News Archive for Oil and Gas News

EPC Offshore wins major Hurricane contract

Project management contractor EPC Offshore has won a major contract to select the optimum concept for the development of Hurricane’s Lancaster Field, one of the most significant oil discoveries in the West of Shetlands in recent years.

Hurricane has a 100 per cent holding in the field and has a CPR (competent person’s report) indicating 2C Contingent Resources of over 200 mmbbl of recoverable oil.

The year-long contract, worth approximately £2 million, is one of the largest projects the Aberdeen-based contractor has secured to date. Their first contract in the south-east of England, it will see EPC establish a dedicated team of specialists south of the border.

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Norway leading the way for Oil and Gas salaries in 2012, according to new Salary Guide

Norway based oil and gas professionals are enjoying some of the highest salaries in the world, according to The Oil and Gas Global Salary Guide 2012.

The Guide, produced annually by Hays Oil & Gas and leading jobsite Oil and Gas Job Search, reveals that Norwegians earn the highest worldwide salaries, averaging 1.07 million Norwegian Krone (US$180,300) per annum. *

Salaries for imported labour average 728,700 Krone ($122,800), which compares favourably the 53 countries surveyed.

In comparison, global average salaries, based on over 14,000 respondents surveyed, now stand at 477,400 Krone ($80,458), which is less than half the Norwegian average.

Duncan Freer, Managing Director of Oil and Gas Job Search comments: “We need to remember that these are only average salaries. There will be many Norway based professionals earning considerably more, especially for in-demand disciplines such as subsea engineering.”

Northern European contractor rates (incorporating Norway, Netherlands and the UK) performed particularly well in the 2012 Guide with senior staff averaging day rates of 3976 Norwegian Krone ($670), management level staff averaging 4985 Krone ($840) and director level staff averaging 8189 Krone ($1380).

Freer continues: “Contractor rates are one of the best forward indicators of how wage prospects might develop and so this data gives a highly promising outlook to Norway based oil and gas professionals, and consequently that reflects a healthy industry.”

The overall outlook for the global oil and gas industry is very positive. Over 30% of respondents expect salaries to go up by more than 10% in the next 12 months.

Employer confidence has also seen a large increase with 26.7% extremely positive about the current market, up from just 9.7% in 2011. Three quarters of all employers expect staffing levels to increase in the next 12 months.

Matt Underhill, Managing Director of Hays Oil & Gas, summarises: “The Norwegian and global oil and gas industry look to be in very good shape as we enter 2012. While many other sectors continue to struggle, the oil and gas industry remains resilient and a highly rewarding place to work.”

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Source: Oil and Gas Job Search

NZOG signs deal with AGL

NZOG (New Zealand Oil & Gas Ltd) is pleased to advise that it has today signed a conditional agreement to purchase a 15% stake in the Kaheru permit (Petroleum Exploration Permit 52181) off the south Taranaki coast.

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Borders & Southern provides Darwin update

Borders & Southern provides an update on the drilling of its Darwin prospect. Read more…

Noreco announces dry well on Luna

Norwegian Energy Company ASA (Noreco) is in the process of completing the drilling of exploration well Luna-1X in licence 1/11 in Denmark. The well did not encounter hydrocarbons. Read more…

Mountainvi​ew Energy Ltd provides operationa​l update – Initial production rate is 1,157 boe/d for horizontal Bakken well drilled in Divide County

CUT BANK, MT, Feb. 6, 2012 /PRNewswire via COMTEX/ — Mountainview Energy Ltd. /quotes/zigman/280502 CA:MVW 0.00% (“Mountainview” or the “Company”) is pleased to announce that the Zuma 15-22-35-58H well has spudded. This well, which is a horizontal Bakken/Three Forks well located in section 15-T35N-R58E, Sheridan County, Montana operated by Samson Resources Company (“Samson”). The Company has acquired approximately a 9.75% working interest in this well.

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Dragon Oil announces the successful completion of Dzheitune

Dzheitune (Lam) C/167 well tested at initial rate of 3,396 barrels of oil per day

Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, announces the successful completion and initial testing of the Dzheitune (Lam) C/167 development well.

The well was completed as a dual producer to a depth of 2,765 metres. It tested for initial production at 1,682 barrels of oil per day at the short string with the long string testing at 1,714 barrels of oil per day. The combined rate of initial production was 3,396 barrels of oil per day. The drilling rig has skidded to the next slot and spudded the Dzheitune (Lam) C/170 well.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented:

“I am pleased to report solid drilling results from the first appraisal and development well to have been completed from the new wellhead and production Dzheitune (Lam) C platform. The drilling results together with logs and pressure tests indicate that the prolific oil bearing sands in the reservoirs under the Dzheitune (Lam) 28 platform extend to the west towards the Dzheitune (Lam) C platform location. The findings from this well further prove our understanding of the Dzheitune (Lam) West area.”

Source: Dragon Oil

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