News Archive for: June 2014

Oil and gas companies will increase exploration and production (E&P) spending by 6% to £420billion this year, according to banking giant Barclays.

While spending by major oil companies is expected to remain flat this year, Barclays said smaller firms would drive the growth.

The big oil companies – Exxon Mobil, Chevron,…

* Modest fall in oil price could have profound effect

* Costs reaching “unsustainable” levels

* Collaboration needed to improve economies of scale

Britain’s North Sea oil and gas industry faces a bleak future where more fields are likely to become uneconomic and shut in as platforms close – unless costs can…

British petroleum giant BP has signed a heads of agreement with China National Offshore Oil Corporation (CNOOC) for the supply of liquefied natural gas (LNG) over a 20-year period.

The deal sets up the provision of up to 1.5million tonnes of LNG annually starting in 2019.

BP would expect to supply…

The foundation of a new oil and gas body is to be announced by Chief Treasury Secretary, Danny Alexander, later today. The aim of the new body will be to increase collaboration in the petroleum industry, whilst securing the long-term future of the North Sea oil and gas industry.

According…

EnQuest PLC, through its wholly owned subsidiary EQ Petroleum Production Malaysia Ltd, has entered into the agreement to acquire ExxonMobil Exploration and Production Malaysia Inc.’s interest in the Seligi oil field and the PM8 PSC, located offshore Malaysia. The agreement is subject to the approval of Petroliam Nasional Berhad (“PETRONAS”)…