A business group has claimed that Scotland’s oil and gas revenues could be six times higher than currently being forecast by the UK Government.
Oil projects worth £300billion are at risk from high costs and low crude oil prices, according to an environmental think tank.
The Scottish Government will today announce plans to kick start the hunt for oil off the west coast of Scotland.
Aberdeen’s Mintra Training Portal – one of Europe’s largest providers of learning, training and competency services to the oil and gas industry – has clinched a £1million contract as the firm moves into the Asian market.
The former boss of Premier Oil was handed a £1.2million pay-off to leave the company last night.
An oil field due to begin production east of Shetland could produce oil until 2050, it has emerged.
Some of Scotland’s top executives have been shortlisted for this year’s IoD Director of the year awards, to be held in London in October.
Profits have jumped by more than 200% at oil giant TAQA thanks to record production in the North Sea. Figures published by the Abu Dhabi-owned firm yesterday revealed that pre-tax profits topped £282million in the first half of the year – up from £85million at the same time last year. The huge increase is partly down to the first full year of production from the Harding platform. But the firm has also cut 100 jobs over the past year – and said yesterday it would continue to review staff numbers in Aberdeen, despite the turnaround.
Strong production from oil fields around Scotland has boosted EnQuest’s first half revenues by 11% to £300million.
Ithaca Energy is buying stakes in two Norwegian North Sea exploration prospects from Talisman.
The boss and founder of Trapoil is to quit under shock plans to save the struggling North Sea explorer £1million a year.
An oil services giant will today deliver a much needed boost to the North Sea by committing itself to Aberdeen for another 20 years.
The Scottish Government has hired a drilling specialist to study how economic recovery from the North Sea can be maximised.
A North Sea worker is suing oil giant Shell after he was allegedly exposed to deadly asbestos dust more than 40 years ago.
Energy Minister Fergus Ewing has announced a £4million grant from Highlands and Islands Enterprise (HIE) for the development of a new deepwater quayside at the Port of Cromarty Firth.
Oil firms were last night withdrawing staff from Nigeria and Liberia after the World Health Organisation declared the Ebola outbreak to be an international public health emergency.
North Sea supply vessels and support ships could be detained in port if they are found to be failing to comply with a new maritime law which has now come into effect in the UK.
Oil and Gas UK has made a fresh call for major North Sea tax changes following another major slump in industry confidence.
Marathon Oil has suffered a huge production slump at the North Sea assets it unsuccessfully tried to sell.
A think-tank is calling for government policy and decision-makers responsible for oil and gas taxation and regulation to be moved from London to Aberdeen.
North Sea independent oil and gas firm Ithaca Energy has completed its £100million acquisition of three producing assets from Japanese industrial giant Sumitomo Corporation.
The oil and gas industry is facing a radioactive waste crisis which could force some platforms to shut down, Energy Voice can reveal.
The power giants behind plans for a huge offshore windfarm in the Moray Firth have struck a deal to use Wick Harbour.
A mothballed £2billion green energy plan which will link Peterhead to Norway and cut energy bills around Scotland has been resurrected, the Press and Journal has revealed.
British Gas owner Centrica has hired BP director Iain Conn on a £925,000 salary for one of the most politically sensitive jobs in UK industry. Mr Conn, who has been boss of BP’s downstream refining and marketing division, will succeed Sam Laidlaw as chief executive at a time of anger over energy prices and the launch of a full-scale competition probe into the sector. The new boss is being paid slightly less than Mr Laidlaw’s £950,000 but has been awarded shares equivalent to a year’s salary, dependent on performance in his first year in charge. A second incentive scheme worth two times salary is due to be released in 2018. Mr Laidlaw, who is due to stand down at the end of the year, has been in charge of Centrica since 2006. The company said in that time he has invested £1.70 for every £1 of profit earned, while revenues have increased from £13 billion in 2005 to £27 billion last year. Mr Conn has been responsible for running BP’s customer-facing activities in the fuels, lubricants and petrochemicals sectors. This includes 18,000 service stations in 70 countries, serving around 12 million customers every day. He has been a board member of BP since 2004 and has previously held a number of senior roles in trading, exploration and production, and management of corporate functions such as safety and human resources. Centrica chairman Rick Haythornthwaite paid tribute to Mr Laidlaw for “exceptional leadership” over the past eight years. He added: “Under his stewardship Centrica has achieved strength and scale which is of great benefit to the UK as we secure the future energy needs of our customers in an increasingly international gas market.” Mr Haythornthwaite said Mr Conn brought an impressive combination of experience: “He heads a global consumer brand familiar to millions of people and he also possesses a deep understanding of the energy sector built up over a lifetime in the industry. “His breadth of knowledge and commitment to customers and safety make him ideally suited to lead Centrica in the next phase of its development.” Centrica said it was planning for shareholders to vote on a simpler incentive scheme for its executive directors at next year’s AGM, including a lower maximum potential payout than in the current policy. Other recent changes at the top of Centrica have seen finance director Nick Luff and British Gas boss Chris Weston both announcing their departures.