Tag: oil

The sharp decline in crude prices and the subsequent volatility has meant that it’s been an onerous two years for oil producers, a period marked with budget cuts. The situation for the offshore side of the business has been far more severe. Once hailed as the bulwark from peak oil, the massive costs associated with its development in the face of low margins have made it increasingly difficult for companies to commit investments in recent times.

When the Aasta Hansteen gas field was discovered in the Norwegian Sea in 1997, its remote location and deep water were always going to make recovering its resources challenging.

Oceaneering International, Inc. (Oceaneering or OII) has secured a contract from Anadarko Petroleum Corporation (Anadarko or APC) to supply the umbilical for Anadarko’s Constellation subsea tieback in the U.

For two consecutive years, weaker oil and gas prices have led to declining investments, slower production growth and weaker profits. The larger companies are adapting with layoffs, reorganization and mergers. New, environment-friendly and efficient technologies are being introduced.