INDUSTRY NEWS

  • Spirit starts production from Oda field in North Sea
    on March 19, 2019 at 5:45 pm

    Spirit Energy Ltd. and its partners started oil production from Oda field, which lies in 65 m of water 13 km east of Ula in production license 405 in the North Sea, on Mar. 16, about 5 months ahead of schedule. […]

  • Rystad: Oil service market to remain depressed until 2025
    on March 19, 2019 at 4:34 pm

    It won’t be until 2025—11 years after the last peak—that global service market revenues again will make it back to the $920-billion mark seen in 2014, according to a recent report from Rystad Energy. “This will be the longest slump faced by the oil field services industry since the 1980s, with about $2.3 trillion in revenues lost along the way,” said Audun Martinsen, Rystad Energy’s head of oil field service research. […]

  • Imperial’s Aspen oil sands project delayed by year or longer
    on March 19, 2019 at 4:17 pm

    Imperial Oil Ltd. said its recent decision to slow development of its Aspen in situ oil sands project will delay the project’s expected production start by at least a year given the limited winter drilling and site preparation season. The decision to slow activity was made given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges. […]

  • Neptune lets drilling contract for Norwegian North Sea wells
    on March 19, 2019 at 4:04 pm

    Neptune Energy Norge AS has let a drilling contract to CIMC Offshore AS to drill six wells in the Norwegian North Sea using the newbuild Beacon Atlantic semisubmersible rig, which will be managed by Odfjell Drilling AS. […]

  • MARKET WATCH: NYMEX crude oil settles above $59/bbl
    on March 19, 2019 at 3:09 pm

    Light, sweet crude oil for April delivery settled above $59/bbl, setting a 4-month record high Mar. 18 after the Organization of Petroleum Exporting Countries and other major producers discussed continuing current oil-production cuts through June. […]

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