Mermaid Maritime Public Company’s drilling associate, Asia Offshore Drilling Limited (AOD), has reached an agreement with its customer Saudi Arabian Oil Company (Saudi Aramco) to reduce the operating day rates for three jack-up rigs.

OneSubsea, a Cameron and Schlumberger company, has been awarded a subsea production systems contract totalling more than $330 million for a gas project offshore North Africa.

The North American oil boom is proving resilient despite low oil prices, producer group OPEC said in its biggest and most detailed report this year, suggesting the global oil glut could persist for another two years.

The Board of Directors of Archer Limited, a supplier of drilling and well services, has informed that its Director, Cecilie Fredriksen, has resigned with immediate effect.

The Norwegian Petroleum Directorate (NPD) has granted Det norske oljeselskap AS a drilling permit for well 16/1-22 A, in the North Sea.

As Russia prepares to meet OPEC next week, a briefing paper from a Moscow think tank has shed light on how the government was warned against cutting oil output late last year even though global prices were plummeting.

The current recoverable volume of oil in fields and discoveries exceeds the estimated figure in 2005, and it is also presumed that more oil remains to be discovered.

Norwegian oil company Statoil has awarded its compatriot oilfield services provider Aibel a contract to conduct a FEED study for the Oseberg Future Development Brownfield Topside project.

Wood Group Kenny (WGK) will provide technical advisory services for carbon capture and storage (CCS) policies, as well as potential projects across the UK, as part of a framework agreement with the Department of Energy & Climate Change (DECC).

The current recoverable volume of oil in fields and discoveries exceeds the estimated figure in 2005, and it is also presumed that more oil remains to be discovered.