www.upstreamonline.com http://www.upstreamonline.com/ www.upstreamonline.com Shenandoah dry hole for Anadarko http://www.upstreamonline.com/live/1390312/shenandoah-dry-hole-for-anadarko Anadarko Petroleum came up empty at its second appraisal well at the Shenandoah field, potentially one of the biggest oil and gas fields in the Gulf of Mexico where the US independent is understood to be tendering for a newbuild drillship for further drilling work. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1390312/shenandoah-dry-hole-for-anadarko Fri, 30 Jan 2015 19:43:30 +0000 live Atlantic in Faroes farewell http://www.upstreamonline.com/live/1390297/atlantic-in-faroes-farewell Minnow Atlantic Petroleum is uprooting from its Faroe Islands home base and relocating to Norway in a move to cut costs. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390297/atlantic-in-faroes-farewell Fri, 30 Jan 2015 15:23:29 +0000 live EMGS in Barents data sale http://www.upstreamonline.com/live/1390291/emgs-in-barents-data-sale Norway’s Electromagnetic Geoservices (EMGS) is set to reap $2.5 million from the sale of 3D data for the Barents Sea off Norway in relation to the country’s recently launched 23rd licensing round. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390291/emgs-in-barents-data-sale Fri, 30 Jan 2015 14:47:53 +0000 live Chevron profit drops, capex down 13% http://www.upstreamonline.com/live/1390277/chevron-profit-drops-capex-down-13-percent Chevron reported a drop in full-year profit as the final quarter in particular returned weaker numbers. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1390277/chevron-profit-drops-capex-down-13-percent Fri, 30 Jan 2015 13:40:12 +0000 live SBM raids Technip for COO http://www.upstreamonline.com/live/1390280/sbm-raids-technip-for-coo SBM Offshore has raided French contractor Technip as the floater giant re-instates the position of chief operating officer. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390280/sbm-raids-technip-for-coo Fri, 30 Jan 2015 13:05:46 +0000 live Bankers chops capital spending by 30% http://www.upstreamonline.com/live/1390278/bankers-chops-capital-spending-by-30-percent Canada’s Bankers Petroleum has reduced its capital expenditure plans for 2015 by 30% to ensure spending can be funded by operations in a low price environment. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1390278/bankers-chops-capital-spending-by-30-percent Fri, 30 Jan 2015 12:14:59 +0000 live Nighthawk inks $14.3m venture deals http://www.upstreamonline.com/live/1390267/nighthawk-inks-usd-143m-venture-deals US onshore-focused junior Nighthawk Energy has teamed up with Denver-based private player Cascade Petroleum to jointly develop around 64,000 acres of conventional oil prospective land in Colorado’s Denver-Julesburg basin. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1390267/nighthawk-inks-usd-143m-venture-deals Fri, 30 Jan 2015 10:07:19 +0000 live Origin posts fall in revenue http://www.upstreamonline.com/live/1390259/origin-posts-fall-in-revenue Sales revenue for the three months to 31 December totalled A$235.6 million (US$183.1 million), down 6% on the A$251.1 million generated by the Australian company in the previous quarter. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1390259/origin-posts-fall-in-revenue Fri, 30 Jan 2015 03:24:53 +0000 live Murphy farms down in US Gulf http://www.upstreamonline.com/live/1390247/murphy-farms-down-in-us-gulf US independent Murphy Oil has farmed down its interest in a deep-water Gulf of Mexico wildcat that is weeks away from reaching total depth, the first well in what could be an active year of exploration in the region for the company. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1390247/murphy-farms-down-in-us-gulf Thu, 29 Jan 2015 23:32:01 +0000 live Schlumberger evacuates after bomb threat http://www.upstreamonline.com/live/1390238/schlumberger-evacuates-after-bomb-threat Services giant Schlumberger confirmed that it evacuated a research and development facility south of Houston on Thursday after a bomb threat was discovered. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1390238/schlumberger-evacuates-after-bomb-threat Thu, 29 Jan 2015 21:48:23 +0000 live Salvage operation for SeaBird http://www.upstreamonline.com/live/1390187/salvage-operation-for-seabird Cash-strapped seismic player SeaBird Exploration appears to have secured a financial restructuring deal with stakeholders to avert bankruptcy. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390187/salvage-operation-for-seabird Thu, 29 Jan 2015 15:28:31 +0000 live Shell seeks to beat price panic http://www.upstreamonline.com/live/1390186/shell-seeks-to-beat-price-panic Shell’s executives have sought to stay upbeat on the future prospects for Brent rates and company profits as they presented results and forward plans that were both overshadowed by the current low oil prices. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1390186/shell-seeks-to-beat-price-panic Thu, 29 Jan 2015 15:26:04 +0000 live Brazil court 'freezes Gabrielli assets' http://www.upstreamonline.com/live/1390165/brazil-court-freezes-gabrielli-assets Former Petrobras chief executive Jose Sergio Gabrielli has had his assets frozen by a Brazilian court as part of a probe into historical corruption at the state-controlled oil giant, according to a report. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390165/brazil-court-freezes-gabrielli-assets Thu, 29 Jan 2015 15:12:14 +0000 live Colombia cash deadline for Interoil http://www.upstreamonline.com/live/1390166/colombia-cash-deadline-for-interoil Interoil E&P has three months to come up with a further bank guarantee of $10.6 million for the Colombian authorities to prevent a licence in the South American country being terminated. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390166/colombia-cash-deadline-for-interoil Thu, 29 Jan 2015 14:49:56 +0000 live Bellatrix cuts spending http://www.upstreamonline.com/live/1390163/bellatrix-cuts-spending Canadian junior Bellatrix Exploration is joining the round of industry cost-cutting by reducing its capital expenditure budget by a third this year due to low oil prices. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390163/bellatrix-cuts-spending Thu, 29 Jan 2015 13:11:40 +0000 live Cameron keeps capex steady http://www.upstreamonline.com/live/1390162/cameron-keeps-capex-steady US rig owner Cameron is looking to keep capital expenditure relatively steady this year, although it is braced for tough market conditions amid a weak oil price environment. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390162/cameron-keeps-capex-steady Thu, 29 Jan 2015 12:45:03 +0000 live ConocoPhillips sees earnings slump http://www.upstreamonline.com/live/1390160/conocophillips-sees-earnings-slump US oil major ConocoPhillips has slumped to a quarterly loss of $39 million in the fourth quarter compared to a net profit of $2.5 billion during the same period a year earlier. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1390160/conocophillips-sees-earnings-slump Thu, 29 Jan 2015 12:26:26 +0000 live Oxy takes $5.1bn writedown http://www.upstreamonline.com/live/1390158/oxy-takes-usd-51bn-writedown Occidental Petroleum (Oxy) has taken a $5.1 billion writedown hit in the fourth quarter as a result of the slump in oil prices. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390158/oxy-takes-usd-51bn-writedown Thu, 29 Jan 2015 12:24:41 +0000 live Harvest withdraws Venezuela case http://www.upstreamonline.com/live/1390154/harvest-withdraws-venezuela-case US player Harvest Natural Resources has withdrawn a request for international arbitration proceedings against Venezuela over what it had called “systematic thwarting” of its investments in the oil-rich South American nation. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390154/harvest-withdraws-venezuela-case Thu, 29 Jan 2015 12:10:11 +0000 live H&P profit up, revenue days to sink http://www.upstreamonline.com/live/1390135/handp-profit-up-revenue-days-to-sink Helmerich & Payne (H&P) has posted a strong set of first-quarter results for the financial year, but has warned of headwinds amid a market downturn. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390135/handp-profit-up-revenue-days-to-sink Thu, 29 Jan 2015 11:40:12 +0000 live DNV GL bags Maria award http://www.upstreamonline.com/live/1390140/dnv-gl-bags-maria-award DNV GL has landed a potential Nkr30 million ($3.95 million) deal with Wintershall to carry out verification work on subsea equipment for the German operator’s Maria project in the Norwegian Sea. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390140/dnv-gl-bags-maria-award Thu, 29 Jan 2015 11:36:42 +0000 live PTTEP in $1bn impairment hit http://www.upstreamonline.com/live/1390113/pttep-in-usd-1bn-impairment-hit Thailand's PTT Exploration & Production (PTTEP) has seen its full-year profit whacked by a hefty impairment charge and soaring expenses. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390113/pttep-in-usd-1bn-impairment-hit Thu, 29 Jan 2015 09:44:55 +0000 live Soco cuts capex, reviews assets http://www.upstreamonline.com/live/1390114/soco-cuts-capex-reviews-assets Soco International is slashing its investment budget for this year by 44% as it cuts back on drilling work in Vietnam and Congo-Brazzaville, as well as reviewing its entire asset portfolio as low oil prices take a toll. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390114/soco-cuts-capex-reviews-assets Thu, 29 Jan 2015 09:43:41 +0000 live Profits drop for Gazprom http://www.upstreamonline.com/live/1390111/profits-drop-for-gazprom Russian gas giant Gazprom saw its net profit for the first nine months tumble 35% to 556.3 billion roubles ($8.13 billion) from a year earlier as it was hit by a hefty impairment charge on deliveries to Ukraine. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390111/profits-drop-for-gazprom Thu, 29 Jan 2015 08:46:40 +0000 live OMV slashes capex, books impairments http://www.upstreamonline.com/live/1390108/omv-slashes-capex-books-impairments Austrian state player expects delay in hitting production target but continues upstream drive Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1390108/omv-slashes-capex-books-impairments Thu, 29 Jan 2015 08:13:34 +0000 live UMW takes second Chinese jack-up http://www.upstreamonline.com/live/1390110/umw-takes-second-chinese-jack-up Fabrication yard China Merchants Heavy Industry has delivered a jack-up drilling rig to Malaysian service provider UMW Oil and Gas. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1390110/umw-takes-second-chinese-jack-up Thu, 29 Jan 2015 08:06:16 +0000 live Shell in $15bn spending cut http://www.upstreamonline.com/live/1390107/shell-in-usd-15bn-spending-cut Anglo-Dutch supermajor Shell plans to cut spending by $15 billion over the next three years in response to lower oil prices. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1390107/shell-in-usd-15bn-spending-cut Thu, 29 Jan 2015 08:01:57 +0000 live Maersk takes delivery of third jack-up http://www.upstreamonline.com/live/1390105/maersk-takes-delivery-of-third-jack-up Danish company Maersk Drilling has taken delivery of a harsh environment jack-up rig from Singapore's Keppel Fels. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1390105/maersk-takes-delivery-of-third-jack-up Thu, 29 Jan 2015 07:18:11 +0000 live Output fall hits AWE's revenues http://www.upstreamonline.com/live/1390099/output-fall-hits-awes-revenues Lower oil prices also blamed as company commits to reducing costs Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1390099/output-fall-hits-awes-revenues Thu, 29 Jan 2015 03:31:35 +0000 live Oil Search gets PNG LNG revenue boost http://www.upstreamonline.com/live/1390097/oil-search-gets-png-lng-revenue-boost Papua New Guinea-based Oil Search saw revenues rise during the final three months of 2014 as output lifted with the ramp up of the PNG liquefied natural gas (PNG LNG) project. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1390097/oil-search-gets-png-lng-revenue-boost Thu, 29 Jan 2015 02:19:41 +0000 live Beach cuts spending http://www.upstreamonline.com/live/1390095/beach-cuts-spending Australia's Beach Energy has revised its capital expenditure plans for the second half of the year amid an environment of volatile oil prices which saw its revenues slide 17% during the December quarter. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1390095/beach-cuts-spending Thu, 29 Jan 2015 01:16:20 +0000 live Synergy looks to raise $172m for deals http://www.upstreamonline.com/live/1390094/synergy-looks-to-raise-usd-172m-for-deals US junior Synergy Resources is looking to raise $172.5 million in a stock offering, proceeds of which will be set aside for possible acquisitions in the Wattenberg field in Colorado. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1390094/synergy-looks-to-raise-usd-172m-for-deals Wed, 28 Jan 2015 23:34:54 +0000 live BP to cut back on US Gulf staff http://www.upstreamonline.com/live/1390092/bp-to-cut-back-on-us-gulf-staff BP has confirmed that is cutting staff in Houston focused on the UK supermajor's Gulf of Mexico business on the same day it announced further divestments in the region. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1390092/bp-to-cut-back-on-us-gulf-staff Wed, 28 Jan 2015 22:56:58 +0000 live SEC ends Cobalt probe http://www.upstreamonline.com/live/1390090/sec-ends-cobalt-probe The US Securities & Exchange Commission has wrapped up its investigation into Cobalt International Energy's business practices in Angola, the company said. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1390090/sec-ends-cobalt-probe Wed, 28 Jan 2015 22:00:19 +0000 live H&P to lay off 'thousands' http://www.upstreamonline.com/live/1389938/handp-to-lay-off-thousands US land driller Helmerich & Payne (H&P) has started a round of steep layoffs, Upstream has learned, in the latest sign of a deteriorating domestic rig market. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389938/handp-to-lay-off-thousands Wed, 28 Jan 2015 17:30:49 +0000 live Statoil, GE in efficiency drive http://www.upstreamonline.com/live/1389935/statoil-ge-in-efficiency-drive Statoil and GE are joining forces to develop sustainable energy solutions to drive down costs and cut emissions and energy usage in the oil and unconventional gas industry. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389935/statoil-ge-in-efficiency-drive Wed, 28 Jan 2015 16:42:00 +0000 live BG in tie-up with KBR http://www.upstreamonline.com/live/1389928/bg-in-tie-up-with-kbr BG Group has forged a global alliance with engineering giant KBR in an effort to optimise field development costs amid low oil prices. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389928/bg-in-tie-up-with-kbr Wed, 28 Jan 2015 14:33:27 +0000 live YPF signs Sinopec shale pact http://www.upstreamonline.com/live/1389921/ypf-signs-sinopec-shale-pact Argentina’s state-run YPF and Chinese giant Sinopec have signed an agreement to further advance development of oil and gas reserves in the country, including in the Vaca Muerta shale. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389921/ypf-signs-sinopec-shale-pact Wed, 28 Jan 2015 13:13:07 +0000 live Hess profit chopped on revenue slump http://www.upstreamonline.com/live/1389916/hess-profit-chopped-on-revenue-slump Net profit plunged at US independent Hess as revenues fell away amid a low oil price environment. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389916/hess-profit-chopped-on-revenue-slump Wed, 28 Jan 2015 12:49:07 +0000 live Cenovus deepens capital cutbacks http://www.upstreamonline.com/live/1389899/cenovus-deepens-capital-cutbacks Canada’s Cenovus Energy has further reduced its capital budget for the year by another $700 million as oil prices continue to fall. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389899/cenovus-deepens-capital-cutbacks Wed, 28 Jan 2015 12:24:33 +0000 live Weatherford chops COO role http://www.upstreamonline.com/live/1389897/weatherford-chops-coo-role Weatherford International has axed the position of chief operating officer as the services giant tries to re-position itself amid tough market conditions. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389897/weatherford-chops-coo-role Wed, 28 Jan 2015 12:08:12 +0000 live Sasol puts brakes on US GTL plant http://www.upstreamonline.com/live/1389888/sasol-puts-brakes-on-us-gtl-plant South African player Sasol has delayed plans for a gas-to-liquids facility in Louisiana in order to conserve cash in response to tumbling oil prices. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389888/sasol-puts-brakes-on-us-gtl-plant Wed, 28 Jan 2015 11:22:07 +0000 live Low prices 'to fuel asset sales' http://www.upstreamonline.com/live/1389887/low-prices-to-fuel-asset-sales Low oil prices could force more companies with high debt leverage to offload assets this year, further fuelling global merger and acquisition deals (M&A) that hit a record $321.5 billion in 2014, according to PriceWaterhouseCoopers (PwC). Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389887/low-prices-to-fuel-asset-sales Wed, 28 Jan 2015 11:13:36 +0000 live Petrobras reassessing scandal costs http://www.upstreamonline.com/live/1389876/petrobras-reassessing-scandal-costs Brazilian giant Petrobras has finally released its long-delayed third-quarter results, but has not booked any charges related to the corruption scandal that has rocked the company. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389876/petrobras-reassessing-scandal-costs Wed, 28 Jan 2015 09:19:36 +0000 live Ramboll in Culzean hat-trick http://www.upstreamonline.com/live/1389877/ramboll-in-culzean-hat-trick Engineering consultancy Ramboll Oil & Gas has secured a further detailed design contract for a pair of platform jackets on Maersk Oil’s Culzean field project in the UK North Sea. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389877/ramboll-in-culzean-hat-trick Wed, 28 Jan 2015 09:11:51 +0000 live Shell inks $11bn Iraq petrochems deal http://www.upstreamonline.com/live/1389874/shell-inks-usd-11bn-iraq-petrochems-deal Shell has signed a deal with Iraq’s government that paves the way for development of an $11-billion petrochemicals plant in the major Middle East producer. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389874/shell-inks-usd-11bn-iraq-petrochems-deal Wed, 28 Jan 2015 09:02:51 +0000 live Drillsearch posts fall in revenue http://www.upstreamonline.com/live/1389864/drillsearch-posts-fall-in-revenue An increase in production was not enough to offset the steep decline in oil prices as Australian company Drillsearch Energy saw revenues fall in the fourth quarter of 2014. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389864/drillsearch-posts-fall-in-revenue Wed, 28 Jan 2015 02:55:53 +0000 live Allseas faces action on 'slavery' http://www.upstreamonline.com/live/1389823/allseas-faces-action-on-slavery Allseas is facing a possible boycott of its vessels working for operators including Statoil off Norway after the International Transport Workers Federation (ITF) alleged that it forces personnel to work under “slave-like” conditions. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389823/allseas-faces-action-on-slavery Tue, 27 Jan 2015 15:34:11 +0000 live Freeport-McMoRan books steep losses http://www.upstreamonline.com/live/1389821/freeport-mcmoran-books-steep-losses Resource giant Freeport-McMoRan has swung to a net loss for the fourth quarter and 2014 as a whole as impairment charges on its oil and gas assets put the company into the red. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389821/freeport-mcmoran-books-steep-losses Tue, 27 Jan 2015 15:26:25 +0000 live Aramco reviewing development projects http://www.upstreamonline.com/live/1389784/aramco-reviewing-development-projects Saudi Arabian state company Saudi Aramco plans to review its oil and gas development projects, slowing down some and renegotiating some contracts in response to falling oil prices. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389784/aramco-reviewing-development-projects Tue, 27 Jan 2015 13:04:05 +0000 live Volga Gas abandons sale bid http://www.upstreamonline.com/live/1389800/volga-gas-abandons-sale-bid Russia-focused junior Volga Gas has dropped its effort to sell the company after failing to garner any suitable bids. