Regional News: Europe & Russia

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Wood Mac: Producers Continue to Run Loss-making Oilfields
Friday, February 05, 2016 Less than 0.1% of global production has been halted to date even though 3.5% of global supply is currently cash negative, says Wood Mackenzie.

Sources: Total-Led Consortium Bids for Greek Offshore Gas Drilling Block
Friday, February 05, 2016 France’s Total, along with Hellenic Petroleum and Edison, bid for one offshore gas block in the west of Greece.

BG Group's Earnings Drop
Friday, February 05, 2016 BG Group's upstream business posts earnings of $4.1 billion at the EBITDA level in 2015, marking a 35 percent decrease from 2014.

Cuadrilla Faces Five-Week Public Hearing on Fracking in UK
Friday, February 05, 2016 A pause on fracking in northwest England that cooled expansion of the practice in the rest of the country may end after a five-week public inquiry scheduled next week.

EU Clears Acquisition of Cameron by Schlumberger
Friday, February 05, 2016 The European Union clears the purchase of equipment maker Cameron International by Schlumberger, the world's No.1 oilfield services provider.


EU clears acquisition of Cameron by Schlumberger
Friday, February 05, 2016 The European Union clears the purchase of equipment maker Cameron International Corporation by Schlumberger, the world's number one oilfield services provider.

Dong Energy Expects Positive Cash Flow from Oil, Gas in 2017
Thursday, February 04, 2016 Denmark's Dong Energy confirms plans to press ahead with an IPO, saying it expects positive cash flow from its struggling oil and gas division in 2017.

European Oil Giants Post Steep Profit Falls
Thursday, February 04, 2016 Oil giants Royal Dutch Shell plc and Statoil ASA reveal steep falls in profit in their fourth quarter financial results.

Russia's Sakhalin-2 LNG Plant Expects Maintenance Works to Last until March
Thursday, February 04, 2016 Russia's sole liquefied natural gas plant Sakhalin-2 expects maintenance works to last until March.

Sound Brings Nervesa Online
Thursday, February 04, 2016 Sound Energy achieves first commercial production at the operated onshore Nervesa gas discovery, located in northeast Italy.

Lundin Doubles Year-End Losses in 2015
Wednesday, February 03, 2016 Lundin posts a loss of $866.3 million in 2015, which was more than double the $431.9 million loss registered by the company in 2014.

Commodity Bull Cycle Seen Rising From Ashes as Oil Bottoming
Wednesday, February 03, 2016 Europe's largest publicly traded asset manager says the oil price could rally as high as $50 a barrel in a few months.

CGG Completes Rights Issue, Says Has Liquidity to Weather Crisis
Wednesday, February 03, 2016 French seismic survey group says it has raised $387 million in a rights issue that should help it weather crisis in oil services.

Oil Rises After Russia Says Open to Talking to OPEC
Wednesday, February 03, 2016 Oil rose after Russia repeated its willingness to talk with OPEC, but analysts say rising US crude inventories could put slow the the rally.

European Commission extends Halliburton-Baker Hughes deal review
Wednesday, February 03, 2016 Oilfield services provider Baker Hughes says the European Commission had extended the review of its merger with Halliburton by 20 working days.

Ombrina Mare Project Development Stymied by New Drilling Ban
Wednesday, February 03, 2016 Rockhopper Exploration is considering suing the Italian government after it reintroduces a ban on offshore that will halt development of the firm's Ombrina Mare field.

IMF: Azerbaijan Needs Reforms To Weather Cheap Oil
Wednesday, February 03, 2016 The IMF is urging Azerbaijan to boost reforms and diversify its economy to withstand global crude prices hitting growth and budget.

Minister: Greece to Decide on Three Gas Exploration Licences Soon
Tuesday, February 02, 2016 Greece will decide soon on the award of three onshore natural gas exploration licenses in the west of the country, according to the country's energy minister.

A New Global Oil Deal Could Draw Lessons From 1998
Tuesday, February 02, 2016 After a year of secret diplomacy and hushed-up private talks around the world, OPEC's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices.

BP to Cut 7,000 Jobs in 2016/2017 after Worst Results for Two Decades
Tuesday, February 02, 2016 BP's final results for 2015 revealed its worst performance for more than two decades and that it will lose 7,000 members from its workforce in 2016 and 2017.

Mainland Europe Shale Gas: What Now?
Tuesday, February 02, 2016 Rigzone takes a look at the prospects for shale gas development in Europe during 2016.

Russian Oligarchs Most Likely Buyers in Putin's New Privatisation Plan
Tuesday, February 02, 2016 Russian oligarchs are the most likely potential buyers of the stakes in some of the country's largest companies that President Vladimir Putin wants to sell.

Songa Cuts Onshore Staff Size by 200, Closes Aberdeen and S. Korean Offices
Tuesday, February 02, 2016 Songa Offshore trims its staff size by 200 in a bid to optimize the company's operations in the current industry downturn.

GE Oil & Gas: Industry Must Take Lessons from Uber to Attract New Talent
Tuesday, February 02, 2016 The oil and gas industry will need to take lessons from companies like Uber if it wants to attract a new generation of talent, say speakers at the 17th GE Oil & Gas Annual Meeting in Florence, Italy.

Oil, Gas Industry Calls for Increased Collaboration amid Low Oil Price
Monday, February 01, 2016 Major players in the oil and gas industry are pushing for more industry collaboration amid the continuing low oil price.

Three-Fifths of Workforce Would Recommend O&G Career despite Slump
Monday, February 01, 2016 Petroplan's inaugural 'Talent Insight Index' finds that more than 60 percent of oil and gas professionals would recommend a career in the sector to others in spite of the prolonged downturn.

