www.upstreamonline.com http://www.upstreamonline.com/ www.upstreamonline.com OGPar 'to review output viability' http://www.upstreamonline.com/live/1393139/ogpar-to-review-output-viability OGPar said on Friday it was reviewing the viability of oil production at its principal oilfield after the sharp drop in oil prices cut off funds for an expansion of output. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1393139/ogpar-to-review-output-viability Fri, 27 Feb 2015 23:53:22 +0000 live Concho adds to share offer http://www.upstreamonline.com/live/1393130/concho-adds-to-share-offer Concho Resources has expanded its planned stock offering, joining a handful of large US operators who are proactively bolstering their balance sheets by tapping equity markets. Noah.Brenner@nhst.no (Noah Brenner) http://www.upstreamonline.com/live/1393130/concho-adds-to-share-offer Fri, 27 Feb 2015 18:47:54 +0000 live Goodrich drives down TMS costs http://www.upstreamonline.com/live/1393129/goodrich-drives-down-tms-costs US junior Goodrich Petroleum has been able to reduce its drilling and completion costs in the Tuscaloosa Marine shale (TMS), one of the most expensive exploration plays onshore US. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1393129/goodrich-drives-down-tms-costs Fri, 27 Feb 2015 18:34:50 +0000 live BP amends contract for Q5000 http://www.upstreamonline.com/live/1393125/bp-amends-contract-for-q5000 UK supermajor BP has pushed back the start date for its contract with Houston-based Helix Energy Solution for the Q5000 well-intervention vessel, giving the contractor additional time to market the newbuild vessel. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1393125/bp-amends-contract-for-q5000 Fri, 27 Feb 2015 17:37:21 +0000 live UK's GMB moves closer to strike ballot http://www.upstreamonline.com/live/1393101/uks-gmb-moves-closer-to-strike-ballot Officials from the GMB trade union have won permission to ask members working in the UK North Sea to consider possible strike action as a challenge to “unilateral attacks” on terms and conditions. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1393101/uks-gmb-moves-closer-to-strike-ballot Fri, 27 Feb 2015 15:24:35 +0000 live Allseas wins Sverdrup platform job http://www.upstreamonline.com/live/1393099/allseas-wins-sverdrup-platform-job Allseas president Edward Heerema revealed on Friday that he signed a deal with Statoil this week for the installation of three platforms on the Johan Sverdrup field off Norway. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1393099/allseas-wins-sverdrup-platform-job Fri, 27 Feb 2015 14:26:50 +0000 live Rowan posts loss on jack-up impairments http://www.upstreamonline.com/live/1393098/rowan-posts-loss-on-jack-up-impairments US driller Roman swung to a fourth quarter and full year net loss as a $439.4 million non-cash impairment charge on its older jack-up rigs negated higher revenues in both periods. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1393098/rowan-posts-loss-on-jack-up-impairments Fri, 27 Feb 2015 14:06:25 +0000 live Aker hit by oil downturn http://www.upstreamonline.com/live/1393095/aker-hit-by-oil-downturn Norwegian holding company Aker saw Nkr4.4 billion ($576 million) wiped off the value of its assets in the fourth quarter, mainly due to a drop in the share prices of Det Norske Oljeselskap and Aker Solutions in which it holds substantial ownership interests. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1393095/aker-hit-by-oil-downturn Fri, 27 Feb 2015 13:27:09 +0000 live Petronas profits tumble by 27% http://www.upstreamonline.com/live/1393085/petronas-profits-tumble-by-27-percent Malaysian major sees annual earnings slide due to oil price plunge Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1393085/petronas-profits-tumble-by-27-percent Fri, 27 Feb 2015 12:20:29 +0000 live Deirdre Michie to lead Oil & Gas UK http://www.upstreamonline.com/live/1393073/deirdre-michie-to-lead-oil-and-gas-uk Trade association Oil & Gas UK has appointed Shell executive Deirdre Michie to take over as chief executive from Malcolm Webb, who retires in May.  Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1393073/deirdre-michie-to-lead-oil-and-gas-uk Fri, 27 Feb 2015 11:20:28 +0000 live Red ink for Bergen Group http://www.upstreamonline.com/live/1393071/red-ink-for-bergen-group Norwegian rig modification and repair outfit Bergen Group remained firmly anchored in the red in the fourth quarter as higher costs offset a significant increase in revenue. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1393071/red-ink-for-bergen-group Fri, 27 Feb 2015 11:02:06 +0000 live Novatek hammered by rouble's fall http://www.upstreamonline.com/live/1393067/novatek-hammered-by-roubles-fall Russian independent Novatek reported a halving in annual profits as the tumbling value of the Russian rouble swallowed up increased revenues from higher production and higher prices. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1393067/novatek-hammered-by-roubles-fall Fri, 27 Feb 2015 10:47:24 +0000 live Crunch vote on Noreco fate http://www.upstreamonline.com/live/1393064/crunch-vote-on-noreco-fate Norwegian independent Noreco suffered a big fourth-quarter loss on field writedowns due to low oil prices and is now banking on stakeholder approval of a financial restructuring plan to rescue the cash-strapped company. