Trap Oil saw hundreds of thousands of pounds wiped off its value yesterday as investors reacted poorly to a survival deal struck with the North Sea firm’s creditors.
Scottish North Sea oil revenues could drop to £500 million next year, according to a new report from the Scottish Government.
Oil and gas firm Nexen last night announced a change at the top for its UK North Sea arm, with Ray Riddoch taking over from Archie Kennedy as managing director on July 1.
North Sea-focused energy company Independent Oil and Gas (IOG) said today it had raised a further £145,000 through a share placement, making it "adequately funded until September 4 - the deadline for a final loan repayment to investment firm Darwin Strategic.
Aberdeen company Plexus Holdings will unveil its new subsea wellhead, developed in partnership with Python consortium partners, on September 8 during the city's Offshore Europe oil and gas show.
Oil & Gas UK (OGUK)’s annual conference, which focused on the next 40 years of the offshore industry and attracted more than 500 people, ended with the launch of an animation celebrating the sector’s achievements to date. The short infographic celebrates 50 years of exploration for oil and gas in the UK North Sea and the production that has been achieved over four decades.
Bosses at a fish and chip shop have announced they will limit the number of oil and gas workers allowed in their shop at any one time, accusing the workers of “struggling to behave like humans”.
North Sea oil and gas workers today agreed to press ahead with plans for a ballot on strike action after talks with employers in Aberdeen reached another stalemate.
A man has been evacuated by helicopter from a North Sea oil platform.
Two of the first topside modules destined for a major oil project West of Shetland sailed away this week from a shipyard in Korea.
Conservative MEP Ian Duncan was in Aberdeen yesterday to highlight the support his party had provided to the North Sea oil and gas industry. He said a £1.3billion package unveiled by Chancellor George Osborne last month had given the sector – blighted by a global fall in the oil price – a welcome boost. Petroleum revenue tax has been reduced from 50% to 35% and the supplementary tax has dropped from 30% to 20%. Speaking at the Maritime Museum, Mr Duncan said: “The tax breaks and support which George Osborne delivered are exactly what the oil and gas industry need to safeguard jobs and investment. “That is what you get when you vote Scottish Conservative – jobs and growth as part of a long-term economic plan.
A Banchory-based engineering firm is making its work in the renewable energy industry pay after diversifying from the oil and gas sector. Ecosse Subsea Systems (ESS) said more than half of its projects are now in renewables. Yesterday it confirmed that the decision to branch out into the sector has played a big part in tripling the firm’s profits. ESS, which performs seabed clearance, trenching and cable laying work, said revenues hit £15million for the year ending March 2014, an 88% increase, while operating profits went up to £3.4million from £1million.
Aberdeen-based Axis Well Technology Ltd. has become one of the first organisations in the oil and gas sector to be recognised for its commitment to employing young people. The organisation was presented with the Investors in Young People (IIYP) accreditation yesterday by Scottish Minister for Youth and Women's Employment, Annabelle Ewing MSP. The IIYP scheme is supported by £1 million funding from the Scottish Government.
Australian maintenance experts Vertech are preparing to take delivery of their first specialist vessel as the company’s diving team aims to expand into the North Sea and further afield. The new 14.4m daughter craft, which will be one of a number built, is due for delivery in early April and will feature a three-diver panel and state of the art monitoring equipment. The vessel has been designed for diving operations in 1.6m significant wave height and built to order in Cape Town, South Africa. In recent weeks it completed sea trials to gain MCA category two approval.
International Well Control Forum (IWCF) has announced a workshop and networking event for Aberdeen next month ahead of Offshore Well Intervention Europe 2015. The event will take place on Tuesday April 14, and will focus on the best practices for global safety, new initiatives that are being launched to drive up well control competency, and operators, contractors and service companies will be on hand to explain how to get more involved.
Urgent reform of the oil and gas tax regime is essential to encourage exploration and ensure the North Sea is competitive for investors, Deputy First Minister John Swinney said.
A North Sea oil and gas company has saved £600,000 by cutting Sky TV services from its offshore sites. Talisman Sinopic Energy UK has axed the subscription satellite TV service on its North Sea locations in an effort to save costs during downturn in the Scottish oil and gas industry.
We may find ourselves in one of the most challenging eras our industry has encountered but, whilst there are challenges and consequences ahead for many, there is also the opportunity to look at what can be done to control the costs of oil and gas projects at planning and execution stage.
An oil and gas technology body will offer companies the chance to suggest solutions for cutting oil and gas production costs whilst nurturing production in Aberdeen next month. The Industry Technology Facilitator (ITF) will ask oil and gas firms to present innovative solutions at the Technology Showcase being held at the AECC on March 4. In partnership with Oil and Gas UK, the ITF will discuss present tech challenges in the UK continental shelf and offer them a chance to showcase their technologies. Among the presentations at the event will be "PETMiner: Increasing the speed and cutting the costs of reservoir characterisation" by University of Leeds professor, Quentin Fisher.
The most read story this week on the Energy Voice website was on a call made by the boss of one of the world's largest energy services firms for the oil and gas sector to "reinvent" itself.
A car manufacturer and an aerospace research and development body are amongst those joining forces with the oil and gas industry at a north-east technology conference and exhibition next month.
A union representing offshore workers has urged Holyrood and Westminster to take steps to avoid a potentially disastrous “race to the bottom” in working standards across the North Sea industry. It comes after trade body Oil and Gas UK published a report describing the current state of the offshore sector as “bleak” and recommending tax reform, improved regulation and cost-cutting to help turn the tide. The Unite union has responded to the report by saying decisions taken by the UK and Scottish governments over the next few weeks will be critical to the long-term future of the industry. It is currently balloting its members among Offshore Contractors Association companies on the possibility of going on strike over changes to shift patterns and holiday entitlements.
Hungary’s MOL Group said yesterday it expects its UK North Sea business to become a “hub of know-how technology”.
Lundin Norway's wildcat well turned up a gas find near Statoil's massive Johan Sverdrup discovery.
Unions and employers in the oil and gas industry are to meet to discuss the threat to jobs in the wake of the dramatic fall in oil prices. The move follows an announcement from BP of hundreds of job losses, sparking warnings of further cuts and calls for Government action. The firm said it expects to shed 200 onshore staff, while 100 contractors’ posts will also be axed, which unions said was a “devastating blow” to the industry.