Chevron Corp, the second-largest U.S. oil company, said on Tuesday it would lay off 1,500 employees, about 2 percent of its global work force, as it trims costs to offset declining crude prices.
Nearly all of the layoffs will be in Texas, where the company has expanded in recent years to develop land in the Permian shale formation, and California, where Chevron is headquartered.
Fifty international employees will be laid off and roughly 600 contractor positions will be canceled, the company said in a statement.
Novatek, Russia's No. 2 gas producer, made second-quarter net profit of 41.9 billion roubles ($703 million), up 31 percent year-on-year on stronger sales, it said on Wednesday.
Analysts had expected the firm to post 38 billion roubles in quarterly net profit.
The company said its revenues were at 112.2 billion roubles, up from 88.4 billion roubles in the same period last year.
Oil tycoon Algy Cluff warned Scottish ministers the day after a moratorium on fracking was confirmed that Scotland could risk losing £250million of investment.
The multi-millionaire warned energy minister Fergus Ewing and Alex Neil that including his plans for underground coal gasification (UCG) in the moratorium would have an impact on Cluff Natural Resources (CNR) ability to “operate and invest” further in Scotland.
CNR has ploughed ahead with plans to develop Britain’s first offshore UCG project in recent times, despite opposition from environmentalists, who feel the methods used are unsafe and require further testing.
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.
Sparrows Group has expanded into the Malaysian market after forming a strategic relationship with a service provider in the region.
The move will see the company work alongside Efficient Technology Sdn Bhd (Eftech) as it looks to treble its business in Asia Pacific over the next five years.
Sparrows will offer services including offshore crane maintenance, crane hire, fluid power, inspection and cable and pipe lay products.
Total is set to consult with staff over a potential move to an equal time rota.
The decision to communicate with staff regarding a change to a three on, three off shift pattern comes after oil giant Shell confirmed it would be making the move earlier this week.
Companies have been considering whether to adopt the shift pattern as they look to make cost savings following the decline in oil price.
Statoil has started its fast-track project for improved oil recovery from Gullfaks South (GSO) in the North Sea.
The company aims to increase output from the area by an estimated 65 million barrels of oil equivalent.
Production was started three years ago in the Gullfaks region after the project was approved.
BP Plc and Chevron Corp. fired the opening salvo for a further round of cost cuts by major oil companies grappling with the prolonged collapse in crude prices.
A decision by union members over whether to accept an offer of proposals from the Offshore Contractors Association (OCA) will be made today.
Both Unite and GMB workers will vote yes or no after months of talks between representatives from both sides.
It comes after the GMB union wrote to members last month and urged them to accept a new offer from the OCA, which has 10 full members, including Petrofac, Wood Group PSN and Stork.
A jobs taskforce set up to help North Sea workers whose jobs are under threat is to be continued “for the foreseeable future”, First Minister Nicola Sturgeon has announced.
The Scottish Government set up the Energy Jobs Taskforce in January after the sector was hit by the slump in oil prices.
Initial plans were for the body, which brings together the industry, the public sector and trade unions, to be in place for six months.
But Ms Sturgeon has announced it will continue to meet beyond its original six-month commitment.
The First Minister said: “The Scottish Government is fully committed to the oil and gas industry; it has been a true success story and we are working to ensure it will continue to be so.
Libya has become a major headache for European oil companies as a four-year conflict forced BP Plc to join Total SA in writing off millions of dollars in investments in the North African country.
BP on Tuesday said it had taken an impairment of almost $600 million in the second quarter as fighting forced it to suspend an oil exploration campaign. The unexpected charge was the main reason BP’s earnings fell short of analysts’ estimates.
“It’s just hard for us to get something done there right now,” Chief executive officer Bob Dudley told reporters in London. BP is aware that other oil companies have written off their Libyan assets, while “some of them haven’t,” he said.
The United Arab Emirates, OPEC’s third- biggest producer, will raise unleaded gasoline prices by 24 percent next month when it becomes the first country in the oil- rich Persian Gulf to remove subsidies on transport fuel.
General Electric Co. offered to sell gas- turbine assets to an Italian rival in an attempt to win European Union approval for its plan to buy most of Alstom SA’s energy business, four people familiar with the situation said.