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1393064/crunch-vote-on-noreco-fate Fri, 27 Feb 2015 10:33:00 +0000 live Failed well sinks Rocksource http://www.upstreamonline.com/live/1393059/failed-well-sinks-rocksource Rocksource saw its fourth-quarter and full-year losses widen in 2014 as the Oslo-listed minnow was hit by higher exploration costs, largely from an abortive wildcat off Norway. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1393059/failed-well-sinks-rocksource Fri, 27 Feb 2015 09:59:38 +0000 live Woodside in $1bn bond issue http://www.upstreamonline.com/live/1393038/woodside-in-usd-1bn-bond-issue Australia's Woodside Petroleum is raising US$1 billion through the issuance of corporate bonds in the US market. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1393038/woodside-in-usd-1bn-bond-issue Fri, 27 Feb 2015 08:23:00 +0000 live Keppel to deliver 100th jack-up http://www.upstreamonline.com/live/1393037/keppel-to-deliver-100th-jack-up Singapore's Keppel Fels is set to deliver its 100th jack-up drilling rig with the completion of a KFELS B Class jack-up for PetroVietnam Drilling & Well Services (PV Drilling). Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1393037/keppel-to-deliver-100th-jack-up Fri, 27 Feb 2015 07:58:54 +0000 live Dijols elected chair of CAT Oil http://www.upstreamonline.com/live/1393004/dijols-elected-chair-of-cat-oil Oil industry veteran Maurice Dijols has been appointed chairman of Austria’s CAT Oil just a day after he was involved in an unsuccessful leadership heave at Petroceltic International. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1393004/dijols-elected-chair-of-cat-oil Thu, 26 Feb 2015 16:45:04 +0000 live NADL sinks into red on impairments http://www.upstreamonline.com/live/1392993/nadl-sinks-into-red-on-impairments North Atlantic Drilling Ltd (NADL) sank to a loss in the fourth quarter as heavy impairments on expected lower dayrate revenue in a weak drilling market holed the bottom line of Seadrill’s harsh-environment rig subsidiary. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392993/nadl-sinks-into-red-on-impairments Thu, 26 Feb 2015 15:20:31 +0000 live Wentworth gains on Mnazi progess http://www.upstreamonline.com/live/1392992/wentworth-gains-on-mnazi-progess London- and Oslo-listed junior Wentworth Resources' stock rose by about 9% on Thursday after it said it was now expecting the Maurel & Prom-operated Mnazi Bay gas field to generate "substantial free cash flow" this year. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392992/wentworth-gains-on-mnazi-progess Thu, 26 Feb 2015 15:10:30 +0000 live Hefty writedown for Transocean http://www.upstreamonline.com/live/1392984/hefty-writedown-for-transocean Transocean plunged to a heavy loss in the fourth quarter after recording a $992 million writedown on the value of its contract drilling business. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392984/hefty-writedown-for-transocean Thu, 26 Feb 2015 13:49:56 +0000 live COPL, Shoreline form Africa partnership http://www.upstreamonline.com/live/1392977/copl-shoreline-form-africa-partnership Canadian Overseas Petroleum and Nigeria's Shoreline Energy have formed a joint venture to focus on acquiring upstream exploration, development and production assets in sub-Saharan Africa. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392977/copl-shoreline-form-africa-partnership Thu, 26 Feb 2015 12:42:31 +0000 live Impairments hit Sevan Drilling http://www.upstreamonline.com/live/1392970/impairments-hit-sevan-drilling Sevan Drilling saw its net loss widen in the fourth quarter as the contractor was forced to take a significant impairment on a pair of cylindrical rigs working for Petrobras off Brazil. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392970/impairments-hit-sevan-drilling Thu, 26 Feb 2015 11:49:11 +0000 live CGG slumps to $1.15bn loss http://www.upstreamonline.com/live/1392963/cgg-slumps-to-usd-115bn-loss Paris-based geosciences player CGG reported deepening annual losses of $1.12 billion in 2014 as $939 million worth of non-recurring charges in redundancy costs and goodwill and asset impairments wiped out earnings. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392963/cgg-slumps-to-usd-115bn-loss Thu, 26 Feb 2015 11:40:46 +0000 live Awilco loses rig extension http://www.upstreamonline.com/live/1392805/awilco-loses-rig-extension US independent Hess has decided not to exercise an extension option on a rig charter with Awilco Drilling. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392805/awilco-loses-rig-extension Thu, 26 Feb 2015 10:56:11 +0000 live Bibby Offshore reshuffles management http://www.upstreamonline.com/live/1392800/bibby-offshore-reshuffles-management Bibby Offshore has made a set of changes to the management and board of the subsea installation, inspection, repair and maintenance (IRM) services specialist. