North Sea fields facing swifter end to production due to oil price drop
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
Extremely challenging conditions for North Sea emphasises the need for sector deal, says EY
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil and Gas: Holding your nerve?
Investing in capital markets is, speculators aside, a long- term play. When times are good investors can relax and take pleasure in their investment prowess; when times are bad investors need to remind themselves, they are in for the long term, and play to the fundamentals.
Curlew project ‘huge success’ for Dundee despite being halted, says decommissioning boss
Dundee will become the go-to hub for decommissioning work in the UK according to the man who has spearheaded the city’s move into the sector.
Several BP Gulf of Mexico workers test positive for coronavirus
BP is adjusting the company's offshore procedures after several workers who had previously been aboard a production platform in the Gulf of Mexico tested positive for the coronavirus.
Wood says ‘employee reductions are being made’ in response to coronavirus
Aberdeen-headquartered energy services firm Wood has said “employee reductions are being made” in order to tackle the effect of the coronavirus outbreak.
TechnipFMC announces plan to cut spending by a third due to coronavirus
Energy services firm TechnipFMC has announced a reduction in spending of more than 30% in response to the coronavirus outbreak.
COP26 climate summit in Glasgow postponed over coronavirus
A key climate summit in Glasgow has been postponed until next year due to the coronavirus outbreak.
Bilfinger UK decides to offer coronavirus furlough scheme days after cutting jobs without support
Bilfinger UK has said it will offer the option for the government’s coronavirus furlough scheme, days after terminating onshore workers without support.
BP announces 25% spending cut in response to coronavirus
Energy giant BP has announced a 25% cut in spending in response to the coronavirus outbreak.
Oil futures rebound masks strain on plunging physical market
Oil futures advanced amid a broader bounce across financial markets while the price of actual crude plummeted to near $15 a barrel.
New CEO takes over at Repsol Sinopec Resources UK
A new chief executive has today taken on the top job at North Sea operator Repsol Sinopec Resources UK.
Decommissioning plan for EnQuest Producer FPSO gets green light
The UK Government has approved a plan to decommission a North Sea development less than five years after first oil.
Fatal Accident Inquiry into Sumburgh helicopter crash delayed due to coronavirus
The Fatal Accident Inquiry (FAI) into a North Sea helicopter crash in 2013 has been delayed due to the coronavirus outbreak.
Subsea 7 facing ‘significant headwinds’ and withdraws 2020 guidance
Subsea 7 has warned of “significant headwinds” from the dual impact of the coronavirus and plummet in oil price.
Petrol stations ‘will have to close due to impact of Covid-19’
Many petrol stations will be forced to close due to a lack of sales and their businesses becoming unprofitable, a trade association has warned.
Trump says world’s top oil producers to meet on market crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.
Oil’s apocalyptic April could reverberate for years to come
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.
BP CEO promises staff jobs are safe for at least three months
BP has promised its employees their jobs are safe over the next three months, while the oil major considers ways to cut costs with crude prices plunging.
Shell warns of major hit to cash flow from oil price plummet
Shell has warned that cash flow will take a major hit when the firm publishes its first quarter results next month.
‘Virtual’ remembrance service to be held for anniversary of 2009 Super Puma crash
A “virtual” remembrance service will be held tomorrow to mark 11 years since a fatal helicopter crash near Peterhead.
World oil output may fall by 10million barrels a day, IHS Says
IHS Markit expects as much as 10 million barrels a day of world oil production to be cut or shut-in from April through June as storage fills up and demand craters due to the Covid-19 pandemic.
Siccar Point delays approval for flagship Cambo field in West of Shetland
Siccar Point Energy has announced it will defer approval of its highly-anticipated Cambo development until the second half of next year due to the coronavirus outbreak.
‘Disgust’ as Bilfinger Salamis terminates workers without option for government’s coronavirus support scheme
Workers have said they have been “hung out to dry” and “abandoned” by Bilfinger Salamis after their jobs were cut without the option to use the government’s coronavirus support scheme.
North Sea operators move to reduce cabin sharing ‘wherever possible’
A series of North Sea operators are working to remove cabin sharing offshore “wherever possible” in order to prevent the spread of the coronavirus.