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Regional News: Europe & Russia

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Shell Agrees Sale of Norwegian Downstream Businesses
Thursday, December 18, 2014 Royal Dutch Shell agrees to sell its Norwegian retail, commercial fueld and logistics businesses to ST1.

EU Bans Investment in Crimea, Targets Oil Sector, Cruises
Thursday, December 18, 2014 The EU bans investment in Crimea, halting European help for Russian Black Sea oil and gas exploration.

Stage Two of Russia's Urengoyskoye Field Launched
Wednesday, December 17, 2014 Novatek reports the launch of the second stage of the Urengoyskoye field, onshore Russia.

Dutch Oil Platform Company SBM Offshore Maintains Outlook
Wednesday, December 17, 2014 SBM Offshore has maintained its sales guidance for 2014 but said it would take $146 million in one-off charges.

Russia Energy Minister Says to Maintain 2014 Oil Output into 2015
Tuesday, December 16, 2014 Russia will maintain its 2014 oil output level into 2015, Russia's energy minister says.


Bank of England: Plunging Oil Prices Could Boost Geopolitical Tensions
Tuesday, December 16, 2014 Plunging oil prices could heighten geopolitical tensions, the Bank of England warns.

Total Delays Bulgaria Exploration Citing Oil Price Tumble
Tuesday, December 16, 2014 Total says that drilling for oil and gas at an exploration block off Bulgaria's Black Sea coast will be delayed by at least six months.

Technip To Push On With Diversification Plan After CGG Talks Fail
Monday, December 15, 2014 Technip says it would press on with its strategy of broadening its range of services despite its failed attempt to buy seismic surveys specialist CGG.

Technip Rules Out CGG Bid After Talks Fail
Sunday, December 14, 2014 Technip rules out making an offer for seismic surveys specialist CGG after talks between the two firms fail to produce an agreement.

Dijols Launches Takeover Offer for CAT oil
Thursday, December 11, 2014 Oil industry veteran Maurice Dijols launches a $926-million takeover offer for Austria's CAT oil.

First Stage of Urengoyskoye Field Reaches Full Capacity
Thursday, December 11, 2014 Novatek reports that the first stage of the Urengoskoye field, onshore Russia, reaches its full capacity of 246 Bcf of gas and 18.3 million barrels of gas condensate per annum.

Lower Oil Prices Prompt Norway Interest Rate Cut
Thursday, December 11, 2014 In a surprise move, Norway's central bank cuts its key lending rate as it frets over the impact of the sharp fall in oil prices on the country's economy.

SBM to Shed 1,200 Positions in Restructuring Move
Thursday, December 11, 2014 SBM Offshore is to cut 600 contractor staff and a similar number of permanent employees in order to optimize its cost base.

Wood Group Order Book to Provide Resilience in 2015
Thursday, December 11, 2014 Wood Group says a largely-reimbursable order book and prospects will help provide it with relative resilience during 2015.

Total Restructures Exploration and Production Business
Wednesday, December 10, 2014 France's Total restructures its exploration and production unit into five geographical divisions.

BP Still Expects Growth Despite Challenging Environment
Wednesday, December 10, 2014 BP says it will see growth from conventional and deep-water assets, as well as an increasing contribution from its gas activities, in spite of the current challenging environment.

Diplomat: Russia Still Sees Gas Pipeline Serving Southeast Europe
Tuesday, December 09, 2014 Russia has not given up on building a pipeline to supply gas to southeast Europe despite the collapse of the South Stream project, according to Russia's new ambassador to Hungary.

Russia's Timchenko Says Has 'No Interest' in Buying Bashneft
Tuesday, December 09, 2014 Russian tycoon Gennady Timchenko says he has no interest in buying independent oil firm Bashneft.

Ireland's Petroceltic Sued by Largest Shareholder
Monday, December 08, 2014 Irish oil producer Petroceltic is sued by its largest shareholder, Worldview Capital Management, which is also calling for the resignation of its CEO.

BP to Cut Management Jobs as it Changes Corporate Structure
Monday, December 08, 2014 BP confirms that it will cut management positions as it reshapes its corporate structure to reflect the company's size after four years of divestments.

Centrica Makes Minor Gas Discovery near Aasta Hansteen
Monday, December 08, 2014 Centrica Resources Norge makes a minor gas discovery near the Aasta Hansteen field in the Norwegian Sea, according to the Norwegian Petroleum Directorate.

Statoil Shuts LNG Plant Due to a Leak, Duration Unknown
Monday, December 08, 2014 Statoil shuts Europe's only plant producing liquefied natural gas for an indefinite period due to a gas leak.

More Than $150B Of Oil Projects Face The Axe In 2015
Friday, December 05, 2014 Global exploration projects worth more than $150B are likely to be put on hold next year as plunging oil prices render them uneconomic, data shows, potentially curbing supplies by the end of the decade.

IEA's Birol Sees Oil Price Rising Near $100 in Coming Years
Friday, December 05, 2014 International Energy Agency Chief Economist Fatih Birol says he sees oil rising to near $100 per barrel.

Scottish Power, Egdon Give Go-Ahead To UK Shale Gas Project
Friday, December 05, 2014 Scottish Power and Egdon Resources have decided to move ahead with a joint project to explore and develop shale gas in Britain, after seismic data showed the potential for reserves.

