investments to Deliver Capital Efficient Production Growth and Significant Future Free Cash FlowHess Corporation announced a 2019 E&P capital and exploratory budget of $2.9 billion. Of this, approximately 75 percent will be allocated to high return growth assets in the Bakken and Guyana.Net production is forecast…


ConocoPhillips Announces 2019 Capital Budget and Operating Plan; Recent Oil Price Volatility Highlights Investment Appeal of Company’s Differentiated Value Proposition

ConocoPhillips announced its 2019 capital expenditure budget and operating plan. The operating plan reflects the company’s ongoing commitment to free cash flow generation, differentiated payout to shareholders and superior financial returns through business cycles. The 2019 operating plan is expected to continue driving underlying improvement in return on capital employed.…


Ithaca Energy: GSA Acquisitions Completed

Ithaca Energy Limited reported that it has completed the previously announced transactions to acquire all the Greater Stella Area (“GSA”) licences and associated infrastructure interests of Dyas UK Limited and Petrofac Limited. The acquisition materially increases the Company’s production and reserves base, while simultaneously delivering full control and flexibility over…


Cooper Energy: Sole Pipeline Pressure Test Successful

Cooper Energy provided the following update to its announcement of 12 November 2018 which reported that the pipeline installation contractor had identified an anomaly in the form of a through wall thickness opening at one location in the pipeline during performance of pipeline acceptance pressure testing (hydrotest).The pipeline installation contractor…


UTEC Awarded Multi-Vessel Survey Work Offshore India

UTEC, a global surveying company in subsea services group Acteon, has been awarded a subcontract for a series of survey work scopes by McDermott International, offshore eastern India.UTEC will provide surface and subsea positioning services during the installation of subsea flowlines, PLEM (Pipeline End Manifold) and PLETs (Pipeline End Terminations),…


Dry Well Near the Njord Field in the Norwegian Sea - 6407/11-1

Equinor Energy AS, operator of production licence 751, is in the process of concluding the drilling of wildcat well 6407/11-1. The well is dry.The well has been drilled about 15 kilometres southeast of the Njord field and 120 kilometres north of Kristiansund.The primary exploration target for the well was to…


i3 Energy Provides Serenity Update

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has released a new presentation on its website which provides additional information regarding its Serenity prospect. The Company will be presenting this material as part of its participation at the PROSPEX 2018 oil and…


Milestone Coastal Wind Project for Seaway Offshore Cables

Seaway Offshore Cables (SOC), in combination with Subsea 7, has been awarded its first US offshore wind project by Ørsted Wind Power North America LLC who are constructing the project for Dominion Energy.This turnkey cable supply and cable installation contract for Coastal Virginia Offshore Wind (CVOW) Project marks the continued…


Drilling Permit for Well 35/4-2 in Production Licence 931

The Norwegian Petroleum Directorate has granted Wellesley Petroleum AS a drilling permit for well 35/4-2, cf. Section 15 of the Resource Management Regulations.Well 35/4-2 will be drilled from the Transocean Arctic drilling facility in position 61°36'02.54" North and 03°12'19.21" East.The drilling programme for well 35/4-2 relates to the drilling of…