Regional News: Europe & Russia

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Oil Discoveries At A 70-Year Low Signal A Supply Shortfall Ahead
Tuesday, August 30, 2016 Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they'll probably find even less, spurring new fears about their ability to meet future demand.

Oil Firms Deepen Cost Cuts As Price Recovery Remains Elusive
Tuesday, August 30, 2016 Oil companies are deepening cost cuts through efficiency and standardization to stay profitable while maintaining dividends, top executives and analysts say.

Statoil Cuts 250 Jobs, Mostly in HSE
Tuesday, August 30, 2016 Statoil details to Rigzone the most recent job cuts will come mainly from HSE areas of the company.

Statoil To Drill Norway's Northernmost Oil Well Next Year
Tuesday, August 30, 2016 Statoil will drill Norway's northernmost oil well next year in the Barents Sea, where it believes a significant oil discovery can be made.

NCS Investment Shrinks on Project Delays, Cancellations
Monday, August 29, 2016 Operators seeking to cut costs defer or cancel $50 billion in oil and gas project investment on the Norwegian Continental Shelf, Wood Mackenzie finds.


Norway Asks ENI To Prevent Future Disruptions At Arctic Field
Monday, August 29, 2016 Norwegian PSA asks ENI to present plans on how to avoid power disruptions at its Goliat oil platform in the Barents Sea.

No Impact From Brexit On Norwegian Gas Exports To Britain
Friday, August 26, 2016 Exports of Norwegian gas to Britain will not be affected by Britain's vote to leave the European Union, Norway's oil and energy minister told Reuters.

Oil M&A Is Back as Industry Shifts From Survival to Growth
Friday, August 26, 2016 Multibillion-dollar oil and gas deals are back on the table.

Njord A Platform Arrives at Kvaerner Stord for Renovation Works
Friday, August 26, 2016 The Njord A platform has now arrived at Kvaerner Stord, where it will be reinforced and renovated for production beyond 2030.

Seadrill Says Oil Industry May Be Turning As 2Q Beats Forecast
Thursday, August 25, 2016 Seadrill says the oil industry may be turning a corner as it posts Q2 earnings above forecasts.

Statoil Starts Production From Fram C East Well
Thursday, August 25, 2016 Production begins from the Fram C East production well offshore Norway.

Russia's Gazprom Neft Q2 Net Profit At 48.9B Rbls
Thursday, August 25, 2016 Gazprom Neft, one of Russia's top oil producers, made a net profit of $752 million in Q2.

NPD Grants Statoil Lifetime Extension for Gullfaks B
Thursday, August 25, 2016 The NPD grants Statoil permission to use the B platform on the Gullfaks field in the North Sea until January 1, 2036, which corresponds to the length of the production license.

Norway's Oil Investments To Fall Again In 2017
Wednesday, August 24, 2016 Investment in Norway's oil and gas sector will drop next year as weak crude prices push energy companies to rein in their budgets.

Sound Energy Appoints Ex-BG Exploration Lead
Wednesday, August 24, 2016 Sound Energy plc appoints Brian Mitchener as the company's executive vice president of exploration.

Russia's Gazprom Plays Down Western Sanctions
Tuesday, August 23, 2016 Russia's Gazprom said on Tuesday that Western sanctions, imposed over Moscow's role in Ukraine's crisis, have had no significant impact on the company's new and existing gas supply contracts.

Statoil to Buy P.2170 License Stake in Quest to Become Active UKCS Explorer
Tuesday, August 23, 2016 Statoil signs an agreement with Jersey Oil and Gas plc and CIECO Exploration and Production (UK) Limited to acquire a 70% ownership and operatorship of the P.2170 license on the UKCS.

Statoil to Carry Out 'Staffing Adjustments' to 2019
Tuesday, August 23, 2016 Statoil will carry out staffing adjustments from 2016 to 2019, according to a company spokesperson.

NPD Launches Tender Competition to Increase Production Influence
Tuesday, August 23, 2016 The NPD launches a tender competition in a bid to become a bigger driving force in the development of discoveries and improved recovery measures from producing fields.

Erskine Field Production Start-Up Delayed
Tuesday, August 23, 2016 The re-commencement of full, continuous production from the Erskine field has been delayed.

Repsol's Faulty Yme Platform Removed From Norway Oil Field
Tuesday, August 23, 2016 The topside of Repsol's faulty Yme oil platform was removed from the field offshore Norway on Monday.

Pemex Cancels West Pegasus Drilling Contract
Monday, August 22, 2016 Seadrill Limited receives a notice of termination from Pemex Exploracion y Servicios for the West Pegasus drilling contract, effective Aug. 16.

Egdon to Increase PEDL068 Stake in North England
Monday, August 22, 2016 Egdon Resources plc reaches an agreement to acquire an additional 20% interest in license PEDL068 from DESS Energy Limited, bringing its total interest to 68%.

Tullow Oil to Sell Exploration Assets in Norway
Monday, August 22, 2016 Tullow Oil will sell its exploration and development licenses in Norway, says a company spokesperson in a statement sent to Rigzone.

Baron Oil Receives Infrastrata Loan Repayment, Amends CLF Agreement
Friday, August 19, 2016 Baron Oil plc receives repayment of its loan to Infrastrata plc and agrees an amendment to the Convertible Loan Facility Agreement.

IOG Comes Up Dry in Skipper Well Secondary Objective
Friday, August 19, 2016 Independent Oil and Gas plc reveals that the Skipper appraisal well, located in the Northern North Sea, did not encounter any hydrocarbons in its secondary objective.

