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Shares have increased up to 6% for Wood after the engineering giant highlighted that it was well on its path to achieve strong earnings growth with the recovery of oil and gas markets. Since late 2016, there has been further evidence of crude price rise as told in an update from Aberdeen-based Wood. This has […]

Wood, an oilfield services provider, secured two new contracts for onshore and offshore facilities in Norway from Equinor, Norwegian oil giant. For more than 2 decades, the contract essentially continues his track record in delivery engineering and technical service to Equinor both locally and globally, Wood stated. The contract was awarded following concept study work […]

Equinor, a Norwegian oil giant plans to extend the life of offshore platforms with a number of more than 20 in Norway. On Thursday, the company said that authorities had given their approval for the life extension of 8 installations on the Norwegian continental shelf (NCS) for the past 3 years. The company added that […]

Equinor with its partners, Ineos E&P and Faroe Petroleum have discovered oil and gas from the Snadd Outer Outer/Black Vulture exploration well in the Norwegian Sea. Snadd Outer Outer is the well’s first target found to contain gas. The second target, Black Vulture, discovered oil upon further drilling. Equinor said that there was a total […]

By 2024, it is expected that the global demand for natural gas is set to rise by more than 10% in the next five years, which can reach up to 4.3 trillion cubic meters. International Energy Agency (IEA) revealed that China is expected to account for more than 40% of gas demand growth in 2024, […]

Mitch Flegg, the boss of North Sea-focused Serica Energy has highlighted the firm’s appetite for bumper acquisitons where most of the assests bigger competitors may have lost interest in lie. After the completion of a portfolio purchase from BP 6 months go, this has propelled it into the premier league, according to Mr Flegg as […]

An exploration and production firm has achieved the “incredible achievement” of delivering first oil from its flagship North Sea field on time and within budget. This has only just started the work in developing “considerable resources” at Lancaster field, to the west of Shetland, Hurricane Energy said. Due to its naturally fractured basement reservoirs, London-headquartered […]

Offshore drilling contractor Seadrill is considering to sell their non-core assets which include its 15.7% stake in oil service firm Archer. This is to reduce their liabilities, according to the firm’s chief financial officer. Controlled by Norwegian billionaire John Fredriksen, Seadrill emerged from the U.S. Chapter 11 bankruptcy proceedings last year. In order to repay […]

According to Rystad Energy, crude and lease condesate production in the North Sea is set for lower levels in the coming months for summer. This further tightens the global oil market which is already grappling with several production declines in Iran and Venezuela, OPEC’s cuts and a contamination issue that shut down Russian pipeline supplies […]

In Claymore offshore platform located in the UK North Sea, the production has been temporarily shut down. Repair work is being carried out by the operator Repsol Sinopec Resources UK on the valve of the export pipeline from the platform to the onshore Flotta terminal in Scotland. There was a reported leaking of the hydraulic […]