Falling Oil Prices

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  1. Maersk Oil begins drilling on Culzean project, launches organizational review

    Maersk Oil , a wholly owned subsidiary of AP Moller-Maersk AS of Copenhagen, started drilling the first production well on Sept. 28 in the company-operated Culzean field in the UK North Sea. The well is the first of six production wells to be drilled in the high pressure-high temperature (HPHT) field, with continuous drilling planned over the next 5 years. The start of natural gas production is expected in 2019. The Maersk Highlander rig is drilling the first production well through a wellhead platform (WHP) jacket and well access deck (WAD) installed in the field during the spring ( OGJ Online, June 9, 2016 ). When the three topsides are installed in 2018 and hooked up in 2019, three of the six production wells will be ready for gas production. The WHP jacket and WAD were constructed in the Netherlands and Hartlepool, UK, with construction of the wellhead topsides ongoing in Singapore. The drilling campaign will be supported by more than 30 UK-based well services companies. Maersk Drilling and Maersk Oil have jointly prepared the drilling on a digital “virtual well,” using a specialized drilling simulator at Aberdeen’s Robert Gordon University. “Working on a virtual rig, designed to look and feel like the Maersk Highlander has been invaluable,” commented Andrew Lough, Culzean’s wells delivery manager for Maersk. “It has enabled us to prepare in a very lifelike environment for the drilling campaign,” he said. Organizational review Maersk Oil also reported on Sept. 29 that it’s launching an organizational review of “the scope and scale of its headquarters organization over the next 3 months in response to the recent outcome of the Maersk Group’s strategic business review and Maersk Oil’s exit from Qatar in 2017.” AP Moller-Maersk last week said it was separating its transportation and oil businesses, aiming “to find solutions for the oil and oil-related businesses within 24 months ( OGJ Online, Sept. 23, 2016 ).” In June, Maersk Oil was informed by Qatar Petroleum that it had selected Total SA as partner for future development of Al Shaheen field, which Maersk Oil currently operates under a 25-year production sharing agreement expiring in July 2017 ( OGJ Online, June 27, 2016 ). “Despite a solid operational business performance, which saw the company return to positive earnings in the second quarter of 2016, Maersk Oil needs to continue to adjust the business to the continued low oil price , changes to both the portfolio and to long-term growth plans,” the company said. The review will be completed during the remainder of 2016. However, an initial phase to reconfigure the company’s growth organization and reduce the technology and projects group will be completed by the end of October. “Maersk Oil’s commitment to grow in the next few years is underscored by $1-2 billion in annual capex to deliver the exciting Culzean and Johan Sverdrup projects. They will deliver 100,000 [bbl] of new production to Maersk Oil,” commented Gretchen Watkins, Maersk Oil chief executive officer-designate.

    Online Articles

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    Thu, 29 Sep 2016

  2. DW: The impact of the downturn on the land rig market

    The oil price downturn has had a significant impact on the land rig market, with global onshore drilling activity (including exploration and appraisal wells) having declined by 32% in 2015. Douglas-Westwood expects to see a further 21% decline in drilling activity in 2016, as operators adjust to a ...

    Online Articles

    Online Articles

    Mon, 26 Sep 2016

  3. Studies indicate low breakeven price for offshore Falklands Darwin project

    Borders & Southern says two technical projects have been completed concerning potential development of the deepwater Darwin gas/condensate discovery south of the Falkland Islands.

    Online Articles

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    Mon, 26 Sep 2016

  4. Eni successfully restarts oil exploration activities in Tunisia

    Eni has successfully resumed oil exploration activities onshore Tunisia in the Sahara desert, approximately 700 kilometers south of Tunis.

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    Online Articles

    Mon, 19 Sep 2016

  1. Oil and Gas News: Mexican oil company finds new oil deposits in Gulf of Mexico

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    Wed, 14 Sep 2016

  2. Deepwater Operations in Galveston to focus on sustainability

    The current market conditions are challenging deepwater operators to develop long-term solutions for improving and sustaining operational efficiency to control costs.

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    Thu, 15 Sep 2016

  3. GMS finds employment for Large Class support vessel

    Gulf Marine Services has reached agreement in principle for a charter of a Large Class self-elevating support vessel to assist offshore oil and gas maintenance in Europe.

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    Thu, 8 Sep 2016

  4. OGUK: Major tax changes urgently needed

    Oil & Gas UK said falling oil prices are creating an urgent need for fundamental changes to the tax regime.

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    Tue, 13 Jan 2015

  5. Atlantic winds down North Sea operations

    Atlantic Petroleum, which is exiting E&P in the North Sea, has updated the status of its remaining licenses.

    Online Articles

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    Thu, 25 Aug 2016

  6. Future U.S. tight oil and shale gas production depends on resources, technology, markets

    Based on projections, U.S. tight oil production is expected to reach 7.08 million barrels per day, and shale gas production is expected to reach 79 billion cubic feet per day in 2040.

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    Tue, 23 Aug 2016

  7. Mitra negotiates Vietnam farm-in, Stag oil field acquisition offshore Australia

    Mitra Energy has agreed to acquire a 30% interest from INPEX subsidiary Teikoku Oil (Con Son) in the production-sharing contract for blocks 05-1b and 05-1c offshore southern Vietnam.

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    Mon, 22 Aug 2016

  8. Essar Projects wins contract for replacement of Indian Oil pipeline

    Essar Projects, a leading Engineering Procurement & Construction company, announced that it has bagged the contract for replacing 141 km of pipeline of 18-inch diameter in the Koyali-Viramgam section of Indian Oil Corporation’s Koyali-Sanganer oil pipeline.

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    Wed, 6 Jul 2016

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