After Russia’s president Vladimir Putin announced yesterday that Russia would drop the South Stream project due to the strained relations with the European Union, he said that Russia would turn to other markets.

Schlumberger, the world’s largest oilfield services provider, has announced job cuts and reduction in its WesternGeco marine seismic fleet to lower its operating costs.

Petróleo Brasileiro S.

CAMAC Energy Inc.

Chilean helicopter services operator EcoCopter has prepared for a new contract with ENAP (Empresa Nacional del Petróleo), the Chilean national petroleum company, which started on 1 December 2014.

The stand-by coastguard helicopter was forced to return to Sumburgh yesterday afternoon after suffering low gearbox pressure.

Italian Saipem, a company which was supposed to carry out a giant part of the South Stream pipeline work in the Black Sea, has said that the work on the project will continue, despite Vladimir Putin saying it will not.

An offshore worker was evacuated last night (December 1, 2014) from a North Sea platform after suffering an injury.

The massive, $40 billion South Stream pipeline project which was designed to supply Europe with Russian gas through the Black sea, has been cancelled.

The Norwegian Petroleum Directorate (NPD) has granted Lundin Norway AS a drilling permit for well 26/10-1, in the North Sea.