Norway's Statoil Extends Rig Suspensions As Margins Squeezed
Friday, December 05, 2014 Statoil extends its suspension of three drilling rigs due to a lack of appropriate exploration prospects.

Statistics Norway: Norway's Growth, Oil Spending to Take Big Hit in 2015
Thursday, December 04, 2014 Norwegian economic growth will slow sharply next year as the offshore energy sector contracts.

BASF CEO Sees Completing of Asset Swap with Gazprom by Year-End
Thursday, December 04, 2014 German chemicals and oil group BASF expects a major asset swap deal with Gazprom to take place by the end of 2014.

Kemp: No More Geopolitical Risks Please
Thursday, December 04, 2014 Geopolitical risk has become a convenient catch-all to describe problems overseas, analyst John Kemp says.

Wressle-1 Well Gets Testing Permit
Thursday, December 04, 2014 Firms involved in the Wressle-1 well, located onshore UK, are given a permit for testing operations by the Environment Agency.

Saipem Could Lose $1.55B in 2015 Revenue on South Stream
Wednesday, December 03, 2014 Italian oil services firm Saipem may lose $1.6 billion in revenue in 2015 due to Russia's apparent cancellation of the South Stream gas pipeline project.

Austria Thinks South Stream Dead, Wants Clarity
Tuesday, December 02, 2014 Austria's economy minister tells reporters that the country believes the Russian South Stream gas pipeline project is dead.

Gas Discovery at Ivory Well Inconclusive
Tuesday, December 02, 2014 Rocksource reports that its Ivory exploration well in the Norwegian Sea has discovered a gas accumulation but that it is not possible to determine if the discovery is commercial.

Putin Drops South Stream Gas Pipeline to EU, Courts Turkey
Monday, December 01, 2014 Russia scraps the South Stream pipeline project to supply gas to southern Europe without crossing Ukraine, citing EU objections, and instead named Turkey as its preferred partner for an alternative pipeline.

Statoil Could Pay High Cost for Response to Exploration Failure
Monday, December 01, 2014 Industry insiders say that Statoil may be jeopardising future production with its fast and deep cost cutting.

BG Group Revises Lund's Remuneration Package
Monday, December 01, 2014 In response to shareholder concerns about excessive remuneration, BG Group revised Helge Lund's package.

SBM Offshore Sells Diving Support Vessel to New JV
Monday, December 01, 2014 SBM Offshore sells the SBM Installer diving support and construction vessel for $150 million to a new joint venture it has established.

Pressure Grows on Austria's OMV to Unveil Convincing Strategy
Monday, December 01, 2014 With its ambitious expansion plans in doubt and top management in flux, oil and gas group OMV is struggling to persuade investors that Austria's biggest company can master increasingly difficult markets.

Oil Hits New 4-Year Low Post OPEC as Glut Looms
Friday, November 28, 2014 OPEC decides not to cut production at its Vienna meeting.

Well Abandonment: Q&A with Weatherford International
Friday, November 28, 2014 Rigzone talks to Delaney Olstad, a business development manager for Weatherford, about how the oil and gas industry can best tackle the activity of well abandonment.

SeaBird Suffers Amid Weakening Demand for Surveys
Friday, November 28, 2014 SeaBird Exploration falls into loss as it sees global demand for seismic surveys weaken substantially.

Russia's Lukoil 3Q Profit Halves to $1.6B on Weak Oil, Rouble
Thursday, November 27, 2014 Russia's Lukoil is hit hard by low oil prices and a weak rouble.

Odjfell Revenues, Profits Decline during 3Q
Wednesday, November 26, 2014 Norway's Odfjell sees its revenues and profits fall amid a continued softening of demand for oilfield services.

Seadrill Shares Dive after Dividends Suspended
Wednesday, November 26, 2014 Oilfield services firm Seadrill suspends dividend payments to help it weather a slump in offshore drilling rig market rates.

Arctech Starts Construction of Sakhalin Icebreaking Vessel
Wednesday, November 26, 2014 Arctech Helsinki Shipyard begins construction of an icebreaking multi-purpose supply vessel that will serve Sakhalin-2 region energy production sites.

Russia Sees Average Oil Price at $80-90 in Medium, Long-Term
Wednesday, November 26, 2014 Russia's finance minister says the country sees the oil price averaging between $80 and $90 per barrel in the medium term.

Russia Says Will Keep Oil Output Steady In 2015
Wednesday, November 26, 2014 Russian oil companies will keep production steady in 2015, Energy Minister Alexander Novak says, after Moscow left a meeting with other major oil producers with no agreement on how to address weak oil prices.

Urals Receives Payment for Tanker Shipment
Wednesday, November 26, 2014 Russia-focused junior Urals Energy receives payment from Petraco Oil Company following a recent tanker shipment.

Kemp: OPEC's Other Problem: Weak Demand
Wednesday, November 26, 2014 Slowing demand growth as much as rising supplies contributed to the price crisis in 1986, just as it is now causing a similar problem for OPEC in 2014.

Russian Oil Tsar to Meet OPEC as Saudis Keep Market Guessing
Tuesday, November 25, 2014 Rosneft head Igor Sechin is to meet OPEC members in Vienna as Saudis keep the market guessing about its response to flagging oil prices.

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