For the UK Oil & Gas industry, the Autumn Statement by British Chancellor of the Exchequer George Osborne, offered the first cut in tax rates for the UK North Sea in 21 years. [Read more…] about Tax relief for UK offshore oil and gas sector

McDermott International, Inc. has concluded the transportation and installation of a Yoke-type Single Point Mooring tower and hook up to a Floating Storage Offloading (“FSO”) vessel for PT Rekayasa Industri offshore Indonesia in the Banyu Urip field.PT Rekayasa Industri was appointed by Mobil Cepu Limited, an ExxonMobil subsidiary, as one of the engineering, procurement, construction and installation contractors for the field. [Read more…] about McDermott installs SPM tower offshore Indonesia

Gazprom and Botas Petroleum Pipeline have signed a memorandum of understanding (MoU) to build an offshore gas pipeline through the Black Sea, towards Turkey. The new gas pipeline will have a capacity of 63 billion cubic metres of natrual gas (bcm); 14 bcm of which will be allocated for Turkish consumers. About 50 bcm will be conveyed to the border between Turkey and Greece, where a delivery point will be arranged. [Read more…] about Gazprom and Botas Petroleum sign MOU for offshore gas pipeline towards Turkey

On December 1 Alexey Miller, Chairman of the Gazprom Management Committee and Mehmet Konuk, Chairman of the Board of Directors of Botas Petroleum Pipeline Corporation signed in Ankara a Memorandum of Understanding on constructing an offshore gas pipeline across the Black Sea towards Turkey.  [Read more…] about New gas pipeline towards Turkey

Gassco has received consent from the Petroleum Safety Authority (PSA) Norway to remove and dispose of the B-11 platform located on the German Continental Shelf. [Read more…] about PSA: Green light for B-11 platform disposal

Statoil has awarded a subsea contract to Technip for the Gullfaks Rimfaksdalen (GRD) Marine Operations Pipelay and Subsea Installation project in Norway. The development is part of the Snohvit CO2 Solution project, which was originally awarded to Statoil in 2013. [Read more…] about Statoil awards Gullfaks field subsea contract to Technip

BASF Group company Wintershall is continuing its growth course in Norway. By acquiring shares in the production fields Gjøa (5%) and Vega (24.5%), Wintershall is increasing its production in Norway from about 40,000 barrels of oil equivalent (boe) to about 60,000 boe per day. In addition, Wintershall is taking over shares in the Aasta Hansteen development project (24%), the Asterix discovery (19%), the Polarled pipeline project (13.2%) and in four exploration licences near Aasta Hansteen. The shares in the assets encompass reserves and resources (2P/2C) of around 170 million boe. Furthermore, Wintershall will also assume the operatorship of the Vega production field.1 The transfer of operatorship from Statoil to Wintershall is planned for the end of the first quarter of 2015. [Read more…] about Transaction completed between Wintershall and Statoil

CNOOC Limited has announced that the Huizhou 25-8 Oilfield/Xijiang 24-3 Oilfield Xijiang 24-1 District Joint Development Project has started production. This project is located in the Pearl River Mouth Basin of the South China Sea. [Read more…] about CNOOC starts flows at South China Sea fields

The American Petroleum Institute (API) reports that offshore oil and natural gas leasing in the Eastern Gulf of Mexico and the US Atlantic and Pacific coasts could create nearly 840,000 US jobs and raise more than $200 billion in revenue for the government, according to new studies released yesterday. [Read more…] about Offshore oil and gas leasing to create 840,000 jobs

Halliburton Company and Baker Hughes Incorporated today announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction. [Read more…] about Halliburton takes over Baker Hughes for $34.6B