‘Relief’ for some as oil flirts with $40, but North Sea activity to remain depressed
Oil prices flirted with the $40 per barrel mark on Tuesday amid speculation that quotas for international production cuts could be kept higher for longer.
Oil & Gas
Angola in debt talks with oil importers
Angola is in talks with some of its oil customers in a bid to restructure financing facilities, the Ministry of Finance has said, in order to “better reflect the current market environment and OPEC production quotas”.
BP Southern Africa CEO leaves for Sasol
BP Southern Africa has appointed Taelo Mojapelo as its new CEO, replacing Priscillah Mabelane who is joining Sasol as executive vice president of its energy business.
North Sea industry groups collaborate on new oil and gas digitalisation survey
A number of North Sea-focused industry groups have announced they will collaborate on a survey designed to assess the pace of digitalisation growth across the sector.
Prosafe gets financial relief as it works to stay afloat
Flotel owner Prosafe has received some financial relief as it works to stay afloat amid the latest downturn.
UK approves decom plans for Ineos-operated field
The UK Government has approved Ineos' decommissioning programme for its Cavendish platform.
Mozambique claims rebel leaders killed
Mozambique’s military forces have regained control of Macomia, a town in the northern Cabo Delgado Province around 200 km from the LNG construction site.
Updated: Oil edges higher with Opec+ decision on output cuts in focus
Oil rose as investors eyed a potential extension of record production curbs by OPEC+ while physical markets continued to show signs of tightness.
‘Too many rigs carrying too much debt’ – Seadrill falls to £1.2bn loss and plans restructuring
Seadrill fell to a £1.2billion pre-tax loss at the start of the year off the back of heavy impairments for its rigs which are dropping in value.
Aker Solutions chief financial officer hands in his notice
The chief financial officer of Aker Solutions has announced plans to leave the company less than a year his appointment and without a replacement being found.
UK only country to give BP tax refund in 2019
The UK was the only country to give energy giant BP a tax rebate in 2019, a new document shows.
Qatar makes multi-billion dollar LNG shipbuilding splash
Qatar Petroleum (QP) has signed the largest shipbuilding contract in history to shore up its LNG growth plans, this is said to account for around 60% of global LNG shipbuilding capacity until the late 2020s.
Five predictions as we enter the age of the energy transition
For the previous few centuries, humans have been burning through fossil fuel reserves with somewhat reckless abandon. Yet in the 2020s, and based on extensive peer-reviewed research, we make five big and bold predictions linked to the future of energy systems and the social infrastructures that need them. The full report call be accessed via Reuters Events Energy Transition News and Content Hub, via the Energy Transition Report & Whitepapers section.
The time to challenge. The time to create the new normal
There is no doubt the double hit of Covid-19 and the continuing low oil price has left our industry in crisis – or that collectively we have never had a greater opportunity for meaningful change.
Abu Dhabi said to near pipeline deal with GIP-backed group
Abu Dhabi’s state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc., in what is set to be one of the year’s biggest infrastructure deals.
Nigeria launches marginal field round
Nigeria has officially launched a marginal field bid round, with the Department of Petroleum Resources (DPR) saying 57 fields are available.
Militia prevents Sharara maintenance as oil leaks
An armed militia in Libya has prevented maintenance work from being carried out on the Sharara field.
Neptune appoints new Algeria head
Neptune Energy has appointed Mehdi Bouguetaia to act as managing director in Algeria.
Sonatrach completes Medgaz acquisition
Sonatrach has increased its stake in the Medgaz pipeline to 51%, following the completion of a deal with Spain’s Cepsa.
‘Poor behaviour’ slammed by OGA as firms demand suppliers cut rates 40% ‘overnight’
The Oil and Gas Authority (OGA) has slammed “poor behaviour” in the North Sea supply chain, with firms facing demands to cut rates as much as 40% “overnight”.
Revised furlough scheme unlikely to ‘stem tide’ of oil job losses
The UK Government’s furlough scheme is unlikely to “stem the tide” of oil industry job losses as employers are told to start contributing to wages in the coming months, lawyers and politicians said.
OGTC names entrepreneur Martin Gilbert as chair at ‘crucial’ time
Entrepreneur Martin Gilbert has been appointed chairman of the Oil and Gas Technology Centre (OGTC) at a “pivotal time” for the energy industry.
Covid crude price crash gives oil firms ‘years, not decades’ to reshape, PwC says
The Covid-inflicted oil price crash has left oil and gas companies facing two distinct choices, a new report said.
‘Hope’ for return of UK subsea projects in 2021 says analyst
There is “hope” for a return of subsea project activity in UK waters next year and in 2022, a market analyst has said.
Doing deals in lockdown – signs of encouragement in the gloom
Our client Humber Oil & Gas’ divestment of its interest in one of the largest UK onshore hydrocarbon discoveries may have been our second oil and gas deal of 2020, but it was the first we conducted wholly remotely, thanks to UK lockdown rules.