Updated: Ithaca looks to restart Covid-hit projects, makes staff payouts as 70 leave
Ithaca Energy plunged deep into the red in the first-half of 2020 as the sharp drop in oil prices and staff payouts weighed on the firm’s balance sheet.
Coronavirus
Neptune predicts ‘marginal’ rise in exploration spend as Isabella appraisal study begins
Neptune Energy said positive drilling results and further appraisal work on the Isabella discovery would lead to a “marginal” rise in exploration spend this year.
Coronavirus shutters Libyan offices
Sirte Oil Co. and Waha Oil have shut their offices for 10 days, in an attempt to combat COVID-19.
Global E&C ‘stabilises’ with major Aberdeen property reshuffle
Global Engineering and Construction (E&C) has “reshuffled” its north-east facilities footprint in an effort to “stabilise” the company amid the Covid-19 and low oil price crisis.
Petronas to stoke Chinese fury as Transocean drills in South China Sea
Analysts are expecting a backlash from Beijing as Malaysian national oil company (NOC) Petronas prepares to drill in gas-rich Block SK 316 in the South China Sea off the eastern Malaysian state of Sarawak.
Virus era threatens Europe’s war on dirty imports
Europe’s plan to put a price on dirtier imports risks getting caught up in global trade tensions as the fallout from the coronavirus pandemic eclipses climate change as the biggest challenge for governments.
Risk-averse approach to tax reforms could impede oil and gas industry’s recovery
With the UK oil and gas market reeling from COVID-19, it’s clear that the decisions made by businesses in this industry as they focus on a recovery in the coming months need to be strategic, measured and informed.
Microsoft deepens oil ties, helping Petrobras weather pandemic
Big Oil is tapping Big Tech to keep drilling off the shores of Brazil even as the global pandemic traps workers at home.
Prosafe laments ‘lost year’ after accommodation vessel firm slumps to pre-tax losses of £683m
Bosses at Prosafe have lamented a “lost year” after it slumped to pre-tax losses of £683 million ($895m) in the first half 2020.
OGUK webinar to highlight progress on sector’s road to recovery
The drive to ensure the UK oil and gas sector is taking collective action to stimulate its own recovery will be thrown into focus in an industry webinar next week.
Updated: Wood headcount down by 10,000 since start of year, stays in the black
Energy service firm Wood has reduced its headcount by around 10,000 since the start of 2020 due to divestments and its response to the Covid-19 pandemic and lower oil prices.
Applications start for self-employed who need government help
Applications have opened for the second round of grants for the self-employed to help them through the Covid-19 pandemic.
Oil climbs ahead of OPEC+ review of easing production curbs
Oil edged higher ahead of an OPEC+ gathering this week to assess its supply deal as countries struggle to contain the virus that’s hurt economies and fuel demand globally.
Singing and sweets: Covid-19 career changes for former oil sector workers
Going to the supermarket has never been a favourite activity – and particularly during a pandemic.
No port in a storm: Hell or High Water clauses during Covid-19
With COVID-19 continuing to bring business disruption even as global lockdowns ease, the impact on the energy sector has prompted a review of existing contracts and serious repercussions for any negotiations returning to the table.
Asymptomatic testing could be key in meeting increased energy demand during autumn and winter
Making asymptomatic testing available for all offshore workers could be critical in ensuring the industry can meet increased energy demands during the winter months, according to safety bosses.
Impairment drives Maersk Drilling deep into the red
Maersk Drilling fell to a pre-tax loss of £1.18 billion in the first half of 2020 due to a hefty impairment linked to the Covid-19 outbreak and oil price drop.
Drilling firm Archer posts first-half profit despite Covid hit
Drilling services firm Archer made pre-tax profits of £2.3 million in the first half of 2020 despite being hit hard by the Covid-19 pandemic and low oil price.
Whalsay records big impairment on Bentley field amid Covid-hit sales process
Whalsay Energy booked an impairment charge of £52.7 million ($69m) on its Bentley field based on offers it received as part of a Covid-hit sale and farm-out process.
NHV boosts Covid-19 safety protocols after warning from HSE
Helicopter operator NHV improved the Covid-19 cleaning regime at its Aberdeen base after being pulled up by the UK's health and safety watchdog.
What next for net-zero? The status of transition in light of Covid-19
It is almost impossible to underestimate the impact of the Covid-19 pandemic. Not only have 13-million-plus cases of infection and more than 570,000 deaths been reported [July 2020], but the virus is still with us and it is still killing people in many parts of the world. Uncertainty about the future is high, despite moves towards reopening economies and success by some nations in bringing the virus under control within their borders. The uncertainty is compounded because many nations are still facing rapid growth in infection rates.
ABN to cut commodity work amid losses
ABN AMRO is pulling out of its trade and commodity financing, while cutting its natural resources and transportation and logistics work to European clients only.
Rise in category B cases offshore attributed to Aberdeen Covid-19 outbreak
An offshore safety boss has blamed a local outbreak in Aberdeen for a rise in the number of North Sea workers that have come into contact with people showing symptoms of Covid-19.
Brent oil edges above $45 on signs of slowing U.S. Covid cases
Oil edged higher as markets in Europe and Asia advanced on signs that the surge in coronavirus cases in the southern U.S. is slowing.
Aberdeen-based risk consultancy firm Marex offers support to small businesses and charities
A marine and risk consultancy firm is offering struggling businesses in the north-east a helping hand to try and support them through the pandemic.