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392800/bibby-offshore-reshuffles-management Thu, 26 Feb 2015 10:35:53 +0000 live Profits tumble for Maersk Drilling http://www.upstreamonline.com/live/1392792/profits-tumble-for-maersk-drilling Maersk Drilling suffered lower earnings last year as its result was hit by impairments, rig start-up costs and reduced utilisation due to fleet maintenance. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392792/profits-tumble-for-maersk-drilling Thu, 26 Feb 2015 10:05:51 +0000 live Maersk Oil UK hires new boss http://www.upstreamonline.com/live/1392787/maersk-oil-uk-hires-new-boss Denmark’s Maersk Oil has hired a new head of its UK business as the North Sea player advances its Culzean project into field development. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392787/maersk-oil-uk-hires-new-boss Thu, 26 Feb 2015 09:50:34 +0000 live Caza cancels Clayton Williams deal http://www.upstreamonline.com/live/1392777/caza-cancels-clayton-williams-deal Caza Oil & Gas has cancelled a farm-in deal with fellow Texas-based independent Clayton Williams on Bone Spring and Wolfcamp prospective lands to conserve cash to focus on existing projects without pressing drill commitments. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392777/caza-cancels-clayton-williams-deal Thu, 26 Feb 2015 09:17:17 +0000 live Kurdistan cash for Gulf Keystone http://www.upstreamonline.com/live/1392774/kurdistan-cash-for-gulf-keystone London-listed Gulf Keystone Petroleum has received a $20.8 million payment in receivables for its Shaikan oil exports a day after it said it was in talks to sell assets or the whole company. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392774/kurdistan-cash-for-gulf-keystone Thu, 26 Feb 2015 08:58:29 +0000 live Hoegh sinks deeper into the red http://www.upstreamonline.com/live/1392773/hoegh-sinks-deeper-into-the-red Hoegh LNG widened its losses in the final quarter of 2014 as impairments sank the company deeper into the red. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392773/hoegh-sinks-deeper-into-the-red Thu, 26 Feb 2015 08:56:25 +0000 live Premier plunges into the red http://www.upstreamonline.com/live/1392769/premier-plunges-into-the-red Premier Oil has ditched its dividend after plunging to a heavy loss last year as it suffered impairments on several fields due to low oil prices, while it has also been forced to delay first oil from its Solan field off the UK. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392769/premier-plunges-into-the-red Thu, 26 Feb 2015 08:26:14 +0000 live Repsol posts rise in profits http://www.upstreamonline.com/live/1392767/repsol-posts-rise-in-profits Spanish giant Repsol booked a rise in profits during 2014, however a fall in oil prices dragged down the performance of the upstream business. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392767/repsol-posts-rise-in-profits Thu, 26 Feb 2015 07:56:49 +0000 live Impairments hit Bumi's profits http://www.upstreamonline.com/live/1392752/impairments-hit-bumis-profits Malaysia's Bumi Armada saw profits slip in 2014, despite a rise in revenues, due to allowances for trade receivables and asset impairments. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392752/impairments-hit-bumis-profits Thu, 26 Feb 2015 03:09:24 +0000 live Range cuts spending http://www.upstreamonline.com/live/1392749/range-cuts-spending US company Range Resources will slash capital expenditure this year, despite an increase in profits on the back of record output. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392749/range-cuts-spending Thu, 26 Feb 2015 02:29:24 +0000 live Whiting posts loss on writedowns http://www.upstreamonline.com/live/1392746/whiting-posts-loss-on-writedowns Bakken giant Whiting Petroleum posted a quarterly loss due to writedowns on asset value due to low oil prices, as it got to work completing wells on acreage acquired in its purchase of Kodiak Oil & Gas. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392746/whiting-posts-loss-on-writedowns Wed, 25 Feb 2015 23:50:56 +0000 live Noble cashing up with stock sale http://www.upstreamonline.com/live/1392744/noble-cashing-up-with-stock-sale Noble Energy plans to raise more than $1 billion through the sale of up to 24.15 million shares of common stock in order to pay down debt. Noah.Brenner@nhst.no (Noah Brenner) http://www.upstreamonline.com/live/1392744/noble-cashing-up-with-stock-sale Wed, 25 Feb 2015 22:45:56 +0000 live Petrobras 'looks to market $3bn in assets' http://www.upstreamonline.com/live/1392738/petrobras-looks-to-market-usd-3bn-in-assets Petrobras has reportedly hired JPMorgan Chase to market and facilitate $3 billion in planned asset sales this year, as fallout from a corruption scandal has shut access to financing for Brazil's state-controlled oil producer. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392738/petrobras-looks-to-market-usd-3bn-in-assets Wed, 25 Feb 2015 20:10:54 +0000 live Petroceltic wins ownership battle http://www.upstreamonline.com/live/1392719/petroceltic-wins-ownership-battle Irish explorer Petroceltic International has won a series of shareholder votes on resolutions that sought to oust the chief executive and install two nominees of activist investor Worldview Capital Management to the company's board. