North Sea oil producer Taqa said yesterday it was on course for annual savings of more than £260million after shedding 22% of its global workforce. It also reported higher profits from the UK North Sea after a boost from fiscal changes aimed at reducing the burden of taxation on operators and encouraging investment Grant Gillon, the Middle East firm’s new chief financial officer, said a transformational programme put in motion against a “challenging” backdrop of lower oil prices was achieving results. The Scottish engineering graduate also said Taqa’s financial position was strong after a recent refinancing of £2billion of existing credit facilities on improved terms.
Independent Oil and Gas has extended the deadline for its acquisition of 50% of the Skipper field discovery in the North Sea after its plans to secure a high-value backer unexpectedly fell through.
E.ON has completed a wildcat well near the Skarv field and confirmed it is a dry hole.
Norway's hard pressed oil and gas sector can weather the storm created by $50 oil, if the industry continues to work towards reducing costs and adapts to the new price levels.
Industry body Oil and Gas UK is hosting a series of regional briefing sessions to discuss the findings of its 2015 Economic Report.
A £15million investment at Montrose harbour will help it compete for lucrative offshore oil and gas decommissioning work in years to come, according to the port's operator.
Lundin has successfully completed the drilling and logging of an appraisal well in the Edvard Grieg field in the Norwegian North Sea.
The UK oil and gas industry risks losing a generation of skilled fliers if action is not taken to halt job losses.
CHC Helicopter has entered into a consultation process with staff over job losses as it looks to streamline costs. The company said a number of positions are likely to be affected including pilots, engineering and support staff. The news comes after Bristow announced it was in consultation over job reductions.
Industry body Oil and Gas UK said production is set to rise for the first time in 15 years, according to provisional figures.
New guidelines to improve efficiency and reliability during planned maintenance shutdowns of offshore installations has been launched by industry trade body Oil & Gas UK.
Oil & Gas UK's Business Sentiment Index for the second quarter of 2015 published today shows that industry remains fragile but that companies’ outlook is improving.
Marine geophysical services specialist WGP has completed its spring/summer program of reservoir monitoring operations for Statoil's Snorre and Grane fields ahead of schedule.
Maersk Drilling has been awarded a $14 million 16-month contract extension for the jackup rig Mærsk Innovator with ConocoPhillips Norway.
A new rapid response drone service that can monitor and inspect offshore installations in the North Sea has been launched in Aberdeen.
New guidelines have been set by Oil and Gas UK for well abandonment in a bid to increase cross-industry understanding of issues surrounding the process. The industry body has made the move in a bid to continue improving safety and performance across the UKCS (UK Continental Shelf). The first guidelines were set just over 20 years ago with input from member companies and stakeholders.
Investment company Cluff Natural Resources (CLNR) has agreed a deal with oilfield services giant Halliburton to deliver and accelerate development of its Southern North Sea gas and underground coal-gasification (UCG) assets in the UK.
Industry body Oil & Gas UK has been hailed for helping improve safety and efficiency offshore.
Energy consultancy ADIL’s operations and improvements team has won contracts worth nearly £500,000 in the last quarter.
Monitoring specialist Permasense has opened a new Aberdeen office, despite the recent market downturn.
The boss of Odfjell Tankers, Morten Nystad is standing down after 35 years in the chief role.
Nordic Energy has announced that founder and chief executive Rudolf Kleiber has left the company with immediate effect.
Shell in Norway has awarded Kvaerner a project to harmonise the power supply interaction between the Nyhamna gas plant and the national grid.
The head of Aberdeen-based Craig Group yesterday swatted away any suggestions the firm may be experiencing buyer’s remorse after its shipping division added a new vessel to its fleet. A number of North Sea oil and gas companies have been forced to the wall this year after their ambitious spending plans failed to reap rewards as orders tailed off amid the oil price slump. But Craig Group’s boss said its outlay on emergency response and recovery vessels would safeguard hundreds of jobs at the privately owned, family-run shipping and energy services company.
Testing and calibration specialist Exova has been awarded a contract to provide materials qualification testing for Maersk Oil.