Russia's TMK Says Q2 Net Profit Rises To $57M
Friday, August 19, 2016 TMK, Russia's largest maker of steel pipes for the oil and gas industry, says its Q2 net profit rose to $57 million from $47 million in the same period of last year.

Premier Oil Reaps $250M Brexit Windfall From Weak Pound
Thursday, August 18, 2016 Premier Oil has saved about $250 million thanks to the depreciation of the British pound following the country's vote to leave the European Union.

Maersk Supply Service to Reduce Fleet, Axe 400 Workers
Thursday, August 18, 2016 Maersk Supply Service will reduce its fleet by up to 20 vessels over the coming 18 months, making around 400 crew members redundant in the process.

Russian Oil Firm Sale Delay Seen Reflecting Kremlin Pre-Election Unease
Thursday, August 18, 2016 The Russian government's move to delay the sale of a stake in the Bashneft oil firm reflects Kremlin unease before the elections.

Norway Records Highest Monthly Output in 5 Years
Wednesday, August 17, 2016 Norway records its largest monthly oil production volume in 5 years in July, according to preliminary production figures from the Norwegian Petroleum Directorate.

Shares In Russia's Bashneft Slump After Privatisation Delay
Wednesday, August 17, 2016 Shares in Russian oil firm Bashneft fell as much as 15% on Wednesday after Russian Prime Minister Dmitry Medvedev postponed plans to sell a government stake in the company.

Norway's $24B Fund Seeing End To Losses In Oil Services
Wednesday, August 17, 2016 The worst could be over for investors in Norwegian oil service high yield bonds.

Weak Oil Prices Hurt Wood Group's First-Half Core Earnings
Tuesday, August 16, 2016 Oilfield services company John Wood Group Plc reports a 26.3% fall in first-half core earnings, hurt by weak demand from oil and gas producers.

Private Equity-Backed Siccar Point Makes First North Sea Oil Deal
Tuesday, August 16, 2016 Oil and gas venture Siccar Point acquires an 8.9% stake in the UK North Sea Mariner field from JX Nippon, the private equity-backed firm's first acquisition.

Statoil Spuds NF-2 Well in Norwegian Sea
Tuesday, August 16, 2016 Statoil spuds the Njord North Flank-2 (NF-2) exploration well, located in license PL107C in the Norwegian Sea.

Russia's Yamal LNG Gets 780 Million Euros In July From Chinese Loans
Tuesday, August 16, 2016 The Novatek-led Yamal LNG project in Russia received financing in July worth about $878 million from China Development Bank and Export-Import Bank of China.

OGA Awards More Cash in Final Stage of Exploration Competition
Monday, August 15, 2016 OGA awards more than $250,000 in the final stage of its exploration license competition, which was launched in March to stimulate further interest in UKCS exploration.

G4S Names Petrofac's Tim Weller as CFO
Monday, August 15, 2016 G4S names Tim Weller as its new chief financial officer, poaching him from oilfield services company Petrofac where he held the same role.

Europa Oil & Gas Completes Shale Petroleum UK Acquisition
Monday, August 15, 2016 Europa Oil & Gas (Holdings) plc completes the acquisition of Shale Petroleum (UK) Limited for a nominal consideration of $1.29 (GBP 1).

Only Special Russian Decree Could Bar Rosneft From Bashneft Sale
Monday, August 15, 2016 Russia's Economy Ministry advises Prime Minister Dmitry Medvedev he would have to issue a special decree if he wants to bar Rosneft from the privatization of a mid-sized energy group.

COLUMN: May's Government Must Ensure Fracking Stays Safe in the UK
Monday, August 15, 2016 Proposed cash payments to families located near fracking sites could kick-start the burgeoning UK shale gas industry, but the government must ensure that the activity remains very closely monitored.

Transocean Working to Recover Stranded Rig
Monday, August 15, 2016 Transocean is working closely with authorities to recover its grounded rig as "expeditiously and safely as possible," says Transoceanís operations director for Northwest Europe, Dave Walls.

ExxonMobil to Carry Out Well Intervention Work Offshore Norway
Friday, August 12, 2016 ExxonMobil receives consent from Petroleum Safety Authority Norway to use the Island Frontier and Island Wellserver vessels for light well intervention work at the Sigyn field offshore Norway.

Maersk Q2 Net Profit Lags Forecast, Keeps Full-Year Profit Outlook
Friday, August 12, 2016 A.P. Moller-Maersk kept its downbeat 2016 profit forecast on Friday as the Danish shipping and oil giant reported net profit way under expectations.

Poland's PGNiG: Buy-Back Is Not Offered To Particular Shareholder
Friday, August 12, 2016 PGNiG decides on a share buy-back as it wants to allocate the free cash it generates but says the offer is not directed to any particular shareholder.

IEA Sees Oil Markets Slowly Tightening After Months Of Oversupply
Thursday, August 11, 2016 Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC supplies rebound.

Russia's Rosneft Says 2Q Crude Output Up 0.5%
Thursday, August 11, 2016 Rosneft says crude oil production was 4.11 million barrels per day in 2Q, up 0.5% quarter-on-quarter.

NPD Processing Development Plan for Utgard Discovery
Thursday, August 11, 2016 The Norwegian Petroleum Directorate is processing the development plan for the Utgard discovery in the North Sea, after receiving the plan for development and operation Aug. 9.

Weak Oil Pushes SBM Offshore To Axe More Jobs
Wednesday, August 10, 2016 SBM Offshore's first-half results lagged analysts' expectations as challenging conditions persisted in the oil industry.

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