Norwegian oil, gas and renewables engineering and construction firm Aibel is set to cut 300 jobs. The company said the employees in Stavanger, Oslo, Haugesund and Stjordal would be affected by the move.
Roc Oil Company (ROC) has announced its third quarter results with production dropping by 6% following platform shutdowns. The company recently announced it would be taken over by Fosun International in a $441million deal.
UK Oil and Gas (UKOG) has submitted a bid for a 200km area covering the Southern part of the Isle of Wight as part of the UK 14th landward licence round. The company said its board had drawn the first $1million of a new $10million unsecured debt facility to submit its application.
Total SA Chief Executive Officer Patrick Pouyanne, who replaced Christophe de Margerie following a fatal plane crash, will stick to his predecessor’s effort to cut costs, sell assets and boost output after profit declined.
Total has agreed to sell off its interests in a number of Norwegian assets for $317million. An agreement has been signed by Total E&P Norge AS to sell off 8% of its shares in the Gina Krog field, together with its interests in the mature fields of Vilje and Vale at 24.23% and 6% share in Morvin to PGNiG Upstream International.
Private equity giant Warburg Pincus has raised £2.5billion for an energy fund that will target exploration and production plays across the world, including the North Sea.
Goldman Sachs Group Inc. cut its forecasts for Brent and WTI crude prices next year on rising global supplies, predicting OPEC will lose influence over the oil market amid the U.S. shale boom.
Salamander Energy could become involved in a bidding war after being approached by Ophir Energy and a consortium led by Compania Espanola de Petroleos (CEPSA) and Jynwel Capital. The company said it was currently in talked with both Ophir and the CEPSA Consortium regarding their respective proposals.
Occidental Petroleum Corp. Chief Executive Officer Stephen Chazen said companies that help explorers find and drill for oil will lower their fees to maintain market share if crude prices continue to slump.
Energy services firm Proserv has come under new ownership as its owners sold out to a much larger private equity rival.
The USis adapting its money- tracking tactics to choke off Islamic State’s lucrative oil- smuggling routes and restrict its use of Iraqi and Syrian banks, the Treasury Department’s top anti-terrorism official said.
Norwegian oil and gas geoscience specialists TGS have seen a slight dip in their third quarter profits compared with 2013. The company’s net revenues were $190million, $1million less since the same time last year.
The bear market in oil has analysts reassessing the U.S. shale boom after five years of historic growth.
The price of Brent crude has steadied at $86 a barrel after the announcement of a cut in Saudi-Kuwait oil output. Production at the Khafji oilfield has been stopped temporarily for environmental reasons.
Blue-chip shares were back in positive territory today after steep losses earlier in the week left the FTSE 100 Index at levels not seen since June last year.
The FTSE 100 Index slumped by another 2% today as fears over the global economy triggered another bleak session for volatile stock markets.
The bear market in oil is showing the world there’s still only one country in a position to choose winners and losers in the global market: Saudi Arabia.
A slump in energy stocks hit a rebound in Wall Street indexes yesterday as the price of oil plunged the most in two years.
A fresh fall in the price of oil put pressure on energy giants BP and Royal Dutch Shell during another session of weakness for global investors. Brent crude slipped another 1% to 88 US dollars a barrel after the International Energy Agency cut its forecast for oil demand growth this year by 200,000 barrels a day to 700,000 barrels a day.
Crude oil dropped in New York, extending declines from a 22-month low amid concern over a global glut in the commodity. Australian stocks climbed with US index futures after the Standard & Poor’s 500 Index capped its biggest three-day loss since 2011, while gold held gains.
Iraq will sell its Basrah Light crude to Asia at the biggest discount since January 2009 as it follows Saudi Arabia and Iran in cutting prices amid a slump in Brent futures to the lowest in almost four years.
Pipeline engineering specialist Stats Group has invested more than £1million in a double-pronged expansion in North America and the Middle East. In Canada, the firm has doubled the size of its Edmonton operation and opened a project support office in Calgary.
Aberdeen and Grampian Chamber of Commerce (AGCC) has urged the chancellor to cut the tax rate for the oil and gas industry in his Autumn Statement.
The United Arab Emirates(UAE) based company RAK Petroleum plans to launch an initial public offering in Norway by the end of the year. RAK Petroleum said the decision to list followed a fifth year of increasing profits which included AED (United Arab Emirates Dirham) 58.1 million in 2013.
Colette Cohen has moved almost 20 times during her career. By any standard hers has been an adventure . . . from starting out as the only woman on a BP platform in the UK North Sea, to today's role as senior VP, UK and Netherlands at Centrica Energy.