Management

There is a new, big independent in the UK North Sea, Delek Group. Its UK North Sea arm, Ithaca, bought most of Chevron’s holdings in the sector in a $2 billion deal.

Devon Energy and its debt gets smaller, as Canadian Natural Resources adds to its huge, long-term bet on Canadian heavy and ultra-heavy crude.

The deepwater Gulf of Mexico project is expected to add 50,000 B/D of oil production through the construction of two new subsea production units and production wells.

Louisiana state granted a tax incentive to LNG Ltd. for its Magnolia project in Lake Charles. Although a beneficial development, it’s a drop in the bucket in the company’s progress toward FID.

If the benchmark oil price is $10/bbl higher than the breakeven price for production that means companies are making good money, right? Maybe, but it’s hard to know what goes into a breakeven price.

Appomattox begins production below cost and ahead of schedule in another optimistic sign of the offshore sector’s rebound.

After suffering major setbacks, Chevron’s massive Big Foot project finally achieved first oil last November in the US Gulf of Mexico. With the setbacks in the rear-view mirror, project personnel spoke about the challenges.

Petrobras says it can produce oil for a lower break-even price than onshore shale plays, including the Permian Basin. Brazil’s offshore sector has cut the cost of deepwater production but comparisons based on break-even prices are slippery.

Equinor awarded a contract to Kaefer Energy AS for services within insulation, scaffolding, and surface treatment (ISO) on the Johan Sverdrup field. Awarded under an already existing framework agreement for operations, the contract has an estimated value of more than NOK 700 million. This includes both ordinary operations and maintenance work, and work associated with…

The recent production freefall could accelerate even further as US sanctions-related deadlines pass, the US Energy Information Administration said.