Oil headed for the longest run of weekly declines in almost three decades on signs the supply glut that drove prices to a six-year low will be prolonged.
Futures fell as much as 1.6 percent in New York, set for an eighth weekly drop.
The US pumped crude in July at the fastest pace for the month since at least 1920, the American Petroleum Institute reported Thursday. The nation’s stockpiles are almost 100 million barrels above the five-year seasonal average, weekly government data showed Wednesday.
The industry has robustly defended itself against claims that looming pilot cuts were compromising safety.
British Airline Pilots’ Association’s (BALPA) General Secretary Jim McAuslan, said pilots were at risk as the await final confirmation of job losses.
McAuslan spoke to Energy Voice after surveying its members for current sentiment.
North-east offshore chemical engineering firm Aubin Group was yesterday presented with a Queen’s Award in recognition of its overseas sales growth.
About 140 awards were announced this year for outstanding business achievement, with Aubin honoured for international trade.
The Ellon-based company has beefed up its income from exports by more than 100% in the past three years and has expanded its client base to span 16 countries.
Norway's DNO ASA, which has operations across the Middle East, would like to do business in Iran if sanctions against the country are lifted as planned, the energy company said on Thursday.
Oslo-listed DNO has its biggest operation in Iraqi Kurdistan, where it produced about 153,000 barrels of oil per day in the second quarter. It is also present in Oman, Yemen, Somaliland, Tunisia and the United Arab Emirates.
RWE will replace the head of npower and the British supplier's finance chief, two people familiar with the matter told Reuters, following long-standing billing problems and a loss of clients.
Paul Massara, npower's chief executive since January 2013, will be replaced by npower Chief Operating Officer Paul Coffey, who joined from the German utility company's renewables division Innogy earlier this year, the people said.
Npower Chief Financial Officer Jens Madrian will also step down from his post, the people said.
Irish oil producer Petroceltic has launched legal proceedings in an attempt to identify an anonymous blogger who it claims has made defamatory claims relating to one of its top directors.
Abu Dhabi’s oil marketers plan to host a reception for buyers during an energy trading conference next month in Singapore, a push by the Persian Gulf emirate to raise market share amid a global supply glut.
State-run Abu Dhabi National Oil Co. will hold the event at the St. Regis Singapore hotel on Sept. 9 during the annual Asia Pacific Petroleum Conference, according to an announcement obtained by Bloomberg. Adnoc, as the company is known, doesn’t usually host such events during the conference.
“Adnoc is trying to be more assertive as they need to grab more market share for th
ElectroMagnetic GeoServices (EMGS) has signed two new licensing agreements with two oil companies in the Barents Sea worth $1.6million.
The contracts come as the company revealed a loss of revenue in its second quarter earnings.
Soma Oil & Gas has called for a meeting with the United Nations (UN) to discuss allegations regarding its dealings in Somalia.
The move comes after the company became the subject of a criminal investigation by the Serious Fraud Office (SFO) in relation to alleged corruption.
Soma, which is chaired by former Conservative Party leader Michael Howard, wants to arrange talks with UN Security Council Committee chairman Rafael Dario Ramirez Carreno.
Two Aberdeen engineering consultancies are celebrating new work on a project which will see more than 2million tonnes of carbon dioxide captured and stored in the North Sea.
Indigenous protesters wielding spears in south-eastern Ecuador sent police and soldiers fleeing in a clash that injured eight security force members.
The estimated 200 Shuar and Achuar peoples who chased off police and soldiers in the Amazon town of Macas are upset with President Rafael Correa’s refusal to consult them on mining and oil drilling on their traditional lands.
The North Sea is still a good return on investment, according to an industry boss.
Enquest’s president for the North Sea, Neil McCulloch, said the sector was still very much open for business.
The company leader spoke to Energy Voice as it confirmed a 20% slide in earnings.
Despite the dip, Enquest’s North Sea assets posted a strong return with its Kittiwake Area (GKW) increasing production efficiency by 87% in the first half of the year.
An Aberdeenshire-based equipment hire company said yesterday it was investing hundreds of thousands of pounds in new products in order to beat the oil and gas downturn.
Quayside Fabrication, headquartered in Colpy, near Insch, has splashed out more than £500,000 on the development of a portable power unit (PPU), a kind of “mobile workshop” aimed at improving safety and efficiency in the energy sector.
The firm, founded in 2010, has also invested in new designs for large containers for lifting equipment to and from the seabed – known in the industry as subsea baskets – as well as a plasma cutting machine.
Morocco's government said on Wednesday it will not bow to pressure from the country's oil refinery operator Societe Anonyme Marocaine de l'Industrie du Raffinage (Samir) and will do everything possible to recover unpaid taxes and protect the refinery's workers.
Morocco's tax administration seized the company's bank accounts last week in pursuit of a 13 billion dirham ($1.3 billion) tax claim.
Samir, which is controlled by Saudi Corral Petroleum Holdings, said earlier this month it was halting production at some units of the 200,000 barrel-per-day (bpd) Mohammedia refinery.
Saudi Arabia boosted crude output to a record, deepening a global supply glut and sending the country’s stocks down for a seventh day in the longest losing streak this year.
The Tadawul All Share Index retreated 2.5 percent to close at 7,991.28 in Riyadh, less than 130 points away from a threshold for entering a bear market. The selloff in oil resumed as the kingdom said crude export in June beat a previous high set in 1980 as OPEC nations seek to maintain market share.
Two months after Saudi Arabia opened its equity market to direct foreign investment, stocks have been reeling as crude’s plunge prompted the International Monetary Fund to warn the kingdom’s growth may slow. The Tadawul’s moving averages made a so-called death cross on Tuesday, a sign to some investors more declines lie ahead.
Scots reel and flexible pipe specialist Aquatic has been awarded a multi-million pound contract on Total's $10billion Moho Nord subsea project, off the coast of the Republic of Congo, West Africa.
Repeated sabotage by "organised gangs" of the oil pipeline from northern Iraq to Turkey has cost the autonomous Kurdistan region $501 million since July 1, its ministry of natural resources said on Tuesday.
The flow of oil is currently suspended due to a theft attempt on the pipeline, which runs to the Turkish port of Ceyhan from fields in Iraq's Kurdish north and Kirkuk.
The pipeline was previously idled for a week after being blown up by members of the Kurdistan Workers' Party (PKK) in late July, when Turkey began bombing the outlawed group in northern Iraq.
