Exploration

According to the report, global exploration drilling is expected to be down 73% on 2014 with oil discoveries at decade low.

These projects combined are a substantial brownfield award for McDermott and have a total scope, which includes the EPCI for jackets and topsides, subsea pipelines and subsea cables.

Panoro Energy ASA has announced that the first oil production from the Aje field, offshore Lagos, commenced on 3 May 2016.

Middough Inc. has announced the addition of John M. Alexander and Alan H. Yarosh to the company’s team.

MAN has announced it is to re-open its Tehran hub, Iran, marking the resumption of MAN Diesel & Turbo’s business activities in the country.

Petrobras has completed negotiations with Pampa Energía on the main terms and conditions of the sale of its stake in Petrobras Argentina.

Halliburton Co. and Baker Hughes Inc. have announced that the companies have terminated the merger agreement they entered into in November 2014, effective 30 April 2016.

Operating profits from the Refining, Marketing and Distribution, and Chemical segments all recorded significant growth compared to the same period last year.

The adjustments to Ecopetrol's 2016 Investment Plan are part of the measures taken to navigate the low crude oil price environment.

Current predictions are that a global oil supply shortfall of 4.5 million bpd could be possible by 2035 if exploration results do not improve.

The contract will focus on the supply and rental of Liner Hanger products and services.

Torchlight Energy Resources Inc. has announced that drilling has commenced on the next well in the Orogrande Project, the University Founders B-19 #1.

Subsea 7 S.A. has announced the award of a sizeable engineering, procurement, installation and commissioning (EPIC) contract by Apache North Sea.

Bowleven has announced that it has been awarded a 1 year extension to the existing Bomono exploration licence, onshore Cameroon, pending the final award of an Exploitation Authorisation (EA).

The award will support research evaluating the geological structure and hydrocarbon prospectivity of the western platform and Mid North Sea High areas of the central North Sea.