Norway’s Statoil could cut workforce by 2,000, report says
Norwegian energy firm Statoil could lay off another 2,000 employees by the end of 2016, business daily Dagens Naeringsliv (DN) said on Friday.
‘Steady flow’ of renewables projects keeps Atkins busy
Aberdeen city bypass designer WS Atkins yesterday said a steady flow of nuclear and renewable-energy projects had helped to balance ongoing “staff reductions in oil and gas”.
EU energy boss seeks to make Mediterranean ‘major gas marketplace’
EU Climate Action and Energy Commissioner Miguel Arias Canete on Thursday launched a plan to turn the Mediterranean region into "a major gas marketplace" as part of the blocs efforts to reduce dependency on dominant oil and gas supplier Russia.
Saudi Arabia ready to raise oil output further to meet demand
Saudi Arabia is ready to increase its oil output in the coming months to a new record to meet a rise in global demand, despite increased domestic use, a senior state oil company official said on Thursday.
Norwegian govt forced to reassess Arctic oil drilling boundaries
Norway's government will have to reassess oil drilling boundaries in the Arctic after failing to get parliamentary backing for its original proposal to move them further north.
Russia’s Rosneft unlikely to resume Kara Sea drilling before 2018
Russian state oil producer Rosneft will be forced to postpone drilling a second well in the Kara Sea for at least two more years, three sources told Reuters, as a result of Western sanctions over the Ukraine crisis.
Cairn India seeks to export oil despite ban
Cairn India is thought to have invited initial bids for exports of its oil from the desert state of Rajasthan, despite a government ban on overseas sales of locally-produced crude.
OPEC says oil market oversupply to ease, but raises output again
OPEC voiced confidence that excess supply in the oil market will ease as demand picks up and supply growth slows from producers outside the group, an indication its strategy of letting prices fall, reaffirmed at a meeting last week, is working.
US should ditch ‘outdated’ oil export ban, Harvard says
The United States must lift an "outdated" ban on oil exports to take full economic and geopolitical advantage of its hydraulic fracturing boom, according to a Harvard Business School study released on Wednesday.
British spot gas prices rose as demand for restocking increases
British spot gas prices rose on Wednesday in response to strong inventory restocking demand which followed a shut-down of the gas link with Belgium for 16 days of annual maintenance. The price of gas for Wednesday delivery, known as the spot contract, rose 0.25 pence per therm to 45.70 pence by 0851 GMT, while gas for delivery on Thursday rose 0.05 pence to 45.25 pence. Britain's gas network was undersupplied by 21 million cubic metres/day (mcm), equating to around 11 percent of daily demand which was pegged at 190 mcm, according to figures from National Grid. The shortfall reflects both strong demand for refilling large- and mid-range storage facilities and the closure of the Britain-Belgium gas interconnector, which led to reduced gas deliveries from Norway and domestic terminals.
Alpha Petroleum plans new North Sea oil field by 2020
Alpha Petroleum plans to bring a new oil field in the British North Sea on stream in 2020 using a floating production system so it can operate there without building pipelines.
Gold Awards: A golden evening in the silver city
Despite a difficult year the energy sector is still a vital organ of our economy. Companies and policymakers have made a considerable effort to reduce production costs and ensure the industry remains a provider of thousands of jobs in the north-east. The Press and Journal Gold Awards marked 50 years of oil and gas activity in the region and outlined an optimistic outlook for the future of an industry that can thrive for 50 more. Mark Lammey reports. All that glitters in the North Sea oil and gas industry was celebrated at the weekend as the inaugural Press and Journal Gold Awards were held in Aberdeen. The event, run in association with the paper’s sister website Energy Voice and title sponsor Aberdeen Asset Management, marked a major milestone for the sector – the 50th year of the granite city’s involvement in the development of the North Sea.
