The US Gulf of Mexico is mature and on a slide that can only be reversed through a concerted effort by the industry backed by sufficient fiscal and other incentives to turn the tide.
Oil & Gas
News that carbon capture and storage technology could herald a new era of financial prosperity for the North Sea and the communities that rely on it was widely welcomed last night.
Three billion extra barrels of oil could be squeezed out of the North Sea using pioneering technology that is expected to create up to 10,000 jobs across Scotland, the Press and Journal can reveal.
ABERDEEN company Imes Group has announced the sale of one of its subsidiaries, Imes Strategic Support (ISS), to Lockheed Martin UK (LMUK), a subsidiary of Lockheed Martin Corporation, of America.
Hundreds of north-east business people have begun flying into the US city of Houston for the world's most important oil and gas show.
EnerMech, a provider of mechanical services, said yesterday it had invested more than £6million in headquarters in Aberdeen and at its regional hubs.
OIL and gas operator BG Group said yesterday the strength of its integrated gas business was reflected in the resilience of its profits and cash flow in a challenging economic environment.
EXXONMOBIL said yesterday it had achieved solid first-quarter 2009 results despite the slowdown in the global marketplace and sharply lower commodity prices.
The world's top oil and gas show will still go ahead as planned in the US next week, despite the swine flu outbreak.
OFFSHORE engineering group Aker Solutions said yesterday its gross earnings in the first quarter of 2009 had risen 12% on a year earlier at £115.7million, beating market expectations.
RBG, the Aberdeen-based provider of fabric maintenance, construction support and related services to the international oil, gas and petrochemical industries, has hailed its annual technology day event a great success, with the biggest turnout yet.
Production Services Network (PSN) said yesterday its revenue and profits were running well ahead of plans laid when it was bought by its management three years ago.
Royal Dutch Shell posted profits of £2.26billion yesterday for the first three months of 2009, down 58% on a year earlier.
Senergy, the Aberdeen-based provider of diversified energy services, said yesterday it was to help the UK Government find ways to extend the production life of North Sea oil and gas.
THE Buzzard oil field, one of Britain's largest, will shut down for four weeks in the third quarter of this year, Canadian field operator Nexen said yesterday.
ABERDEEN performance-improvement specialist Exceed revealed an achievement milestone of its own yesterday.
Oil giant BP said yesterday that first-quarter profits slid 62% year-on-year after oil prices slumped from last summer's record high.
International offshore energy service firm Helix Energy Solutions (HES) has sold its north-east subsidiary for less than it spent on acquiring it a few years ago.
AKER Qserv, the well-intervention, process and pipeline service specialist, has announced two new appointments to boost its long-term growth strategy.
ABERDEEN well-intervention and completion specialist, Wireline Engineering, has announced changes at board level to help to sustain the growth which has seen it expand its markets into more than 50 countries.
OIL and gas explorer Serica Energy - which is listed in both London and Toronto - expects its first revenue of £2-£2.7million a month from the Kambuna gas field offshore Indonesia from June.
The threat of redundancy for nearly 100 workers at the Aberdeen operation of Bristow Helicopters has been lifted, at least temporarily.
Oilfield service giant Schlumberger reported lower first-quarter revenue and profits yesterday.
SPARROWS Offshore, the crane service arm of Aberdeen-based Energy Cranes International, has landed crane-modification and upgrade contracts in Norway worth more than £1million for completion this spring.
UK Government plans for "clean" coal power stations could create 50,000 jobs, Energy and Climate Change Minister Ed Miliband forecast last night.