Drilling & production

Lundin Petroleum AB (Lundin Petroleum) will expense pre-tax exploration costs of approximately US$71 million and recognise a net foreign exchange gain of approximately US$159 for the first quarter of 2016.

The award is the highest accolade for business success.

The well was spud on 20 April 2016. The company expects to reach a total measured depth of 2640 m.

A new technology system designed to address a common problem in the subsea industry is undergoing a shallow water trial at Portishead Quays marina.

The company has also announced its intent to maintain quarterly dividend of US$0.15 per share in Q2 2016.

The companies have signed an agreement to co-operate on engineering projects both in China and internationally.

Sharp decline in oil prices since the fourth quarter of 2014 has had a significant effect on drilling in the US.

Total’s ambition is to meet the energy needs of a growing world population, tackle climate change and provide solutions that match changing customer expectations.

Positive predictions from Stratas Advisors’ Short Term Price Outlook offer hope during a period of turmoil for the oil and gas industry.

The first production well is now online and a second well will start production in the coming weeks.

Repairs were carried out on both azimuth thrusters of an FPSO while the thruster seals of a heavy load carrier were replaced.

Mr. Punkaj Gupta has been appointed as Simba’s new CEO in the wake of a private placement financing agreement.

The two new business development roles are to drive adoption of the track and trace solution, OverVu®.

The new field services will support a lifecycle approach which is expected to deliver significant cost savings.

The company has announced plans to release its financial results along with a report on drilling rig status.