The outgoing chief executive of Wood Group has been named as the new chairman of Scottish Enterprise.
Industry veteran Bob Keiller, who announced last month he would retire from the top spot at the oil and gas company, will take over from Crawford Gillies next year.
Keiller had previously hinted at new opportunities when his departure was made public and said he had several business interests on the horizon.
Lotus Exploration and Production has signed a deal with ExxonMobil for a stake in the Sleipner field in the Norwegian North Sea.
The company said the deal includes a 15% share in Sleipner Ost, Sleipner Vest and Gunge oraz Loke gas and oil deposits.
Sona Petroleum has agreed to buy the Stag oil field off the coast of Australia from Santos and private equity firm Quadrant Energy in a $50million deal.
Santos had been looking to sell its two-thirds stake in the field before it put all its assets up for stake three months ago.
Last month Santos had rejected a $5billion takeover offer in the hopes of getting better value from selling assets.
Ophir Energy has completed operations on a wildcat exploration well on the Soy Siam prospect after it came up dry.
The company said well reached a total depth of 1,627metres and encountered primary Miocene reservoir targets on prognosis in terms of quality and depth.
However all reservoirs were dry and no hydrocarbons were encountered and the well has since been plugged and abandoned.
Talks between unions and COTA (Caterers Offshore Trade Association) will be held today in a bid to reach an agreement over potential strike action.
Last month both Unite and RMT members were balloted on whether to take industrial action.
Offshore catering and auxiliary workers are in dispute with COTA after it said it would not be honouring the second year of a pay deal worth around 1.3%.
Noreco said its UK subsidiary has been served a notice of default under the Joint Operating Agreement (JOA) governing the Huntington licence in the UKCS.
Earlier this year, as the company looked to restructure itself, Noreco Oil UK had agreed to sell its 20% participating interests in the Huntington licence.
The process has since been cancelled as no acceptable offers had been put on the table.
Plans to build the world’s largest offshore windfarm off the north-east coast have been approved.
Norwegian energy giant Statoil will erect five 600ft turbines tethered to the bed of the North Sea, 15 miles from Peterhead.
The Scottish Government has today granted the firm a marine licence, allowing construction work on the huge structures to begin.
OPEC will probably hold production steady at its meeting next month as the gap between supply and demand for oil closes, according to the analyst who correctly predicted last year’s rout in prices.
Decades of financial discipline that honed Exxon Mobil Corp. into the leanest, most-efficient oil company in the world are paying off as it navigates the worst market slump since the 1980s.
While oil drillers cut spending to the bone, US refiners are reaping a windfall from low oil prices.
Tesoro Corp. reported record profit in the third quarter, while Valero Energy Corp., Phillips 66 and Marathon Petroleum Corp. posted their best quarter in at least three years. Crude prices are down by more than half from their 2014 peak, while American drivers are on pace to set a record for miles driven.
Industry body Oil & Gas UK said the announcement by US oil explorer Apache of significant discoveries in the UKCS was proof of the value of continued investment in seismic technology.
Oil major Chevron said it had reduced its 2016 budget by 25% as well as laying off around 10% of its workforce.
The company said it plans to spend between $25billion to $28billion next year.
It will also reduce its spending in 2017 and 2018, an acknowledgement that oil prices are not expected to rise drastically in the next few years.
Apache's announcement of new discoveries which could hold up to 70million barrels of oil equivalent will be "extremely welcome", says Industry expert Professor Alex Kemp.
The petroleum economist made the comments after the US explorer revealed five new discovery wells had been uncovered.
Apache said two discoveries were made on two exploration wells in the Beryl area as well as further discovery 50 miles south of the company’s Forties field.
Apache said it has made significant discoveries in the North Sea in both the Beryl and Forties field which could up to 70million barrels of oil equivalent.
The US explorer said two discoveries were made on two exploration wells in the Beryl area as well as further discovery 50 miles south of the company’s Forties field.
Apache said it also drilled two development wells in the Beryl area from which no reserves have previously been booked.
Husky Energy Inc. plans to keep cutting jobs after eliminating 1,400 positions, the most disclosed by a Canadian energy company in the oil-price slump.
Job cuts have represented 80 percent contractors and 20 percent employees and will continue, Husky said in a statement Friday, reporting its biggest-ever quarterly loss. The Canadian producer and refiner controlled by Hong Kong billionaire Li Ka- Shing also outlined plans to pay its dividend in stock, consider asset sales and extend a companywide salary freeze started at the end of 2014. The shares fell 5.5 percent to C$19.16 at 9:36 a.m. in Toronto.
A stubborn 16-month crude rout with no end in sight is driving the largest US oil producers away from costly, high-risk mega-projects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.
Iran may roil global oil markets with plans to sell about 45 million barrels of fuel stored in tankers in the Persian Gulf within three months of the removal of sanctions on its economy, according to analysts.
Most of the stored oil is condensate that contains a sulfur compound, which complicates sales because many refineries can’t process it, said Victor Shum of IHS Inc. and Robin Mills at Dubai-based Manaar Energy Consulting. To market this large amount of oil within three months -- the equivalent of about half a million barrels a day -- Iran will have to resort to offering deep discounts, they said.
“Iran’s getting ready to open the taps,” Shum, IHS’s head of oil market research, said by phone on Oct. 26. “If they want to unwind this supply in the current weak market, they’ll have to offer discounts. It’s a buyer’s market.”
ConocoPhillips has been ordered by a Chinese court to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods had been hurt by oil spills off the country’s north eastern coast four years ago.
The company was told to pay $266,000 to 21 farmers who had not previously participated in a previous settlement in 2012.