Great Australian Bight

Shell completes $70bn deal to acquire BG Group

Shell completed its deal to acquire BG Group for $70bn and now owns the entire share capital of BG.

The latest development comes after the High Court of Justice in England and Wales sanctioned the scheme of arrangement at a hearing held on 11 February 2016.

In accordance with the terms of the scheme, shareholders who made no valid election under the mix and match facility will receive 0.4454 new Shell shares and 383 pence in cash for each scheme share held, Shell said.

Australia Senate to investigate BP’s proposal to drill in Great Australian Bight

Australia’s Senate said it would investigate BP‘s proposal to drill for oil in the Great Australian Bight, off the southern coast, amid concerns that it may damage the marine environment.

This would be the company’s second proposal to drill for oil in the region.

BP’s first proposal was rejected by Australia’s offshore oil and GAS authority NOPSEMA in November 2015 due to inadequacies in its plans.

BP to slash 3,000 jobs from downstream segment by 2017

BP

BP announced plans to cut 3,000 jobs from its downstream segment by the end of 2017, in addition to the 4,000 positions being axed from its upstream division announced last month.

The job cuts announced in January will include 600 jobs from its operations in the North Sea and would come from its oil exploration and production business.

BP’s total number of upstream employees worldwide is expected to shrink below 20,000 by the end of 2016.

ConocoPhillips fined over 2012 platform gas releases off Lincolnshire coast, UK

ConocoPhillips was fined £3m for three separate gas leaks on the company’s platform off the Lincolnshire coast between 30 November and 1 December 2012.

The company admitted serious safety failings at Lincoln Crown Court following the gas leaks on the Lincolnshire Offshore Gas Gathering System (LOGGS), which endangered the lives of up to 66 workers onboard.

The LOGGS complex is 70 miles off the Lincolnshire coast and is made up of five interlinked platforms.

Revised development plan submitted for Israel’s offshore Leviathan field

A revised plan was submitted to Israel’s Ministry of National Infrastructures, Energy and Water Resources’ Petroleum Commissioner for development of the Leviathan gas field in the eastern Mediterranean Sea.

The changed proposal was submitted by partners involved in the project, which are Noble Energy Mediterranean (39.66%), Delek Drilling (22.67%), Avner Oil Exploration (22.67%) and Ratio Oil Exploration (15%).

Included in the altered works is supply of natural gas and condensate for the domestic market and for export. It is expected that Leviathan will produce around 21 billion cubic metres of gas per year.

ABB to deliver electrical and telecommunication systems to Al Nasr project in Abu Dhabi

Nasr

ABB secured contracts worth $18m with National Petroleum Construction Company (NPCC) to deliver electrical and telecommunication systems to Al Nasr Full field development project in Abu Dhabi.

With the new contract, NPCC will fulfil its obligations to offshore oilfield operator Abu Dhabi Marine Operating (ADMA-OPCO) under the award secured in July 2015 to carry out EPC work for the project.

The integrated solutions will increase productivity at seven wellhead towers 130km north-west of Abu Dhabi.

Oil & Gas UK says spending on new offshore oil projects to drop below £1bn in 2016

A survey by Oil & Gas UK revealed that spending on new offshore oil projects is expected to fall below £1bn in 2016, compared with the typical £8bn per annum in the last five years.

The 2016 Activity Survey focuses on the activities of exploration and production companies operating in the UK Continental Shelf (UKCS).

Oil & Gas UK is urging the government for urgent reforms of special taxes paid by the industry in a bid to attract investment back to the basin.

GE signs agreement with Statoil for global subsea projects

GE Oil & Gas signed an agreement with Norway-based Statoil to provide subsea equipment and services on global field projects.

The new projects would enable GE to continue to support its value creation in a low oil price environment.

Valid globally until 2025, the agreement will form the basis for potential new contracts for subsea equipment, as well as services on new projects and field developments.

Shell evacuates 80 from Brent Bravo platform in North Sea amid storm fears

Oil Platforms

Shell evacuated nearly 80 workers from its Brent Bravo platform in North Sea due to fears of damage from Storm Imogen.

The storm is believed to have caused structural damage to one of the platform’s legs.

A clamp came loose from one of the legs of Brent Bravo platform and remained hanging above a gas pipeline, which is linked to the St Fergus terminal.

Saipem files $823m claim against Gazprom over Black Sea pipeline contract cancellation

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Italy-based pipe-laying company Saipem filed a €759m ($823m) arbitration claim against Russian company Gazprom for cancelling a contract to lay a natural-gas pipeline under the Black Sea.

The company initially filed the claim against Gazprom’s subsidiary South Stream Transport before the International Chamber of Commerce in Paris in November 2015, with documents outlining this released last month.

In 2014, plans to build the South Stream link to Bulgaria were scrapped by Russian President Vladimir Putin as the EU opposed the project.