Long-term approach needed by oil and gas companies to recruitment
Oil and gas companies need to take a long-term, strategic approach to recruitment if they are to avoid the pitfalls of a self-inflicted, perpetuating talent shortage, a new report says. Energy firms are more focused on reducing their headcounts to cope with the current oil price downturn, with industry body Oil and Gas UK venturing last month that as many as 4,000 North Sea jobs have been lost since last summer. But talent shortages have affected the industry since the 1990s, and many observers have warned that the sector still needs to find new workers, or it will not be ready to take advantage when the market picks up.
Gold Awards: Star players in 50 years of North Sea oil and gas
The firms and individuals which have shaped a half-century of innovation and achievement in the North Sea have been celebrated at a sparkling ceremony in Aberdeen. Crucially, the Press and Journal Gold Awards also highlighted those who hold the key to the offshore sector’s future. Prizes were presented to Statoil, Balmoral Group, Apache’s Mark Richardson and the VisuaLoSal project, while Wood Group picked up two honours on the night.
Unions’ strike action threat
Union bosses have given offshore catering companies two weeks to return to the negotiating table and hammer out a compromise on staff pay, or risk facing strike action. The Unite union yesterday said the Caterers Offshore Trade Association (Cota) had “refused to enter into meaningful discussion” regarding its members’ earlier decision to backtrack on a 2% pay increase that had been agreed for this year.
OPEC moots $80 as new ‘fair’ oil price
Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some OPEC members are publicly talking for the first time about a new "fair" price for their crude.
US oil exports “will not wean allies from Russian crude”
Lifting the ban on US oil exports would do little to help Eastern European countries decrease their reliance on Russian energy, a policy research arm of Congress said in a memo to US lawmakers.
Well services providers prepare for profit drop
North Sea well services contractors expect revenues and investment to drop by about a quarter this year as balance sheets start to reflect the full severity of the downturn in the sector, a new report said.
Aberdeen -Stavanger Gateway 2015: ‘Promote sector or face shortages’
North Sea oil and gas companies must continue to promote the sector to young people or face a shortage of workers in the coming years, a Statoil official said yesterday. Low oil prices have hit the industry hard with many companies forced to let staff go in order to free up funds for new projects, but Statoil appears to be taking a longer term view on employment. The company plans to increase its Aberdeen-based headcount to 200 from 130 when it moves into a new office in Kingswells next spring, with hundreds more working offshore on its Mariner development.
Russia’s Lukoil to boost oil exports by at least 300,000 tonnes in June
Russia's top oil producer Lukoil will increase its crude exports by at least 300,000 tonnes in June due to cuts in production at its Norsi refinery, industry sources said on Tuesday.
Brazil oil group seeks changes to local-content rules
Brazil's national oil-industry association, IBP, released a list of suggestions for regulatory changes on Monday that it hopes will boost exploration activity in the wake of falling oil prices, high costs, delays and a graft scandal at state-run oil company Petrobras.
Texas oil patches brace for more rains, possible floods
Texas oilfields could see strong rains and thunderstorms later this week, though they were spared the heaviest flooding that struck central and eastern Texas over the Memorial Day weekend, the National Weather Service said on Tuesday.
Subsidies threat ‘will harm investment in hydro power’
The development of new hydro-electric power schemes will no longer be economically viable if the UK Government continues to cut subsidies, a London-based investment fund has warned. Hydro schemes have been an attractive proposition for cautious investors as they use established technology, have a predictable output and are designed to last 50 years with little maintenance, said David Freeder, an investment manager at Downing. The government sweetened the deal further in 2010, when it introduced the feed-in tariff (FiT) system, which dishes out fixed-rate payments for electricity generated by small-scale schemes, including solar, wind and hydro.
Russian oil producer Rosneft reshuffles management
Russia's top oil producer Rosneft said on Monday it had made changes to its managerial structure and that veteran oilman Igor Maidannik had left the company.
Fledgling subsea firm lands first major deal
A subsea company which made its debut just months ago has landed its first major overseas deal worth more than six figures.