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Oil major BP is reportedly set to axe 300 jobs following a review of its operations in the North Sea amid plummeting oil prices.
Most of the employment cuts are expected to be on-shore as part of cost-cutting plans.
BBC reports that employees at BP’s North Sea headquarters in Aberdeen will be informed about its plans later.
BP employs 3,500 people in the North Sea and 11,000 across the UK.
Eni, Vitol and the Government of Ghana signed an agreement to start work on the $7bn Offshore Cape Three Points (OCTP) oil and gas project.
Located about 60km from the Ghanaian Western Region’s coast, the project features oil and non-associated gas fields and will access approximately 41 billion cubic metres of gas and 500 million barrels of oil.
First oil is expected in 2017 and initial gas in 2018, with peak production planned to be 80,000 barrels of oil equivalent per day (boepd) in 2019.
Shell announced it is set to cut investment by $15bn in the next three years due to the sharp decline of oil prices.
Oil prices declined nearly 60% in recent months from nearly $115 a barrel in June 2014.
Shell announced it was considering further reductions to capital spending, should the market outlook warrant that step, but plans to retain growth potential for the medium-term.
The company’s 2015 organic capital investment is expected to be lower than 2014 levels.
KBR signed an agreement to support BG Group in delivering its global oil and gas projects.
Both firms signed a global six-year single-partner alliance that has options to extend to around ten years.
KBR will provide technical support services in both the pre-FEED and FEED stages, as well as project management expertise across BG Group’s worldwide upstream portfolio.
The company will provide a flexible resource that can be scaled to match the detailed needs of each project.
Chevron will operate the leases for the Tiber and Gila fields, as well as the Gibson exploration blocks, east of Gila, in the north-west area of Keathley Canyon.
BP agreed to sell about half of its equity interests in Gila and Tiber to Chevron.
The Tiber field was discovered in 2009, followed by the Gila field in 2013.
Independent oil and gas exploration and production company BPZ Energy announced initial production at the Albacora A-27D development well, offshore Block Z-1, Peru.
The A-27D well, which was drilled to a total measured depth of approximately 14,500ft, averaged approximately 1,135 barrels of oil per day (bopd) gross for a ten-day period.
In the final 24 hours, the well had an average production of approximately 905bopd, 3.7 million cubic feet of gas per day and two barrels of water per day.
BPZ Energy, which has a 51% participation in Block Z-1, said the well was producing better than previous wells due to additional pay opened in the lower Zorritos sands.
Russian energy firm Gazprom announced it will independently construct the offshore section of the Turkish Stream gas pipeline under the Black Sea.
The statement came after a meeting between Gazprom CEO Alexey Miller and Turkish Energy and Natural Resources Minister Taner Yildiz considering the preliminary feasibility study of the pipeline and approving its new route.
Gazprom will submit a notice requesting a conduct of front end engineering and design (FEED) operations for the offshore section.
PetroRio , the new brand of HRT Participações em Petróleo, agreed to acquire an 80% stake in two Brazilian offshore fields from Shell.
The Bijupirá and Salema fields are located in the pre-salt polygon, 80km north-east of the Polvo field, which was PetroRio’s first production asset.
Petróleo Brasileiro (Petrobras) holds the remaining 20% stake in the Bijupirá and Salema fields, which are located in water depths of 480m and 850m, respectively.
Energy firm Harvest Natural Resources cancelled the $275m sale of its remaining assets in Venezuela after failing to secure approval from the Venezuela Government.
In December 2013, Harvest unveiled plans to divest its stake in Venezuelan Petrodelta to Petroandina Resources for $275m.
Petroandina had already purchased an 11.6% stake in Petrodelta from Harvest for $125m.
French engineering firm Technip secured two new subsea contracts from Stone Energy to support the Amethyst field, located on Mississippi Canyon 26 in the Gulf of Mexico.
The first deal requires Technip to provide detailed engineering, procurement, fabrication, assembly and testing of a five-inch production static riser and related hardware.
Under terms of the second contract, Technip will install the pipe as a tieback to the Pompano fixed platform, which lies at an approximate water depth of 395m.