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Oil & Gas

Oil & Gas

Alex Salmond urged to make amends with UK Government for sake of oil industry

A north-east MSP has urged the Scottish Government to “bury the hatchet” with UK ministers and work together for the good of the North Sea oil industry. Conservative Alex Johnstone said Brent crude oil was trading at under $83 a barrel, a four year low, and there had been a 20% drop in prices since the independence referendum on September 18. Speaking at first minister’s questions yesterday, the MSP claimed the SNP leader put oil at the centre of the government’s campaign.

Oil & Gas

CNR awarded 11 licences in 28th round

Cluff Natural Resources (CNR) has been awarded 11 licences by the DECC (Department of Energy and Climate Change) in the UK’s 28th offshore licensing round. The company has been awarded blocks including 41/5, 41/10 and 42/1 in Southern North Sea. All of the blocks are in close proximity to the Breagh Gas field.

Oil & Gas

Gas injection could be used at Huntington field

British power and gas company E.ON is considering the use of gas injection at its Huntington field after restrictions were imposed by the Central Area Transmission System (CATS). In a production update for the month by Norwegian energy company, Noreco, they said production from the field had been reduced “significantly” as a result. The company said in the short-term gas injection was being considered this month.

Oil & Gas

Transocean forced to delay today’s results amid mounting charges

Transocean was forced to delay its third quarter results after being hit by $2.76billion worth of impairment charges amid declining contract values. The firm, which owns the biggest fleet of deepwater drilling rigs, said: “The charge is the result of impairment testing conducted due to the decline in the market valuation of the contract drilling business.” The dip in rig-use fees was also thought to have affected today’s delay.

Oil & Gas

Statoil completes exploration in the Barents Sea

Statoil has completed its exploration programme in the Barents Sea, completing 10% of all exploration wells drilled in the Barents Sea. The exploration well, between 2013 and 2014, started with five wells in the vicinity of Johan Castberg. These wells were critical, Statoil said, in clarifying the oil potential in the area in order to plans for the Johan Castberg field.

Oil & Gas

Industry talent celebrated at Oil & Gas UK awards

Emerging talent and outstanding achievement in the UK oil and gas industry were celebrated at an awards ceremony in the north-east last night. A record of about 650 people attended the 2014 edition of the Oil and Gas UK (OGUK) Awards at Aberdeen Exhibition and Conference Centre. Marnie Toal of energy technology firm Proserv came away with the apprentice title after impressing judges with her enthusiasm to take on extra responsibility and her adeptness at identifying ways of improving work processes.

Markets

China oil producers face cuts after period of spending

The slump in oil prices is a boon to China as the world’s second-biggest oil consumer. It’s a different story for the country as a major producer. The slide in prices to a four-year low threatens to cut spending, production and profit for the country’s oil companies including PetroChina Co (857) Brent, the global benchmark, has fallen 26% this year to below $83 a barrel. The decline, amid signs that global supply is outpacing demand, is pressuring profits from oil extraction across the globe. After a flurry of acquisitions and spending that’s stretched the balance sheets of Chinese oil companies, the country will also have a diminished appetite for deals, according to Sanford C Bernstein & Co.

Oil & Gas

Statoil on the hunt for the next Johan Sverdrup

Statoil is on the hunt for its next Johan Sverdrup – this time on the UK divide of the North Sea, according to its exploration manager Tom Dreyer. Tom spoke to Energy Voice after the Norwegian operator made out as one of the biggest winners in the 28th licensing round. The major industry player snapped up 8000sq km of acreage, winning all of the 12 licences it applied for. The opportunities amassed by the firm on the UK side of the North Sea, strategically located on near its Mariner and Bressay projects, leave it all to play for, according to Tom. The first step is process is apply the techniques leveraged to unearth Johan to targets identified in the UK North Sea.

Europe

Enegi Oil wins North Sea production licence

Enegi Oil has been awarded a production licence in the UK Central North Sea in the 28th round of licensing. The block, 21/28b, was awarded by the Department of Energy and Climate change. It contains two known discoveries named Crinan and Dandy, which lie adjacent to the Fyne Project area in water depths of 89m.

