UK approves Wood Group takeover of Amec Foster Wheeler

The £2.2 billion ($2.7 billion) takeover of Amec Foster Wheeler by rival engineering giant Wood Group plc is on course to be completed next month following approval from the UK’s competition watchdog. Watchdog approval The Competition and Markets Authority (CMA) launched an investigation in June over concerns that the deal would harm competition in the …

Breaking: Total buying Maersk Oil in $7.45 billion deal

French oil giant Total is set to acquire its Danish rival Maersk Oil and Gas for $7.45 billion dollars. Danish Maritime giant Maersk A/S informed on Monday it had entered into an agreement to sell its subsidiary Mærsk Olie og Gas A/S to Total S.A. for $7.45bn in a combined share and debt transaction. This …

First oil produced at North Sea Kraken oil field

Kraken oil field First oil has been delivered from the Kraken oil field, one of the largest developments in the North Sea in recent decades. The field is estimated to contain 128 million barrels of oil equivalent (MMboe) of gross reserves, making it one of the largest new oil fields to come on-stream in the …

Statoil Gets Green Light for Njord and Bauge Projects

APPROVAL FOR STATOIL Norway’s authorities have given the green light for Statoil and partners to develop the Njord and Bauge oil and gas fields located in the Norwegian Sea. Earlier this year, Statoil announced plans to spend $2.3 billion (NOK 20 billion) on the projects. These plans were submitted to the Norwegian minister of petroleum and energy, Terje …

Oil industry eyes renewable energy for future growth

Renewable energy projects The oil industry may be committing up to a fifth of their total investment in green energy projects after 2030 as hydrocarbons production declines. A growing number of key oil and gas players are starting to invest in renewable energy projects. Analysis from Wood Mackenzie suggests that major energy companies like Royal Dutch …

Floating Offshore Wind ‘Comes of Age’

Floating offshore wind reaching maturity Floating offshore wind projects have «come of age» with several projects representing hundreds of megawatts (MW) of power now under way. The first of numerous large-scale demonstration projects will be commissioned later this year. Another two are coming in 2018. Industry group WindEurope has reported that the technology behind floating offshore …

Electricity Interconnector between Germany and Norway gets financial surge

NordLink electricity interconnector The European Investment Bank (EIB) has signed a €300 million loan agreement to help complete NordLink, the first electricity interconnector project between Germany and Norway. The loan has been made to Norwegian transmission system operator (TSO) Statnett, which is working with grid operator TenneT TSO BV and Germany’s state-owned development bank, KfW, …

Kuwait joins Saudi Arabia, Russia to seek oil cuts into 2018

OPEC oil cuts Kuwait joined Saudi Arabia and Russia in supporting an extension of oil cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles. An extension of the cuts at already agreed-upon output volumes is needed to reach the goal of paring world inventories to their five-year …

Upstream players struggle with uncertainty

Wood Mackenzie survey indicates that upstream players are grappling with the current uncertain situation The oil and gas industry is facing a challenging year. Oil prices remain volatile, and uncertainty remains about whether prices will recover from around $50/bbl. Across the upstream sector, companies are considering their next investments, while weighing up how to remain …