Tag: North Sea
Are North Sea cost reductions here to stay?
More front-end supplier involvement would help to stimulate the next wave of investment Much has been achieved in the past year, as we see prices and costs slowly turning around. But there is more work to be done. Wood Mackenzie’s 2016-2017 Global Upstream Cost Survey showcases the North Sea cost evolution from 2014 to 2020. The […]
Harbour Energy acquisition of Shell UK North Sea assets for $3 Billion
Acquisition of portfolio creates leading UK Independent E&P company focused on North Sea Harbour Energy, Ltd., the energy investment vehicle managed by EIG Global Energy Partners, announced it agreed to lead the acquisition by Chrysaor Holdings Limited of a well-diversified portfolio of oil and natural gas assets from Shell U.K. Limited and its affiliates to […]
Shell submits plan for dismantling Brent North Sea production platforms
Brent North Sea field has produced over 3 billion barrels of oil equivalent LONDON, Feb 8 (Reuters) – Royal Dutch Shell has submitted a plan to the British government for dismantling its Brent North Sea production platforms, a turning point for the UK oil industry as operators face the huge challenge of gradually abandoning depleted […]
After Shell deal, Chrysaor in the market for more North Sea assets
Chrysaor output up to 115,000 boe/d By Karolin Schaps LONDON, Jan 31 (Reuters) – Chrysaor, which has just bought much of Shell’s UK North Sea assets for up to $3.8 billion, said it was in the market for more North Sea deals to expand its newly acquired position as one of the basin’s biggest independent producers. […]
Shell set to sell $3 billion North Sea assets to Chrysaor
Chrysaor deal major boost for Shell’s drive to reduce debt By Ron Bousso and Clara Denina LONDON, Jan 27 (Reuters) – Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive […]
Decommissioning of aging offshore oil/gas facilities up significantly
600 projects decommissioning for next 5 years with 2,000 more to follow through 2040, as market spending grows 540% HOUSTON – The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years alone. This rapid trend toward […]
Interest in latest UK oil exploration tender lowest in 14 years
In 2017, the hunt for UK oil is expected to fall to the lowest since the early 70s LONDON, Oct 31 (Reuters) – Britain’s latest tender for offshore exploration permits attracted the lowest interest in 14 years, underlining how the mature North Sea is struggling to entice explorers to extract the 20 billion barrels of oil equivalent […]
Oil from BP North Sea spill to disperse naturally: Company
BP North Sea spill west of Shetland Islands LONDON, Oct 3 (Reuters) – A technical problem at BP’s Clair platform in the North Sea resulted in a spill of 95 tonnes of oil that was allowed to disperse naturally into the sea, the British oil major said on Monday. Production at the platform, located 75 km […]
Wood Group workers accept pay offer, preventing North Sea strikes
Wood Group workers vote 105-82 in favor of deal LONDON, Sept 22 (Reuters) – Wood Group workers employed on Shell’s North Sea oil platforms have accepted a new pay deal, ending a months-long dispute that saw some workers down tools in July and August. Labour union Unite, whose members voted 105-82 in favour of the deal, […]
North Sea projects cut, but lower supply costs support FIDs before 2018
The market is moving in an upward cycle and there will be an increase in projects in North Sea – Wood Mackenzie The North Sea will experience contradictory trends over the next four years, according to consultancy Wood Mackenzie, as many projects are affected by lingering low oil prices, but the steep drop in supplier […]
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