Oil & Gas

Aker Solutions profits, margins drop as Norway activity slumps

Aker Solutions ASA, the offshore engineering company controlled by billionaire Kjell Inge Roekke, said profit and margins dropped in the third quarter as activity in Norway fell. Net income fell 24% from a year earlier to 265million kroner, while the Oslo-based company’s margin on earnings before interest and tax fell to 5.6% from 6.6%, it said in a statement. At the same time, revenue rose 22% to 8.3billion kroner. “Margins were held back by overcapacity caused by a steep drop in activity in the maintenance, modifications and operations market in Norway,” Aker Solutions said in its statement. “Aker Solutions sees a risk of delays as oil companies scale back some investments. The company anticipates this focus on capital discipline to continue over the next one to two years.”

Oil & Gas

Celebrate progress, HSE’s chairwoman tells Aberdeen oil and gas dinner

The Health and Safety Executive (HSE) has a new energy chief, Tony Hetherington, it emerged last night. Mr Hetherington – previously HSE’s head of operations, gas and pipelines – has taken over the role from Susan Mackenzie, who is now director of major hazards. The changes were announced by HSE chairwoman Judith Hackitt at last night’s Oil and Gas UK Awards, when she said the industry had a “tendency to focus on failure”.

Oil & Gas

OGA chief executive: ‘Culture change’ needed in the industry

The newly appointed Oil and Gas authority (OGA) chief executive said the biggest challenge the industry faced was a change in culture and behaviour in the industry. Andy Samuel, BG managing director, was named as the man to take the helm of the new industry body during a visit with the Chief Secretary to the Treasury Danny Alexander in Aberdeen. Mr Samuel said he wanted to work at pace but with “wisdom” to ensure no “false starts” were made as the industry body moved a step further to becoming fully operational. Speaking at Archer’s headquarters in Blackburn, he said: “I think I want to work at pace but with wisdom, we don’t want to make any false starts. “We need to work together in a tripartite relationship. The industry, the OGA and the government closely working together is vital.

Oil & Gas

Statoil wins big North Sea licensing round

Statoil was awarded all of the acreage it applied for in the 28th UK North Sea licensing round. The Norwegian operator picked-up 12 new licences in the latest allotment, including nine as operator. The new bids add up to 8,000sq km in additional acreage.

Oil & Gas

Residents slam pro-fracking peer

Campaigning residents have hit out at pro-fracking peer Lord Lawson as they launch a High Court battle to block planning consent for further works linked to fracking in their village. Their QC told a judge the permission granted in May this year affecting Lower Stumble in Balcombe, West Sussex, was fatally flawed by “errors of law”. In one of the first fracking legal challenges, the Frack Free Balcombe Residents Association (FFBRA) is asking a High Court judge in London to quash the permission granted by West Sussex County Council to energy firm Cuadrilla. The county council is defending its decision before Mr Justice Gilbart, arguing it was lawfully made and is not open to legal challenge.

Oil & Gas

MP blasts energy policy ‘populism’

Short-term populism is the “most dangerous enemy” for energy and climate change policy, Energy Secretary Ed Davey said today as he warned against exploiting the issue in the run-up to the general election.

Oil & Gas

28th North Sea licensing round one of the biggest yet

Business and Energy Minister Matthew Hancock today confirmed one of the biggest North Sea licensing rounds yet. A total of 134 licences covering 252 blocks were issued as part of the 28th offshore licensing round. The Business and Energy Minister said: “The North Sea provides a safe, secure, home-grown energy supply for the UK. We are determined to make the most out of the North Sea and have moved quickly to implement the findings of Sir Ian Wood’s review."