Fault at Russia's Sakhalin-2 LNG Plant Cuts Output
Monday, February 01, 2016 Russia's Sakhalin-2 LNG plant cuts production due to a technical glitch.

Seadrill Deepens Cost Cuts to Ride Out CEO’s Worst Rig Slump
Monday, February 01, 2016 Seadrill, once the crown jewel among billionaire John Fredriksen’s oil and shipping holdings, is deepening planned cost reductions this year as it attempts to make it through the worst market slump its chief executive has ever seen.

Norwegian Licensing Round Activity in 2016
Monday, February 01, 2016 With Norway's APA 2015 and 23rd licensing rounds developing rapidly, Rigzone takes a detailed look at both auctions.

UK Government to Turn Up the Heat in Move to Boost Shale Gas Industry
Sunday, January 31, 2016 A leaked government letter suggests that the UK could classify shale gas wells as 'nationally significant infrastructure', which would remove the right of local authorities to block fracking.

Lundin Reduces CAPEX by 26%, Increases Reserves by 292%
Friday, January 29, 2016 Lundin Petroleum reduces its capital expenditure to $1.08 billion in in 2016 and increases its reserve to 685 million barrels of oil equivalents.

OMV Takes Fresh Charges as Cuts Oil Price Forecast
Friday, January 29, 2016 Low oil prices force OMV to take writedowns totalling EUR 1.8 billion ($2 billion), underlining the problems facing the company.

Statoil Says Has no Plans to Invest in Gas Pipeline to Poland
Friday, January 29, 2016 Norway's Statoil will not invest in a gas pipeline to Poland, it says, setting back plans by Polish gas firm PGNiG to reduce its dependence on supplies from Russia.

Large Cretaceous Structure Confirmed Offshore Ireland
Friday, January 29, 2016 Capricorn Ireland confirmed the presence of a large-base Cretaceous structural closure off the west coast of Ireland.

Germany Seeks to Calm Polish Concerns over Nord Stream II
Friday, January 29, 2016 A new pipeline to double Russian gas flows to Germany will only go ahead if Russia does not cut off Ukraine and eastern European gas flows, German Vice Chancellor Sigmar Gabriel tells the Polish government.

Vallourec Said to Weigh Capital Increase to Endure Oil Rout
Friday, January 29, 2016 Vallourec SA, the French maker of steel tubes for the oil and gas industry, is preparing to sell about 450 million euros ($491 million) in shares to help it ride out the industry slump, according to people familiar with the matter.

Total Plans Exploration Well in UK North Sea
Thursday, January 28, 2016 French oil major Total plans to drill an exploration well at its Sween site in the British part of the North Sea, expanding near its existing infrastructure in defiance of weak oil prices.

Maurel & Prom Makes Deep Cuts as Oil Price Fall Bites
Thursday, January 28, 2016 French oil and gas junior Maurel & Prom has cut planned investments for 2016 by 70 percent to $45 million, and its exploration budget by 63 percent, as it reported a 50 percent fall in 2015 revenue.

Sources: Within OPEC, Iran is a Challenge to Any Deal on Oil Cuts
Thursday, January 28, 2016 Iran, boosting oil exports after the lifting of sanctions, is talking of a need to recoup its market share, making the OPEC member a challenge to any deal among producers to fix a supply glut, according to OPEC sources.

JKX Oil & Gas' Finance Director Leaves Ahead of Meeting
Thursday, January 28, 2016 JKX Oil & Gas says its finance director resigns ahead of a meeting to consider a board shake-up.

BG Shareholders Give Shell's $52B Acquisition Final Nod
Thursday, January 28, 2016 BG Group shareholders overwhelmingly approved Royal Dutch Shell's $52 billion takeover on Thursday, clearing the way for the two firms to create the world's biggest trader of liquefied natural gas (LNG).

OPITO Appoints New MD
Thursday, January 28, 2016 OPITO appoints Graham Gall as its new managing director.

Poland's PGNiG Expects Norway Gas Pipeline Link by 2022
Thursday, January 28, 2016 PGNiG's pipeline between Poland and Norway is expected to introduce a few billion cubic meters of annual gas capacity by 2022.

Russian Oil Output Cuts: Where There's a Will There's a Way
Thursday, January 28, 2016 Russia's oil industry has argued for years that it cannot cut output to support falling global prices for purely technical reasons; in reality it can - as long as it has the political will.

Scotland's Oil, Gas Sector Receives $360M Cash Injection
Thursday, January 28, 2016 The UK and Scottish governments to inject up to GBP 250 million ($358 million) into northeast Scotland's economy, as part of a new deal designed to support the region's oil and gas sector.

UKOG Triples Resource Base
Thursday, January 28, 2016 UK Oil & Gas Investments plc triples its resource base following a volumetric analysis carried out by Xodus Group Ltd.

Shell Wins Investor Approval to Buy BG, Sealing Biggest Deal
Wednesday, January 27, 2016 More than 83 percent of Shell shareholders voted in favor of the transaction.

Ophir Energy Appoints New Chairman
Wednesday, January 27, 2016 Ophir Energy plc appoints a new chairman following Nicholas Smith's decision to retire.

Prosafe Takes Delivery of the Safe Zephyrus Accommodation Vessel
Wednesday, January 27, 2016 Prosafe takes delivery of the Safe Zephyrus semi-submersible accommodation vessel from Singapore's Jurong Shipyard.

Russia Pipeline Chief Says Let's Talk to OPEC About Output
Wednesday, January 27, 2016 Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday, remarks that spurred a sharp rise in prices.

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