Exxon in `bull’s-eye’ as worst year since Reagan nears end
Things haven’t been this bad for the world’s biggest oil stock since Ronald Reagan became president. But brace yourself, 2019 may not be much better.
Biggest rebound in two years for oil price
Oil held its biggest gain in two years, after being swept up in a rebound across risk assets spurred by optimism about the global economy.
Faroe boss says DNO ‘not offering the right price’ on hostile takeover bid
Faroe Petroleum’s chief executive has hit out at DNO’s hostile takeover bid, saying the Norwegian firm is “not offering the right price”.
Prosafe bags two North Sea contracts worth £18m
Prosafe has won two North Sea contracts worth £18.1million.
New jobs and new premises for engineering firm
A Caithness engineering and design company has created new jobs and moved into larger premises.
Exclusive: EnQuest to review North Sea rotas
EnQuest has announced plans to review offshore rotas for workers on several of its North Sea assets.
Shell rollout flicks switch on electric car revolution
Energy giant Shell has announced it is throwing its weight behind renewable energy in Scotland with the introduction of three electric charge points at locations around the country.
North MSP’s pledge over fuel poverty
A Northern IslesMSP has pledged to improve residents’ lives as part of a Fuel Poverty Bill making its way through the Scottish Parliament.
What can we expect for North Sea oil sector in 2019?
The year 2018 exhibited several major changes to the operating environment for the North Sea oil industry. The dramatic fluctuation in oil prices was an obvious and key feature. Starting at around $60 in January the Brent price climbed to a peak of around $85 in late October and then fell dramatically to below $60 at the time of writing. The increase was fostered by threats of severe sanctions against Iran by the US Government plus continued stagnation of production in Venezuela. The subsequent granting of many waivers to the sanctions plus evidence of continued growth in US production and signs of weakening world demand growth produced the dramatic fall in recent weeks. The announcement of production cuts of 1.2 million barrels per day by OPEC and collaborating countries, particularly Russia, produced only a minor increase in the price. The future outlook is very unclear. For example, sanctions on Iran could be tightened at some future date.
Prosafe in voluntary redundancy process for staff on two North Sea vessels
Prosafe has confirmed it is seeking to reduce its offshore workforce on two North Sea vessels in a bid to cut costs.
Smaller Scottish companies feel less prepared for climate change
Smaller Scottish companies feel less prepared to cope with the impact of climate change compared to larger firms, according to a new poll.
Shetland council eyeing up what would be UK’s largest renewable hydrogen project
The idea of turning surplus energy from a wind farm in Shetland into hydrogen to use for heating and transport is being explored - leading to hopes that it could kick start other local renewable operators into doing the same.
Offshore crew get into the Xmas spirit with K-pop ‘music video’
It’s not every day the words “offshore supply vessel” and “K-pop” meet in a sentence, but this is a special case.
Eland targets production start-up of Nigerian well
Aberdeenshire-based Eland Oil and Gas has announced it will complete the Gbetiokun-3 appraisal well in January ahead of the start-up of an early production system.
OPEC is in `whatever it takes’ moment to prop up oil prices
OPEC hasn’t even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.
Oceaneering wins three-year North Sea contract with Petrofac
US-based engineering services firm Oceaneering has secured a three-year inspection deal with Petrofac.
U.S. charges chinese oil employee with stealing secrets
Hongjin Tan, a Chinese national who worked for a U.S. petroleum company, was arrested Dec. 20 and charged with theft of trade secrets from his employer.
$900/barrel and served with a smile
Every day, people in the UK are estimated to drink over 95 million cups of coffee, which is roughly equivalent to over 170,000 barrels a day of the black liquid in the UK alone. For those of us who get our brew from Starbucks, Café Nero or Costa Coffee, we are more than happy to pay upwards of £2 for this black magic. Although a small price to pay for a moment of happiness, the cost of this cup of coffee we enjoy so much is roughly equivalent to $900 per barrel.
Oilfield services firms face debt surge with new international accounting rule
European oilfield services firms face a surge in debt when new accounting rules come into force in the new year, according to a leading credit rating agency.
UPDATED: Dyas and Oranje-Nassau Energie agree merger
North Sea oil producers Oranje-Nassau Energie (ONE) and Dyas have agreed a merger deal.
Mega-rig to christen redeveloped Kishorn dry dock
A huge refurbished dry dock in the Highlands has landed its first major contract, playing host to the world’s largest semi-submersible offshore drilling rig.
MoD objects to Viking Energy windfarm as turbines would undermine air defence
The planned Viking Energy windfarm could reduce the country’s ability to detect planes entering the UK’s airspace and hence undermine national security, it has been claimed.
Fresh delays to AWPR as transport bosses confirm Don crossing not ready until new year
Transport bosses have confirmed fresh delays to the AWPR, just a week after hailing the completion of the majority of the route.
BP signs pact for world-class petrochemicals plant in Turkey
BP has signed an agreement with Socar Turkey for the potential creation of a “world-class” petrochemicals complex.
Flagship event to focus on North Sea ‘balance’ with climate change
Oil and Gas UK has revealed its 2019 flagship event will focus on striking a “balance” between maximising North Sea recovery and meeting climate change targets.