Schlumberger, the world’s largest provider of services to the oil and gas industry, has announced a new round of job cuts. On top of the 9000 layoffs announced in January, the company has said it will let go 11.000 more workers, citing cuts in capex made by oil companies due to falling oil prices. S
Merger and Acquisition (M&A) values in the upstream oil and gas sector dropped significantly to $829.8 million in March 2015, compared with $2.9 billion in the previous month, according to research and consulting firm GlobalData. The company’s latest monthly upstream deals review states that oil and
Qatargas has completed thirteen years of operations on its offshore facilities without a Lost Time Incident (LTI). According to the company, this milestone achievement across the entire offshore facilities and operations is the result of the company’s continuous commitment to safety, by the leadersh
The IEA Oil Market Report for April raised its forecast of 2015 global oil demand by 90 000 barrels per day (90 kb/d) to 93.6 million barrels per day (mb/d), a gain of 1.1 mb/d on the year, informing subscribers that the notable acceleration from 2014’s 0.7 mb/d growth builds on cold first-quarter t
Dutch bank Rabobank in March issued a report titled: “Offshore energy: Short-term dip, long-term rise” in which they provide an insight in the current market conditions and a forecast of what the future may hold for the global offshore oil and gas industry. Offshore Energy Today interviewed Richard
French oil company Total has reportedly withdrawn from its offshore exploration block in the Sultanate of Oman. According to Reuters, which quoted Omani energy ministry’s official, Total has decided to cease its exploration efforts in the Arab country’s waters due to disappointing results. The compa
Last week’s news revolved around an oil major, Royal Dutch Shell, and its activities related to Arctic drilling and Shell’s planned take over of UK-based oil company, BG Group. Six Greenpeace activists boarded the Polar Pioneer, a drilling rig destined to drill for Shell in the Chukchi sea, offshore
Noble Corporation, a UK-based offshore drilling contractor, has secured contracts for three of its drilling rigs in the Middle East. The contracts are for three jack-up drilling rigs. Noble did not disclose the name of the client or clients. It revealed that contract extensions have been granted for
Drydocks World, a Dubai-based service provider to the offshore oil & gas industry has completed refurbishment of National Drilling Company’s (NDC) offshore drilling rig Beynouna. According to Drydocks World, the company carried out a major repair on the Beynouna rig ahead of schedule. For Rig Beynou
A story about a fire outbreak on an offshore oil platform in Mexico was by far the most read article this past week on Offshore Energy Today.
The most popular article from the last week was about a rig that caught fire offshore Egypt, spurring a crew evacuation. It was followed by a story about what is going to be the world’s first Floating LNG unit in operation, scheduled for completion by the end of the year. Next up, a video taken by [
The oil & gas industry is responding to the low oil price environment with exploration budget cuts in 2015 which will average 30%, leading to suggestions that exploration activity could be significantly curtailed. However in an effort to drive value, Wood Mackenzie says the industry is addressing a
A vessel has reportedly crashed into an offshore platform in the Persian Gulf, Iran, last night. According to the Azeri news agency Trend, the Bahraini commercial ship hit and damaged a platform in the giant South Pars gas field. The news agency further says that the ship collided with a platform du
Circle Oil, the Middle East and North Africa focused oil and gas exploration, development and production company, has announced that Professor Chris Green has now resigned as a Director and as Chief Executive Officer of the company. According to Circle Oil, Professor Green had, as already announced
