Rockhopper Reducing Headcount, Directors' Salaries
Oil and gas company Rockhopper, with a share in the Sea Lion project off the Falkland Islands, has announced a set of cost-cutting measures which include headcount reductions, and directors' salary reduction.The company said Tuesday that due to the "external events affecting the sector" - meaning low oil prices and the pandemic - it would further reduce ongoing G&A costs and re-balance executive director remuneration from cash to equity "while ensuring retention of key staff…
Neptune Energy, DEA Bid for Edison's O&G Assets
Private-equity backed Neptune Energy and Germany's DEA are bidding for the oil and gas assets in Egypt, Italy and elsewhere being sold by EDF's Italian unit Edison, industry sources said on Friday.The offers are non-binding at this stage, one of the sources said.
Premier Oil Reaps $250 mln Brexit Windfall
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, its chief executive said. Premier Oil, which on Thursday announced a return to profit in the first half of the year despite weak oil prices, earned the windfall from investments denominated in sterling, lower decommissioning fees, also in sterling, and a higher value for its $120 million acquisition of E.ON's North Sea assets.
Premier Oil Slims Down Board as Three Members Leave
Premier Oil said on Thursday that three board members would stand down over the coming months and not be replaced as the North Sea-focused oil producer slims its leadership and trims costs. Falkland Islands and Southeast Asia Director Neil Hawkings will step down on June 30 but will continue working for Premier Oil as a consultant, the company said. Non-executive directors David Bamford and Michel Romieu will leave following the firm's annual general meeting on May 11.
Premier Awards FPSO FEED Contract to SBM Offshore
SBM Offshore announced it has been awarded a front-end engineering and design (FEED) contract from Premier Oil plc for an FPSO for Phase 1 of its Sea Lion development in the North Falkland Basin. The 18-month contract awarded to SBM Offshore covers the FEED elements of the proposed FPSO. The asset will be a converted FPSO with a throughput capacity of approximately 85,000 barrels per day and will operate in 450 meters of water. The proposed Phase 1 Sea Lion project…
SBM Offshore Bags Premier Oil FPSO Contract
SBM Offshore informed that Premier Oil plc (Premier) has awarded the Company the Front-End Engineering and Design (FEED) contract for an FPSO for Phase 1 of its Sea Lion development in the North Falkland Basin. The 18-month contract awarded to SBM Offshore covers the FEED elements of the proposed FPSO. The asset will be a converted FPSO with a throughput capacity of approximately 85,000 barrels per day and will operate in 450 meters of water.
Falkland Oil Shareholders Face Tighter Deadline
Falkland-based shareholders of oil explorer Falkland Oil and Gas have only days to review a takeover offer from Rockhopper and vote on it due to transport problems delaying the delivery of legal papers to the remote islands. Shareholders who reside on the Falkland Islands, the south Atlantic islands located 500 kilometres off the south American coast, will receive documents on Dec. 26, only days before a deadline for submitting votes on the all-share takeover offer that values the company at $85 million.
Premier Oil Suspends Dividend for Easing Debt Terms
Premier Oil has agreed to not pay dividends for two years under a renegotiation of agreements with banks and bondholders designed to increase its financial flexibility against a backdrop of sharply lower crude prices. The London-listed company, which has net debt of $2 billion and whose operations stretch from the Falkland Islands to Indonesia, had already scrapped dividend payments earlier this year after it slipped into the red on the back of a steep decline in oil prices.
Argentina: UK's Cameron 'almost ill-mannered'
Tensions over the Falkland Islands flared again on Wednesday, with Argentine President Cristina Fernandez referring to Britain's leader as "almost ill-mannered" in his comments to an official of her government over the contested archipelago. At a meeting of Latin American countries with the European Union in Brussels, Foreign Minister Hector Timerman had a heated exchange over dinner with Prime Minister David Cameron over the South Atlantic islands' sovereignty.
Rare Run of Oil Finds is Little Respite for Price-Hit Explorers
Exploration firms have made a rare run of oil and gas discoveries in recent weeks as more targeted search strategies bear fruit, but they offer little respite to a sector that remains severely bruised by the oil price slump. Global exploration and production (E&P) companies that scour frontier lands and seas in search of new energy reserves have had meagre success in recent years, putting many under pressure before a near halving of oil prices since last June.
Report: Oil Discovered North of Falklands
Three oil companies said on Thursday they had discovered oil north of the Falklands, setting up potential further confrontation with Argentina which disputes British sovereignty over the islands. Falkland Oil and Gas (FOGL), Premier Oil and Rockhopper said they had discovered oil in the Isobel Deep exploration well, in the North Falkland Basin, with more work due to be carried out. "Further operations on the well will be performed," said the FOGL Chief Executive Tim Bushell.
Argentina Launches Lawsuit Against Falklands Oil Drillers
Argentina announced on Friday it had started legal proceedings in one of its own courts against five British and American companies drilling for oil and gas in the Falkland Islands, a move Britain denounced as bullying. Britain defeated Argentina in a 1982 war over the South Atlantic islands and administers them as an overseas territory, whose population of around 3,000 voted overwhelmingly to remain under British rule in a referendum in 2013.
UK Summons Argentine Ambassador over Falklands' Comments
Britain said on Thursday it had summoned the Argentine ambassador to explain the latest war of words over the disputed Falkland Islands which included a threat to prosecute British energy firms operating in the area. Last week, Premier Oil Plc and Falkland Oil and Gas Ltd said they had made an oil and gas discovery at a well off the south Atlantic islands, the first in a nine-month drilling campaign. Argentina's President Cristina Fernandez called the announcement "almost provocative"…
RDS Wins Engineering and Design Contract for Sea Lion
Rig design and engineering specialist RDS has been awarded a front-end engineering design (FEED) contract by AMEC for Premier Oil’s Sea Lion development in the North Falklands Basin. RDS is the rig design and engineering subsidiary of international drilling and engineering contractor, KCA Deutag. The FEED work is part of AMEC’s overall FEED contract for the Sea Lion development and follows a concept study which was executed by an RDS team in Houston.
Falkland Oil Explorers Contract Rig for 2015 Drilling
Energy companies active in the Falkland Islands have leased a rig for their 2015 drilling programme, paving the way for oil and gas exploration to continue next year in the region contested by Britain and Argentina. London-listed Premier Oil said it had contracted the rig to drill a minimum of four wells in the North Falkland Basin with partner Rockhopper. Cyprus-based Ocean Rig UDW said it had signed a leasing contract for its Eirik Raude drilling rig to be deployed in waters off the Falklands for around 260 days.
AGR to Drill Exploration Wells for RWE Dea in Titan Area
Global oil and gas service provider AGR has been contracted to drill exploration wells in the North Sea’s Titan area. Under the agreement with operator RWE Dea Norge, AGR will deliver Well Delivery Services comprising planning, execution and reporting for the project. Two wells contracted will be delivered in 2014 using the Leiv Eiriksson semisubmersible rig. The Titan field is located in Block 36/9 in the Norwegian sector of the North Sea with a water depth of 360 - 370 meters.