Oil & gas news

Shell announced yesterday that Shell divers had successfully closed the relief valve from which oil had been seeping on Friday August 19th. The company also defended its safety record, which has come under attack since the incident.

South Africa’s cabinet has voted to extend the moratorium on shale gas ’fracking’ for another six months until further studies can be conducted.

Anadarko has discovered significant gas reserves in the Barquentine complex offshore Mozambique, the company plans to use the reserves as feed-gas for an LNG facility.

Oil prices have fallen sharply after news came out that rebel forces were close to victory in Tripoli, the capital of Libya. The rebels reached the city yesterday and have reportedly taken control of four fifths of the capital.

Arrow LNG, owned by Petrochina and Shell has made an offer of AU$ 520 million (US$ 543 million) to acquire the gas explorer Bow Energy.

Petrofac has been declared the selected bidder on two integrated services contracts by PEMEX. The contracts cover the development of the Magallanes and Santuario blocks in Tabasco State, central Mexico.

The Ultra-deepwater drilling ship Pacific Mistral, owned by Pacific drilling S.A., has been contracted to Petrobras for three years for drilling operations offshore Brazil.

WesternGeco announced today that it has begun acquisition of the Bjørnøya Phase I 'Ice Bear' 3D multiclient survey in the highly prospective West Loppa area of the Barents Sea.

Massive opportunities for growth in the renewables market with revenues that will almost double by 2017 hitting US$ 2 billion.

Demand for subsea vessels is projected to make a strong recovery as confidence returns to the industry and more deepwater projects are sanctioned.