This week is a vital one for the North Sea, and the thousands who depend on it for their jobs.
Oil and gas firms experienced a drop in orders last month as the downturn in the sector continues to hit Scotland’s economy. The Bank of Scotland recorded a decline in activity in February - the first in three months.
As anticipated 2015 proved to be a difficult year for both oil and gas companies and the supply chain companies that make up the oilfield services sector. The average price of a barrel of Brent crude in 2015 was $52.35 dollars, less than half of the average price for the years 2011 to 2013, and a little over half the average price for 2014. The average to date for 2016 has fallen further to $30.70 per barrel, less than the average Brent price for each of the years 1979 to 1982 even in nominal terms!
Scotland’s Deputy First Minister has warned the Chancellor against continuing to pursue “unnecessarily stringent fiscal targets” ahead of the Budget on Wednesday. John Swinney urged George Osborne to instead use limited borrowing to stimulate economic growth, after the Chancellor paved the way for fresh spending cuts, stating that savings equivalent to 50p in every £100 the Government spends need to be found by 2020.
Deputy First Minister John Swinney last night accused the SNP’s opponents of “celebrating the fall in the value of oil”.
Oil and gas experts at international law firm Pinsent Masons are calling for a package of North Sea concessions to be unveiled by Chancellor George Osborne during this week’s Budget.
Xcite Energy is in a race against financial fall-out as it tries to avoid becoming the latest casualty amid the continued low oil price.
Aberdeen MSPs criticised the “derisory” city region deal today (Sat) as they called on the UK Government to do more to support the north-east during the oil and gas downturn.
Petrofac has been appointed as duty holder to support North Sea incomers Anasuria Operating Company Limited in a deal worth $250million, securing 65 jobs.
North Sea Super Puma helicopters must all be modified after the European Aviation Safety Agency (Easa) highlighted a potential hazard for emergency evacuations.
Scottish Conservative leader Ruth Davidson accused the SNP under former first minister Alex Salmond of trying to “con” people over oil revenues during the referendum campaign.
Amec’s profit for last year fell 19% to £374million, the company confirmed today.
Atlantic Petroleum has entered into a sales and purchase agreement with M Vest Energy AS for the sale of its Norwegian assets and licenses.
The Chancellor slashing North Sea taxes in next week's Budget is not the answer for steadying the sector's financial course, according to a financial expert.
Norwegian operator Statoil and Halliburton have kicked off drilling on the Madam Trap well.
Halliburton has made job cuts in the Norwegian sector.
Revenues from North Sea oil and gas fell by more than 50% last year, with Scotland having a higher rate of fiscal deficit than the rest of the UK, new figures have revealed. The Scottish Government published its latest data on revenue and expenditure, which showed a deficit of £14.9 billion for 2014-15, when a geographic share of North Sea revenues is allocated to Scotland.
A north-east engineer made redundant from his job in the oil and gas industry today dismissed the Scottish's Government's scheme to support retraining as a "publicity stunt".
The chancellor is also facing calls from north-east politicians to "step up to the plate".
A man has been flown to Aberdeen Royal Infirmary after taking ill on-board a North Sea rig.
PwC today echoed Oil and Gas UK's call for sweeping tax changes for the industry.
Oil and Gas UK today made a rallying call to the UK government to rethink its tax strategy or risk costing the North Sea a billion barrels of oil and hundreds of thousands of jobs.
An Aberdeen MSP has called on the chancellor to listen to the Scottish Government and oil and gas industry's calls for support in the forthcoming Budget.
Premier Oil saw tens of millions of pounds piled onto its market value yesterday.
Hungarian oil company Mol has confirmed the departure of its UK boss, Chris Bird.