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389800/volga-gas-abandons-sale-bid Tue, 27 Jan 2015 11:37:40 +0000 live KMG production slips 1% in 2014 http://www.upstreamonline.com/live/1389759/kmg-production-slips-1-percent-in-2014 Kazakhstan’s KazMunaiGas Exploration Production reported a 1% slip in output in 2014 to 250,000 barrels per day of oil as falling venture production at declining fields outpaced growing output on its operated projects. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389759/kmg-production-slips-1-percent-in-2014 Tue, 27 Jan 2015 09:03:58 +0000 live Afren faces cash squeeze http://www.upstreamonline.com/live/1389758/afren-faces-cash-squeeze Afren has revealed it is facing a serious liquidity shortfall to fund ongoing operations as an imminent debt repayment deadline looms for the beleaguered UK independent. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389758/afren-faces-cash-squeeze Tue, 27 Jan 2015 08:43:29 +0000 live Tethys prepares for asset write down http://www.upstreamonline.com/live/1389755/tethys-prepares-for-asset-write-down Sweden's Tethys Oil has warned that it expects to book a Skr127 million ($15.3 million) write down in its fourth quarter results. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389755/tethys-prepares-for-asset-write-down Tue, 27 Jan 2015 08:09:44 +0000 live Technip wins Gulf of Mexico contracts http://www.upstreamonline.com/live/1389754/technip-wins-gulf-of-mexico-contracts French engineering company Technip has landed two subsea contracts in the Gulf of Mexico from US independent Stone Energy. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389754/technip-wins-gulf-of-mexico-contracts Tue, 27 Jan 2015 06:54:48 +0000 live Energy Transfer Partners to buy affiliate http://www.upstreamonline.com/live/1389751/energy-transfer-partners-to-buy-affiliate Pipeline company Energy Transfer Partners is buying affiliate Regency Energy Partners for roughly $11 billion, the latest example of master limited partnerships (MLP) trying to simplify their structures and lift returns. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389751/energy-transfer-partners-to-buy-affiliate Tue, 27 Jan 2015 04:18:18 +0000 live JGC wins $507.8m EPCC contract http://www.upstreamonline.com/live/1389750/jgc-wins-usd-5078m-epcc-contract Japan's JGC has landed a 60 billion yen ($507.4 million) engineering, procurement, construction and commissioning contract related to the expansion of the Petronas liquefied natural gas complex in Bintulu, Malaysia. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389750/jgc-wins-usd-5078m-epcc-contract Tue, 27 Jan 2015 04:03:53 +0000 live Hess cuts Bakken spending http://www.upstreamonline.com/live/1389744/hess-cuts-bakken-spending US player Hess is slashing its rig count and trimming its spending plans in the Bakken shale play as part of a larger reduction in its budget for 2015. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389744/hess-cuts-bakken-spending Mon, 26 Jan 2015 23:19:33 +0000 live WPX delays Colorado completions http://www.upstreamonline.com/live/1389718/wpx-delays-colorado-completions US independent WPX Energy is joining a growing list of operators who are delaying onshore well completions in order to save money in a time of low commodity prices. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389718/wpx-delays-colorado-completions Mon, 26 Jan 2015 22:32:46 +0000 live Chesapeake in $119m settlement http://www.upstreamonline.com/live/1389715/chesapeake-in-usd-119m-settlement US operator Chesapeake Energy has agreed to pay around $119 million under a preliminary settlement with mineral-rights owners in Oklahoma who accused the company of improper royalty payments dating back to 2004. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389715/chesapeake-in-usd-119m-settlement Mon, 26 Jan 2015 20:21:05 +0000 live BP asks for voluntary T&T layoffs http://www.upstreamonline.com/live/1389714/bp-asks-for-voluntary-tandt-layoffs UK supermajor BP has begun an initial round of job cuts in its Trinidad & Tobago subsidiary by asking for volunteers to leave the company. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389714/bp-asks-for-voluntary-tandt-layoffs Mon, 26 Jan 2015 18:37:18 +0000 live BP 'freezing pay for 2015' http://www.upstreamonline.com/live/1389713/bp-freezing-pay-for-2015 BP has confirmed it will freeze employee base pay globally for 2015 amid the steep drop in global oil prices. Kathrine.Schmidt@upstreamonline.com (Kathrine Schmidt) http://www.upstreamonline.com/live/1389713/bp-freezing-pay-for-2015 Mon, 26 Jan 2015 18:21:51 +0000 live Ivory Coast boost for African Petroleum http://www.upstreamonline.com/live/1389655/ivory-coast-boost-for-african-petroleum Potential resources on African Petroleum’s acreage off Ivory Coast have been more than doubled in an independent assessment, which has also bumped up estimated volumes off Liberia. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389655/ivory-coast-boost-for-african-petroleum Mon, 26 Jan 2015 15:12:45 +0000 live Petro-Victory in overspending audit http://www.upstreamonline.com/live/1389641/petro-victory-in-overspending-audit Canadian junior Petro-Victory Energy has said it is auditing its partner President Energy’s books over what it sees as an unauthorised $1.5 million overspend on capital expenditure at the pairs Pririty basin acreage onshore Paraguay. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389641/petro-victory-in-overspending-audit Mon, 26 Jan 2015 14:14:11 +0000 live Ocean Rig reviews Samsung drillship orders http://www.upstreamonline.com/live/1389596/ocean-rig-reviews-samsung-drillship-orders Ocean Rig is looking to drop up to two of its four drillships on order at Samsung Heavy Industries as a related company eyes a swap deal for a host of tanker newbuilds. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389596/ocean-rig-reviews-samsung-drillship-orders Mon, 26 Jan 2015 12:12:01 +0000 live Falcon's wings clipped in Hungary http://www.upstreamonline.com/live/1389602/falcons-wings-clipped-in-hungary Irish independent Falcon Oil & Gas has seen a planned three-well drilling effort cut short onshore Hungary after failing to gain funding for the third probe from its Serbian partner, which has now pulled out. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389602/falcons-wings-clipped-in-hungary Mon, 26 Jan 2015 10:04:59 +0000 live PA liquidation on agenda http://www.upstreamonline.com/live/1389595/pa-liquidation-on-agenda PA Resources has called an extraordinary meeting of shareholders to decide whether to put the cash-strapped Swedish independent into liquidation. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389595/pa-liquidation-on-agenda Mon, 26 Jan 2015 08:09:17 +0000 live Southern Pacific files for bankruptcy http://www.upstreamonline.com/live/1389547/southern-pacific-files-for-bankruptcy Oil sands player Southern Pacific Resources has filed for bankruptcy protection with the Canadian government as it struggles to find a solution to its current financial situation. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389547/southern-pacific-files-for-bankruptcy Fri, 23 Jan 2015 16:53:20 +0000 live 23,000 Canada drill jobs 'facing axe' http://www.upstreamonline.com/live/1389538/23000-canada-drill-jobs-facing-axe The Canadian Association of Oilwell Drilling Contractors expects up to 23,000 jobs to be lost in 2015 thanks to a slowdown in the oil patch and low commodity pricing. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389538/23000-canada-drill-jobs-facing-axe Fri, 23 Jan 2015 15:58:36 +0000 live Serinus to slash capex in 2015 http://www.upstreamonline.com/live/1389537/serinus-to-slash-capex-in-2015 Canada's Serinus Energy plans to reduce its capital expenditure by 70% in 2015 while also warning of lower output and prices in Ukraine the fourth quarter. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389537/serinus-to-slash-capex-in-2015 Fri, 23 Jan 2015 15:28:23 +0000 live President in Pirity ultimatum http://www.upstreamonline.com/live/1389531/president-in-pirity-ultimatum President Energy has threatened to expropriate Petro-Victory Energy’s stake in the Pirity concession onshore Paraguay after issuing two payment default notices to the Canadian co-venturer. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389531/president-in-pirity-ultimatum Fri, 23 Jan 2015 15:01:40 +0000 live 'More job cuts' at Reinertsen http://www.upstreamonline.com/live/1389508/more-job-cuts-at-reinertsen Norwegian engineering consultancy Reinertsen has reportedly decided to lay off another 50 workers due to a slump in offshore activity exacerbated by falling oil prices. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389508/more-job-cuts-at-reinertsen Fri, 23 Jan 2015 13:12:27 +0000 live 2015 'may be year of big M&A buys' http://www.upstreamonline.com/live/1389460/2015-may-be-year-of-big-manda-buys The coming year may prove to be a buyers’ market for mergers and acquisitions as investors with long views take aim at creating value from distressed sales, an analysis has predicted. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389460/2015-may-be-year-of-big-manda-buys Fri, 23 Jan 2015 10:39:32 +0000 live Arawak axes Gulfsands pact http://www.upstreamonline.com/live/1389446/arawak-axes-gulfsands-pact Dubai-based Arawak Energy has decided to pull the plug on a strategic tie-up with Gulfsands Petroleum to pursue upstream business opportunities in the Middle East and North Africa (MENA). Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389446/arawak-axes-gulfsands-pact Fri, 23 Jan 2015 08:21:18 +0000 live EnQuest cuts capex, output to grow http://www.upstreamonline.com/live/1389441/enquest-cuts-capex-output-to-grow EnQuest has once again taken the knife to its 2015 capital expenditure as low oil prices put pressure on costs. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389441/enquest-cuts-capex-output-to-grow Fri, 23 Jan 2015 07:59:29 +0000 live Keppel recognises the challenges http://www.upstreamonline.com/live/1389316/keppel-recognises-the-challenges Singapore's leading oil and gas fabricator Keppel has acknowledged that low oil prices in addition to reduced global upstream spending and a potential oversupply of rigs "has created a challenging environment". (Russell Searancke) http://www.upstreamonline.com/live/1389316/keppel-recognises-the-challenges Fri, 23 Jan 2015 03:51:54 +0000 live WorleyParsons in Canadian oil sands win http://www.upstreamonline.com/live/1389314/worleyparsons-in-canadian-oil-sands-win Australian engineering player WorleyParsons has won a C$135 million (US$109 million) contract to build an oil sands project in Canada. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389314/worleyparsons-in-canadian-oil-sands-win Fri, 23 Jan 2015 03:42:18 +0000 live Santos posts record revenue http://www.upstreamonline.com/live/1389308/santos-posts-record-revenue Australian independent Santos posted record quarterly and annual revenues as output rose thanks largely to the start up of the Papua New Guinea liquefied natural gas (PNG LNG) project. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389308/santos-posts-record-revenue Fri, 23 Jan 2015 01:20:23 +0000 live Dudley warns 'low prices may last years' http://www.upstreamonline.com/live/1389289/dudley-warns-low-prices-may-last-years The boss of oil giant BP Bob Dudley reportedly believes oil prices could remain low for up to three years. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389289/dudley-warns-low-prices-may-last-years Thu, 22 Jan 2015 17:01:26 +0000 live Lukoil to cut spending by 10% http://www.upstreamonline.com/live/1389278/lukoil-to-cut-spending-by-10-percent Lukoil plans to cut capital expenditure by 10% next year in a $1.5 billion cutback being made following the recent collapse in global oil prices, reports said. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389278/lukoil-to-cut-spending-by-10-percent Thu, 22 Jan 2015 15:33:35 +0000 live 'More job cuts' in Norway http://www.upstreamonline.com/live/1389277/more-job-cuts-in-norway Offshore contractors Weatherford and FMC Technologies are set to shed a total of up to 220 jobs in Norway as oil company cutbacks take a toll on offshore activity, according to reports. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389277/more-job-cuts-in-norway Thu, 22 Jan 2015 15:08:27 +0000 live HitecVision woos Rocksource investors http://www.upstreamonline.com/live/1389269/hitecvision-woos-rocksource-investors Private equity investor HitecVision has secured a dominant stake in Norwegian minnow Rocksource after gaining wider acceptance from shareholders for its mandatory offer. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389269/hitecvision-woos-rocksource-investors Thu, 22 Jan 2015 13:44:24 +0000 live Cairn India profit slumps http://www.upstreamonline.com/live/1389262/cairn-india-profit-slumps Cairn India's net profit for the third quarter of its financial year has plunged by 53% year-on-year to $218 million, as low crude prices continued to put pressure on its profit margins. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389262/cairn-india-profit-slumps Thu, 22 Jan 2015 12:45:42 +0000 live Gazprom turns up debt heat on Ukraine http://www.upstreamonline.com/live/1389258/gazprom-turns-up-debt-heat-on-ukraine Russian state-owned giant Gazprom is stepping up pressure on Ukrainian utility Naftogaz to repay outstanding debts for gas supplies and has notified it that a price discount will be terminated. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389258/gazprom-turns-up-debt-heat-on-ukraine Thu, 22 Jan 2015 11:51:21 +0000 live Prosafe takes $7m Safe Bristolia charge http://www.upstreamonline.com/live/1389249/prosafe-takes-usd-7m-safe-bristolia-charge Norwegian accommodation rig specialist Prosafe is making a $7 million provision in its fourth-quarter accounts following damage to lifeboats on one of its units last year while working for BG Group on a UK field. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389249/prosafe-takes-usd-7m-safe-bristolia-charge Thu, 22 Jan 2015 09:48:51 +0000 live Seadrill to back NADL debt http://www.upstreamonline.com/live/1389247/seadrill-to-back-nadl-debt Seadrill is set to provide a financial guarantee for a Nkr1.5 billion ($197.4 million) bond debt owed by its majority-owned harsh-environment rig subsidiary North Atlantic Drilling Ltd (NADL). Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389247/seadrill-to-back-nadl-debt Thu, 22 Jan 2015 09:27:03 +0000 live Faroe ups E&A capex http://www.upstreamonline.com/live/1389241/faroe-ups-eanda-capex Faroe Petroleum is increasing its exploration and appraisal (E&A) capital expenditure for this year as the company continues to drill wildcats off Norway and hunt possible acquisitions in a depressed market. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389241/faroe-ups-eanda-capex Thu, 22 Jan 2015 08:28:22 +0000 live OGPar signals layoffs http://www.upstreamonline.com/live/1389236/ogpar-signals-layoffs Brazilian oil and natural gas company OGPar plans to cut its workforce by 40%, or more than 40 workers, to bring costs in line with revenues. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389236/ogpar-signals-layoffs Thu, 22 Jan 2015 03:23:27 +0000 live Wounded Hyundai takes steps http://www.upstreamonline.com/live/1389234/wounded-hyundai-takes-steps The wounded South Korean fabricator Hyundai Heavy Industries has completed the first phase of a four-year process to lower its procurement costs and improve process management for offshore facilities. (Russell Searancke) http://www.upstreamonline.com/live/1389234/wounded-hyundai-takes-steps Thu, 22 Jan 2015 03:01:48 +0000 live Skilled snubs Programmed merger http://www.upstreamonline.com/live/1389233/skilled-snubs-programmed-merger Workforce provider Skilled Group has decided a potential merger with fellow Australian company Programmed Maintenance Services is not in the company's best interests. Josh.Lewis@upstreamonline.com (Josh Lewis) http://www.upstreamonline.com/live/1389233/skilled-snubs-programmed-merger Thu, 22 Jan 2015 02:53:14 +0000 live Kinder Morgan in $3bn pipeline buy http://www.upstreamonline.com/live/1389228/kinder-morgan-in-usd-3bn-pipeline-buy Pipeline giant Kinder Morgan said it has agreed to buy midstream player Hiland Partners for $3 billion on the same day that it announced its founder and chief executive Richard Kinder will be leaving his post. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389228/kinder-morgan-in-usd-3bn-pipeline-buy Wed, 21 Jan 2015 23:34:38 +0000 live Talisman shareholder sues to stop sale http://www.upstreamonline.com/live/1389224/talisman-shareholder-sues-to-stop-sale A Talisman Energy shareholder is suing to stop a $13 billion takeover bid by Repsol, claiming the offer price undervalued the Canadian natural gas producer. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389224/talisman-shareholder-sues-to-stop-sale Wed, 21 Jan 2015 21:14:34 +0000 live Ensco sells rig in tough market http://www.upstreamonline.com/live/1389219/ensco-sells-rig-in-tough-market Offshore driller Ensco has sold one of its stacked rigs for $1 million, a low figure that analysts reckon signifies the difficulty of putting mature rigs up for sale. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389219/ensco-sells-rig-in-tough-market Wed, 21 Jan 2015 18:58:17 +0000 live Southwestern prices senior notes http://www.upstreamonline.com/live/1389215/southwestern-prices-senior-notes Houston-based gas producer Southwestern Energy plans to raise around $2.18 billion in a public offering of senior notes and use the proceeds to pay for a recently closed acquisition from Chesapeake Energy in the Appalachian basin. Luke.Johnson@upstreamonline.com (Luke Johnson) http://www.upstreamonline.com/live/1389215/southwestern-prices-senior-notes Wed, 21 Jan 2015 16:51:55 +0000 live Descalzi urges Opec to act on prices http://www.upstreamonline.com/live/1389206/descalzi-urges-opec-to-act-on-prices Eni chief executive Claudio Descalzi has urged Opec to act to restore stability to oil prices to avert a future price spike from a collapse in investment that could see Brent rocket to $200 per barrel in years to come. Bill.Lehane@upstreamonline.com (Bill Lehane) http://www.upstreamonline.com/live/1389206/descalzi-urges-opec-to-act-on-prices Wed, 21 Jan 2015 15:34:56 +0000 live Green light for Interoil revamp http://www.upstreamonline.com/live/1389203/green-light-for-interoil-revamp Debt-laden Interoil E&P has secured backing from shareholders and bondholders for a financial restructuring that clears the way for an equity investment by new major shareholder Andes Energia. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389203/green-light-for-interoil-revamp Wed, 21 Jan 2015 15:27:37 +0000 live 'Wrong STEP' for Statoil http://www.upstreamonline.com/live/1389197/wrong-step-for-statoil Statoil has been hauled over the coals by Norway’s safety agency for failing to involve workers in decision-making on its so-called STEP cost-cutting programme in breach of regulations. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389197/wrong-step-for-statoil Wed, 21 Jan 2015 14:06:38 +0000 live Total ‘set for 10% capex cut’ http://www.upstreamonline.com/live/1389176/total-set-for-10-percent-capex-cut Total is chopping its capital expenditure by 10% with the exploration budget to take an even bigger hit, according to a report. Eoin.Ocinneide@upstreamonline.com (Eoin O'Cinneide) http://www.upstreamonline.com/live/1389176/total-set-for-10-percent-capex-cut Wed, 21 Jan 2015 12:37:34 +0000 live Siem vessel sale in doubt http://www.upstreamonline.com/live/1389158/siem-vessel-sale-in-doubt The sale of two offshore subsea construction vessels by Siem Offshore has been thrown into doubt after the buyer failed to cough up the required deposit for the $282 million deal. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389158/siem-vessel-sale-in-doubt Wed, 21 Jan 2015 09:32:27 +0000 live Aker bags Sverdrup prize http://www.upstreamonline.com/live/1389155/aker-bags-sverdrup-prize Aker Solutions has been awarded a Nkr4.5 billion ($587 million) contract by Statoil to provide detail engineering on the giant Johan Sverdrup field development off Norway. Steve.Marshall@upstreamonline.com (Steve Marshall) http://www.upstreamonline.com/live/1389155/aker-bags-sverdrup-prize Wed, 21 Jan 2015 08:08:48 +0000 live