News Archive for: February 2013

E.ON is getting rid of a sizeable portion of its stake in a Norwegian offshore play after reaching a farm-out deal with local player Explora Petroleum.

The Norwegian junior is picking up a 20% slice in production licence 484 in the Norwegian Sea, leaving E.ON on just 10%.

The licence is…

Investment in the North Sea is the highest for 30 years and rising, according to a report by an oil and gas trade body. .

Companies looking for offshore energy invested £11.4bn in 2012, said Oil and Gas UK, which comprises more than 320 companies active in the area. .

That…

Chevron Corporation has decided to invest in Australian shale, announcing today that it has bought interest in two gas blocks in the Cooper Basin from Beach Energy.

The U.S.-based company said it will initially acquire a 30% working interest in block PEL 218 in South Australia, and 18% working interest…

Just two years ago, at his 2011 Budget, George Osborne opted to take another £2bn in taxes from producers, adding to earlier changes by Labour that were already damaging investment and confidence.

The industry responded in an all too familiar way by cutting budgets and putting investment on hold. Over…

Fram was originally designed for a 35,000 barrels oil equivalent per day development using floating, production, storage, and off-loading (FPSO) technology. Development drilling for the Fram field began last year but early assessments have shown unexpected well results. Development drilling will continue for the next several months and the…