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392719/petroceltic-wins-ownership-battle Wed, 25 Feb 2015 15:44:06 +0000 live Contractors face 'Brazil fallout' http://www.upstreamonline.com/live/1392715/contractors-face-brazil-fallout A raft of oilfield service and drilling contractors with heavy exposure in Brazil - including Subsea 7, Aker Solutions and Seadrill - run the risk of contractual losses as a result of the escalating corruption scandal at Petrobras, according to a DNB Markets analysis. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392715/contractors-face-brazil-fallout Wed, 25 Feb 2015 15:39:56 +0000 live Chesapeake hikes annual profit http://www.upstreamonline.com/live/1392714/chesapeake-hikes-annual-profit Oklahoma’s Chesapeake Energy ramped up annual profits to $1.27 billion in 2014 from $474 million a year earlier while also revealing plans to slash spending in 2015 in the face of tumbling oil prices. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392714/chesapeake-hikes-annual-profit Wed, 25 Feb 2015 15:02:05 +0000 live Vessel owners holed on bottom line http://www.upstreamonline.com/live/1392707/vessel-owners-holed-on-bottom-line Offshore vessel owners Farstad Shipping and Deep Sea Supply sailed into red ink in the fourth quarter as both suffered fleet impairments amid market doldrums. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392707/vessel-owners-holed-on-bottom-line Wed, 25 Feb 2015 13:54:33 +0000 live Sevan Marine in strategic review http://www.upstreamonline.com/live/1392704/sevan-marine-in-strategic-review Norway’s Sevan Marine has launched a strategic review after suffering a fourth-quarter loss on a writedown of its topside & process division as it warned field project delays are set to hit further floater technology licensing awards this year. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392704/sevan-marine-in-strategic-review Wed, 25 Feb 2015 12:46:45 +0000 live Encana profits on asset sales http://www.upstreamonline.com/live/1392699/encana-profits-on-asset-sales Canada’s Encana reported a $3.39 billion profit for 2014 in a net result greatly increased from 2013's profit of $236 million thanks largely to a $2.5 billion divestment gain. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392699/encana-profits-on-asset-sales Wed, 25 Feb 2015 11:57:44 +0000 live Providence lines up $30m refinancing http://www.upstreamonline.com/live/1392698/providence-lines-up-usd-30m-refinancing Irish explorer Providence Resources has lined up a proposed share placing and open offer to raise $31.41 million as it awaits the sealing of a would-be farmout deal on its Barryroe oilfield off Ireland. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392698/providence-lines-up-usd-30m-refinancing Wed, 25 Feb 2015 11:20:13 +0000 live Gulf Keystone 'in sale talks' http://www.upstreamonline.com/live/1392693/gulf-keystone-in-sale-talks London-listed Gulf Keystone’s shares jumped by 51% after the operator said it was in talks on an asset selloff or a sale of the company. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392693/gulf-keystone-in-sale-talks Wed, 25 Feb 2015 10:10:11 +0000 live Petrofac net profit down 80% http://www.upstreamonline.com/live/1392687/petrofac-net-profit-down-80-percent London-listed oilfield services player Petrofac has reported net profit down 80% to $120 million as exceptional items swallowed up operating profits and steady revenues. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392687/petrofac-net-profit-down-80-percent Wed, 25 Feb 2015 09:16:40 +0000 live Petrofac goes Surfing with McDermott http://www.upstreamonline.com/live/1392686/petrofac-goes-surfing-with-mcdermott Petrofac has forged a strategic marketing tie-up with McDermott International to capture subsea, umbilical, riser and flowline (Surf) work in the deep-water segment. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392686/petrofac-goes-surfing-with-mcdermott Wed, 25 Feb 2015 09:16:36 +0000 live Odfjell snares Sverdrup award http://www.upstreamonline.com/live/1392677/odfjell-snares-sverdrup-award Odfjell Drilling has secured a Nkr110 million ($14.5 million) sub-contract with Aibel for engineering work on the topsides of the drilling platform for the Johan Sverdrup field development off Norway. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392677/odfjell-snares-sverdrup-award Wed, 25 Feb 2015 08:26:24 +0000 live Odfjell warns of Brazil 'risk' http://www.upstreamonline.com/live/1392671/odfjell-warns-of-brazil-risk Odfjell Drilling slumped to a loss in the fourth quarter on lower revenue and impairments on a pair of drillships as it warned of a re-contracting risk for some of its rigs as well as possible financial fallout from the Petrobras corruption scandal in Brazil. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392671/odfjell-warns-of-brazil-risk Wed, 25 Feb 2015 07:55:45 +0000 live Impairments dent Det Norske's bottom line http://www.upstreamonline.com/live/1392670/impairments-dent-det-norskes-bottom-line Norway's Det Norske Oljeselskap plunged deeper into the red during the fourth quarter as impairments offset a rise in revenue and production. Josh.Lewis@upstreamonline.com (Josh Lewis), Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392670/impairments-dent-det-norskes-bottom-line Wed, 25 Feb 2015 07:25:22 +0000 live Petrobras loses investment grading http://www.upstreamonline.com/live/1392667/petrobras-loses-investment-grading Moody's Investors Services has downgraded its rating for Petrobras, with the Brazilian company no longer ranked as an investment grade company for the New York-based ratings agency. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392667/petrobras-loses-investment-grading Wed, 25 Feb 2015 05:05:58 +0000 live Vallianz doubles profits http://www.upstreamonline.com/live/asia_oceania/1392666/vallianz-doubles-profits Singapore-listed Vallianz Holdings nearly doubled its profits in 2014 on the back of a surge in revenue. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/asia_oceania/1392666/vallianz-doubles-profits Wed, 25 Feb 2015 04:13:44 +0000 live live_asiaoceania WorleyParsons sees profits slip http://www.upstreamonline.com/live/1392665/worleyparsons-sees-profits-slip Australian engineering player WorleyParsons saw profits slip for the half-year ended 31 December following a fall in revenue. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392665/worleyparsons-sees-profits-slip Wed, 25 Feb 2015 03:46:53 +0000 live Low oil prices sink AWE into the red http://www.upstreamonline.com/live/1392664/low-oil-prices-sink-awe-into-the-red Australia's AWE was dragged into the red as lower oil prices and impairments hit revenue and profits. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392664/low-oil-prices-sink-awe-into-the-red Wed, 25 Feb 2015 01:28:00 +0000 live Stone preps 2015 deep-water drilling http://www.upstreamonline.com/live/1392660/stone-preps-2015-deep-water-drilling US independent Stone Energy is prepping to drill a handful of wells in the deep-water Gulf of Mexico after reporting a loss on income for the end of 2014. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392660/stone-preps-2015-deep-water-drilling Tue, 24 Feb 2015 23:30:06 +0000 live Another mishap as Ensco 8502 towed to yard http://www.upstreamonline.com/live/1392654/another-mishap-as-ensco-8502-towed-to-yard Semi-submersible drilling rig Ensco 8502 started taking on water as it was being towed to shore to repair damage from a fire in its engine room about a week earlier, the US Coast Guard confirmed. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392654/another-mishap-as-ensco-8502-towed-to-yard Tue, 24 Feb 2015 22:08:10 +0000 live BHP drops plan to sell Fayetteville asset http://www.upstreamonline.com/live/1392648/bhp-drops-plan-to-sell-fayetteville-asset Australia's BHP Billiton has pulled its Fayetteville shale operations off the market after failing to garner an adequate bid for the asset. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392648/bhp-drops-plan-to-sell-fayetteville-asset Tue, 24 Feb 2015 19:41:20 +0000 live Petro River unit buys GTL player http://www.upstreamonline.com/live/1392647/petro-river-unit-buys-gtl-player A subsidiary of US junior Petro River Oil has agreed to acquire the assets of chemical solutions provider Havelide GTL in a bid by the Texas-based company to build up its technological capabilities. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392647/petro-river-unit-buys-gtl-player Tue, 24 Feb 2015 17:33:13 +0000 live Diamond hit for six http://www.upstreamonline.com/live/1392627/diamond-hit-for-six Diamond Offshore has been hit by contract cancellations for six of its rigs, risking the loss of hundreds of millions of dollars in remaining potential revenue for the units. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392627/diamond-hit-for-six Tue, 24 Feb 2015 14:20:21 +0000 live ONGC director 'suspended' http://www.upstreamonline.com/live/1392624/ongc-director-suspended A senior director of Indian state-owned Oil & Natural Gas Corporation (ONGC) has been suspended by the country’s Petroleum Ministry over allegations of irregularities, according to a report. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392624/ongc-director-suspended Tue, 24 Feb 2015 13:25:46 +0000 live Schneider wins Kaombo award http://www.upstreamonline.com/live/1392617/schneider-wins-kaombo-award Schneider Electric has secured a deal with Saipem to provide technical buildings for a pair of floating production, storage and offloading vessels being fabricated by the Italian contractor for Total’s Kaombo field development project off Angola. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392617/schneider-wins-kaombo-award Tue, 24 Feb 2015 13:10:19 +0000 live Memorial in asset swap deal http://www.upstreamonline.com/live/1392614/memorial-in-asset-swap-deal Houston-based Memorial Resource Development has agreed a deal with the limited partnership it sponsored, Memorial Production Partners, under which it will offer assets and cash to gain a larger interest in North Louisiana’s Terryville tight gas field. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392614/memorial-in-asset-swap-deal Tue, 24 Feb 2015 12:04:49 +0000 live Fund-raiser for Rocksource http://www.upstreamonline.com/live/1392611/fund-raiser-for-rocksource Oslo-listed Rocksource has successfully raised Nkr210 million ($27.6 million) in a share issue to secure funding for an upcoming exploration effort in the Norwegian Sea. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392611/fund-raiser-for-rocksource Tue, 24 Feb 2015 11:40:04 +0000 live MOL earnings slip 1% in 2014 http://www.upstreamonline.com/live/1392610/mol-earnings-slip-1-percent-in-2014 Hungary’s MOL Group has reported a 1% slip in gross earnings for 2014 as the impact of the global oil price slump was offset by higher downstream earnings and higher upstream production. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392610/mol-earnings-slip-1-percent-in-2014 Tue, 24 Feb 2015 11:08:36 +0000 live Kvaerner warns of more cost cuts http://www.upstreamonline.com/live/1392600/kvaerner-warns-of-more-cost-cuts Norway’s Kvaerner is being forced to carry out further cost reductions that could result in additional lay-offs after losing out to local rival Aibel on a coveted topsides fabrication award on the Johan Sverdrup project. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392600/kvaerner-warns-of-more-cost-cuts Tue, 24 Feb 2015 10:00:12 +0000 live New World plans Danish technical work http://www.upstreamonline.com/live/1392599/new-world-plans-danish-technical-work Cash-strapped UK outfit New World Oil & Gas has gained an extension on its Danish licences to allow it to propose more technical work on the acreage as it continues to chase a farmout on the acreage. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392599/new-world-plans-danish-technical-work Tue, 24 Feb 2015 09:52:57 +0000 live Bowleven soars on Etinde approval http://www.upstreamonline.com/live/1392596/bowleven-soars-on-etinde-approval London-listed Bowleven’s shares rose by almost 10% on Tuesday after it sealed its $250 million Etinde farmout deal with Russia’s Lukoil and privately-owned New Age. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392596/bowleven-soars-on-etinde-approval Tue, 24 Feb 2015 09:20:50 +0000 live Lime gains slice of Gemini http://www.upstreamonline.com/live/1392594/lime-gains-slice-of-gemini Swedish player Lundin Petroleum has agreed to farm out a substantial slice of its stake in a prospect currently being drilled off Norway to Lime Petroleum. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392594/lime-gains-slice-of-gemini Tue, 24 Feb 2015 09:18:19 +0000 live Aibel snatches Sverdrup topsides win http://www.upstreamonline.com/live/1392583/aibel-snatches-sverdrup-topsides-win Statoil has confirmed it has awarded local contractor Aibel the coveted Nkr8 billion ($1 billion) fabrication contract for the topsides of the drilling platform for the Johan Sverdrup field project off Norway. Josh.Lewis@upstreamonline.com (Josh Lewis), Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392583/aibel-snatches-sverdrup-topsides-win Tue, 24 Feb 2015 07:51:46 +0000 live Technip lands Glenlivet gig http://www.upstreamonline.com/live/1392582/technip-lands-glenlivet-gig French engineering company Technip has landed a subsea contract on Total's Glenlivet gas condensate project on the UK Atlantic Margin, West of Shetlands. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392582/technip-lands-glenlivet-gig Tue, 24 Feb 2015 07:10:11 +0000 live Asco to manage BP supply base http://www.upstreamonline.com/live/1392580/asco-to-manage-bp-supply-base International service company Asco Group has been awarded the contract to manage the supply base for BP's upcoming offshore exploration programme in the Great Australian Bight. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392580/asco-to-manage-bp-supply-base Tue, 24 Feb 2015 05:23:52 +0000 live Cue rejects NZOG offer http://www.upstreamonline.com/live/1392577/cue-rejects-nzog-offer The board of Australia's Cue Energy Resources has recommended shareholders reject a A$69.8 million (US$54.2 million) takeover offer launched earlier this month by New Zealand Oil & Gas (NZOG). Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392577/cue-rejects-nzog-offer Tue, 24 Feb 2015 04:42:33 +0000 live Output rise boosts Oil Search's profits http://www.upstreamonline.com/live/1392575/output-rise-boosts-oil-searchs-profits Australia-listed Oil Search saw profits surge 72% in 2014 as the start-up of the Papua New Guinea liquefied natural gas project helped offset a slump in oil prices, however the company has revealed plans to reduce costs this year. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392575/output-rise-boosts-oil-searchs-profits Tue, 24 Feb 2015 03:42:08 +0000 live Impairments drag Senex into the red http://www.upstreamonline.com/live/1392573/impairments-drag-senex-into-the-red Lower oil prices offset a rise in output for Senex Energy as the Australian company posted a loss for the first half of the financial year. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392573/impairments-drag-senex-into-the-red Tue, 24 Feb 2015 01:24:37 +0000 live Shell shelves Pierre River oil sands project http://www.upstreamonline.com/live/1392552/shell-shelves-pierre-river-oil-sands-project Anglo-Dutch supermajor Shell will withdraw its application with Canadian regulators for the long-delayed Pierre River oil sands project in Alberta to focus on existing operations. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392552/shell-shelves-pierre-river-oil-sands-project Mon, 23 Feb 2015 20:19:56 +0000 live Strong quarter for Kosmos http://www.upstreamonline.com/live/1392539/strong-quarter-for-kosmos A derivatives gain helped swell the bottom line of US independent Kosmos Energy in the fourth quarter despite reduced revenue on lower oil prices. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392539/strong-quarter-for-kosmos Mon, 23 Feb 2015 15:23:03 +0000 live 104% reserve replacement for ExxonMobil http://www.upstreamonline.com/live/1392538/104-percent-reserve-replacement-for-exxonmobil US supermajor ExxonMobil has garnered a reserve replacement ratio of 104% in 2014 with the addition of 1.5 billion barrels of oil equivalent in proven reserves. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392538/104-percent-reserve-replacement-for-exxonmobil Mon, 23 Feb 2015 15:01:41 +0000 live Bankers to pay BP $16.5m settlement http://www.upstreamonline.com/live/1392537/bankers-to-pay-bp-usd-165m-settlement Canada’s Bankers Petroleum is to pay UK supermajor BP $16.5 million to settle the legal row between the pair over the cancellation of an oil supply contract in 2012. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392537/bankers-to-pay-bp-usd-165m-settlement Mon, 23 Feb 2015 14:16:20 +0000 live Well losses leave Cobalt in red http://www.upstreamonline.com/live/1392534/well-losses-leave-cobalt-in-red US independent Cobalt International suffered a fourth-quarter net loss of $217 million after racking up hefty impairments on a pair of failed wildcats drilled off Angola. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392534/well-losses-leave-cobalt-in-red Mon, 23 Feb 2015 13:58:17 +0000 live Snomus green light for Talisman http://www.upstreamonline.com/live/1392505/snomus-green-light-for-talisman Talisman Energy has been given clearance by Norway’s safety agency to drill a wildcat at the Snomus prospect in the North Sea. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392505/snomus-green-light-for-talisman Mon, 23 Feb 2015 10:30:29 +0000 live Archer wields jobs axe http://www.upstreamonline.com/live/1392498/archer-wields-jobs-axe Archer has decided to axe around 1000 jobs in a cost-cutting effort as it warned low oil prices are set to further reduce US land rig activity after reporting a fourth-quarter loss on asset impairments. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392498/archer-wields-jobs-axe Mon, 23 Feb 2015 10:00:11 +0000 live Farstad signs LOI with Technip http://www.upstreamonline.com/live/1392467/farstad-signs-loi-with-technip Norway's Farstad Shipping has signed a letter of intent to charter its new-build Far tbn Sleipner subsea vessel to French engineering company Technip. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392467/farstad-signs-loi-with-technip Mon, 23 Feb 2015 08:19:19 +0000 live Statoil raises Norwegian Sea stakes http://www.upstreamonline.com/live/1392464/statoil-raises-norwegian-sea-stakes Statoil has inked a pair of deals with partners to beef up its operating stake in a Norwegian Sea licence where a wildcat will be drilled close to its under-development Aasta Hansteen field later this year. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392464/statoil-raises-norwegian-sea-stakes Mon, 23 Feb 2015 08:08:32 +0000 live Mermaid grows profits http://www.upstreamonline.com/live/1392462/mermaid-grows-profits Offshore service provider Mermaid Marine Australia posted a rise in profits during the first half of the financial year thanks to an increased fleet size following its deal to acquire Singapore's Jaya Holdings last year. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392462/mermaid-grows-profits Mon, 23 Feb 2015 07:07:29 +0000 live PTT posts quarterly loss http://www.upstreamonline.com/live/1392461/ptt-posts-quarterly-loss Thailand's PTT posted a fourth quarter loss as impairments and reduced revenue following a fall in oil prices hit its bottom line. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392461/ptt-posts-quarterly-loss Mon, 23 Feb 2015 04:49:24 +0000 live AWE warns investors of impairments http://www.upstreamonline.com/live/1392456/awe-warns-investors-of-impairments Australian company AWE has warned investors that it expects to book a sizeable impairment in its half year results due later this week. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392456/awe-warns-investors-of-impairments Mon, 23 Feb 2015 02:00:28 +0000 live Impairments dry up Beach's profits http://www.upstreamonline.com/live/1392455/impairments-dry-up-beachs-profits Impairments following last year's steep decline in oil prices dragged Australia's Beach Energy into the red during the first half of the financial year. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392455/impairments-dry-up-beachs-profits Mon, 23 Feb 2015 01:35:18 +0000 live Chevron sees reserves slip http://www.upstreamonline.com/live/1392308/chevron-sees-reserves-slip US supermajor Chevron said its oil and natural gas reserves fell by 1% last year largely due to the sale of its stake in a Chad oilfield. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392308/chevron-sees-reserves-slip Fri, 20 Feb 2015 22:17:45 +0000 live Cabot makes further capex cuts http://www.upstreamonline.com/live/1392307/cabot-makes-further-capex-cuts Cabot Oil & Gas is once again chopping back its capital spending, joining a growing list of US onshore operators that are making additional deep cuts to their activity levels to cope with low oil prices. Noah.Brenner@nhst.no (Noah Brenner) http://www.upstreamonline.com/live/1392307/cabot-makes-further-capex-cuts Fri, 20 Feb 2015 22:10:00 +0000 live Ivanhoe files for bankruptcy http://www.upstreamonline.com/live/1392303/ivanhoe-files-for-bankruptcy Canadian independent Ivanhoe Energy said it intends to file for bankruptcy protection as it undergoes restructuring efforts. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392303/ivanhoe-files-for-bankruptcy Fri, 20 Feb 2015 21:44:32 +0000 live Range closes OKC office, cuts 60 http://www.upstreamonline.com/live/1392260/range-closes-okc-office-cuts-60 Range Resources is closing its office in Oklahoma City, Oklahoma and laying off 60 people in the latest round of layoffs due to cost-cutting in the oil industry amidst continued low commodity prices. Noah.Brenner@nhst.no (Noah Brenner) http://www.upstreamonline.com/live/1392260/range-closes-okc-office-cuts-60 Fri, 20 Feb 2015 18:05:56 +0000 live Freeport-McMoRan ups Highlander flows http://www.upstreamonline.com/live/1392254/freeport-mcmoran-ups-highlander-flows Energy and minerals giant Freeport-McMoRan has increased flows at a successful test of its ultra-deep Higlander prospect onshore Louisiana. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392254/freeport-mcmoran-ups-highlander-flows Fri, 20 Feb 2015 17:19:59 +0000 live Schlumberger Eurasia deal delayed http://www.upstreamonline.com/live/1392209/schlumberger-eurasia-deal-delayed Shares in Russian contractor Eurasia Drilling have slumped in London on Friday after the company revealed its planned merger with Schlumberger has been delayed. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1392209/schlumberger-eurasia-deal-delayed Fri, 20 Feb 2015 12:48:50 +0000 live UK drills ahead amid price slump http://www.upstreamonline.com/live/1392199/uk-drills-ahead-amid-price-slump UK North Sea drilling has held up in the months since Brent began to slump in earnest last October, but only at an already low number of wells dominated by majors’ appraisals, a new analysis has found. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392199/uk-drills-ahead-amid-price-slump Fri, 20 Feb 2015 10:24:31 +0000 live Magellan exits UK onshore tract http://www.upstreamonline.com/live/1392197/magellan-exits-uk-onshore-tract US explorer Magellan Petroleum is exiting a UK onshore licence by selling its entire holding to its block partner for just £1 ($1.54). Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1392197/magellan-exits-uk-onshore-tract Fri, 20 Feb 2015 10:06:02 +0000 live Lower rig revenue hits Songa http://www.upstreamonline.com/live/1392190/lower-rig-revenue-hits-songa Songa Offshore sank to a loss in the fourth quarter as its revenues were almost halved on lower rig activity while it also suffered a cost overrun on a classification survey of one of its units. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1392190/lower-rig-revenue-hits-songa Fri, 20 Feb 2015 09:00:09 +0000 live Impairments drag Santos into the red http://www.upstreamonline.com/live/1392175/impairments-drag-santos-into-the-red Impairments dragged Australian independent Santos into the red despite the company delivering its highest production in five years which resulted in record sales revenue. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1392175/impairments-drag-santos-into-the-red Fri, 20 Feb 2015 03:12:27 +0000 live Oxy spinoff takes $2bn writedown http://www.upstreamonline.com/live/1392160/oxy-spinoff-takes-usd-2bn-writedown Los Angeles-based independent California Resources, which was spun off from Occidental Petroleum last year, reported a net loss in its first quarter of independence due to a $2 billion writedown on asset impairments. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392160/oxy-spinoff-takes-usd-2bn-writedown Thu, 19 Feb 2015 23:41:12 +0000 live Hercules reports more jack-up pain http://www.upstreamonline.com/live/1392158/hercules-reports-more-jack-up-pain Jack-up owner Hercules Offshore saw dayrates and utilisation of its rigs fall this month in a sign the market for shallow-water rigs is deteriorating further. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1392158/hercules-reports-more-jack-up-pain Thu, 19 Feb 2015 22:34:12 +0000 live Impairments send Linn into red http://www.upstreamonline.com/live/1392110/impairments-send-linn-into-red Houston’s Linn Energy slumped to a fourth quarter and full year loss in 2014 as steep impairment charges on long-lived assets wiped out the proceeds of higher production and derivative gains. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1392110/impairments-send-linn-into-red Thu, 19 Feb 2015 16:04:08 +0000 live