Asset Management
The deal adds over 1,000 potential drilling locations and almost doubles oil production for Houston-based Magnolia.
The deal is the largest acquisition in Mitsubishi Corp.'s history and adds one of North America's leading shale gas assets to its portfolio.
The sale for $1.8 billion of Solenergi Power, the holding company for Sprng, which develops and operates solar and wind projects across India, follows other realignment actions by the supermajor.
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The E&P company said that a reduction in its interests for projects off the coast of the West African nations should still happen by the end of this year. This includes the large Greater Tortue Ahmeyim LNG project, which is set to start up in 2022. -
Despite reports to the contrary, Permian well productivity remains healthy, with average new production per well in the basin matching all-time highs, Rystad says. And the majors are now a main catalyst.
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The strategy supports the Maximise Economic Recovery from UK Oil & Gas Strategy and Vision 2035, whose goal is to achieve £140 billion additional gross revenue from UKCS production by that time.
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The subsea tieback is expected to start up in 2021. This is Shell’s second major development on a tieback in the US Gulf of Mexico, following Kaikias’ startup in May.
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Worley gets the nod for commissioning and hook-up then hand-off to BP.
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Five years since the start of the precipitous oil price drop that led to the industry’s worst recession since the 1980s, the oil market is still struggling with supply/demand balances and price stability.
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Stork, part of Fluor’s Diversified Services segment, was awarded a contract extension by Centrica Storage Ltd to continue providing fabric maintenance and associated services for the company’s UK onshore and offshore oil and gas assets.
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The Bakken and Niobrara operator will eliminate 254 jobs in an effort “to better align [its] business with the current operating environment.”
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Lundin reports that the hookup and commissioning of installed facilities at the large North Sea field is progressing as planned. Phase 1 startup is still scheduled for November.
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A comeback in offshore and international exploration and production is making up for the North American slowdown, but it is a difficult transition.
