WATCH: Heidelberg Spar Upended in Gulf of Mexico

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Anadarko's Heidelberg Spar has made the 400 mile trip from Ingleside, Texas to its new home at the Green Canyon 859 block in the deepwater Gulf of Mexico, where it has now been upended. The Heidelberg is an exact replica of Anadarko's Lucius facility, which began production in January 2015 in the Gulf of Mexico's Keathley Canyon area. The two facilities are Anadarko's … [Read more...]

Seadrill Turns to Loss on $1.8 Billion Writedown

Seadrill Semi-Rig West Pegasus

By Mikael Holter (Bloomberg) -- Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, reported its first quarterly loss since 2011 as a collapse in oil prices reduced demand for its rigs. The net loss of $1.83 billion came after the Hamilton, Bermuda-based company booked $1.8 billion in non-cash impairment charges to investments and goodwill, it … [Read more...]

Global Oil Job Cuts Top 250,000


by David Wethe and Saleha Mohsin (Bloomberg) - The number of jobs gutted from oil and gas companies around the world has now passed the 250,000 mark, with still more to come, according to industry consultant Graves & Co. "I was surprised it’s gotten this far," John Graves, whose Houston firm assists in oil and gas deals with audits and due diligence, said … [Read more...]

Plunge in Norway’s Oil Investments Could Hurt Economy

Photo: Shutterstock/Wisit Tongma

OSLO, Nov 18 (Reuters) - Investments in Norway's oil and gas sector will drop by almost 40 percent from 2014 to 2017, an industry lobby group predicted on Wednesday, a larger-than-expected decline that could hurt the country's economy. Oil companies have curtailed spending as crude prices have more than halved since mid-2014, putting the brakes on Norwegian growth. Oil and … [Read more...]

STX Offshore & Shipbuilding Fighting for Survival

Photo: Lappino

South Korean shipbuilder STX Offshore & Shipbuilding is taking drastic measures to ensure its survival beyond mid-2016 as newbuild orders plunge and the cash-strapped company struggles to deliver those orders still remaining, according to reports. STX chief executive Lee Byung-mo sounded the alarm in an email to employees this week obtained by the Korean Herald, … [Read more...]

Maersk Oil Says it Has Several Billions to Spend on Acquisition Drive

Photo: Maersk Oil

By Karolin Schaps and Ron Bousso LONDON, Nov 17 (Reuters) - Danish oil company Maersk Oil has several billion dollars to buy new licences, oil-producing fields or even launch a corporate takeover, the company's Chief Operating Officer told Reuters. The oil producer, supported by the might of its shipping conglomerate parent A.P. Moller-Maersk, is in an unusually strong … [Read more...]

Investigation Into Petrojarl Knarr Fire Uncovers Defects

Teekay's Petrojarl Knarr FPSO is on charter to BG Group. Photo: BG Group

Norway's Petroleum Safety Authority has uncovered a number of defects and shortcomings in its investigation into the March 2015 fire onboard the Petrojarl Knarr floating production and storage unit (FPSO) at the Knarr field offshore Norway. The fire broke out early on March 24, 2014 - less than a week after the FPSO come online - in a ventilation system located beneath the … [Read more...]