Oil & Gas

BG managing director named new Oil and Gas Authority chief executive

BG’s managing director of Exploration and Production in Europe has been confirmed as the new chief executive of the Oil and Gas Authority (OGA). In the wake of the announcement the government has made an industry-wide call for evidence on how to best deliver the next stage of Sir Ian Wood's recommendations, including the governance and scope of the new regulator. Energy and Climate Change Secretary Ed Davey said: “It’s vital for Government to work closely with industry to maintain Britain’s energy security and Andy is superbly placed to steer the OGA to maximise the economic recovery of our oil and gas resources. We’re also asking industry for their views to make sure we implement the Wood Review recommendations in the most efficient and practical way.” The government has also asked for feedback on how to best implement the Maximising Economic Recovery UK strategy and new regulatory powers of the Oil and Gas Authority and its sanctions regime. New chief executive of the OGA, Andy Samuel added: “I am honoured to have been chosen to lead the OGA. I know first-hand the challenges industry currently faces and am confident that implementing the vision set out in the Wood Review will create a strong future for the UK’s oil and gas industry. I have much enjoyed my time at BG Group, with a lot to be grateful for, and am now looking forward to establishing the OGA and setting its priorities in the New Year.”

Americas

On heels of Texas fracking ban Breitling chief executive squares off in London

Just two days after Denton, Texas made international news by voting to ban hydraulic fracture stimulation within its city limits, there will be yet another fracking debate in London involving an outspoken critic of the Texas ban, Chris Faulkner, chief executive of Breitling Energy Corporation. The debate, billed as “The Frack Off” will be held today at 12.30pm as part of the 3rd Annual Energy Live 2014 conference, which is expecting more than 600 attendees. Faulkner will be debating Eva Jasiewicz, a journalist, union organizer and activist. Jasiewicz supports the group, No Dash for Gas, a UK-based vocal grassroots network that feels development of additional natural gas power plants in England would be harmful to the environment. The group opposes fracking, and its supporters participate in frequent rallies against bringing the practice to the UK. Faulkner is no stranger to the energy debate, as host of his own daily radio show, Powering America, which airs nationally in the United States. This debate, however, comes only two days after the voters of Denton, Texas, a community about 45 minutes drive from Faulkner’s downtown Dallas offices, voted to ban fracking inside the city limits. “I promise you, this will come up in London,” Faulkner said on his radio show Wednesday, referring to the Denton vote.

Europe

Fracking opponents go to high court

Residents fighting against fracking in their village take their case to the High Court today. They are objecting to planning permission which has been granted for further works to be undertaken at Lower Stumble in Balcombe, West Sussex. Lawyers representing the Frack Free Balcombe Residents Association (FFBRA) claim the decision by West Sussex County Council to grant permission to energy firm Cuadrilla was “unlawful”. Law firm Leigh Day says the company, which previously had permission to frack for oil and gas at the site, has been given the go-ahead to return. It said: “According to the latest application, permission was sought for exploration and appraisal of the recently drilled ’hydrocarbon lateral borehole’ together with a new 46ft (14m) high flare on the site.” Planning permission was granted “despite massive objection to the development”.

Oil & Gas

North Sea tax reform demand

Chancellor George Osborne has been told that he must act urgently to deliver North Sea tax reform or jobs and energy security will be in jeopardy. Industry body Oil and Gas UK yesterday piled the pressure on the Treasury in advance of Mr Osborne’s autumn statement next month. In a letter to the chancellor, the group’s chief executive Malcolm Webb warned that costs in the North Sea were outstripping profits and that it was “not sustainable”. Chief Treasury Secretary Danny Alexander told the Press and Journal on Monday that the offshore sector will be given “positive” tax news in the autumn statement on December 3. The Highland MP is due to deliver a speech in Aberdeen today which sources said would feature an announcement of a “significant milestone” in the Treasury’s review of the oil and gas tax system. Oil and Gas UK has called for the immediate removal of the hugely controversial tax hike announced in the 2011 Budget, as well as the scrapping of petroleum revenue tax, and new tax breaks on investment.

Oil & Gas

Technip wins Petronas contract

Petronas has awarded Technip a five-year agreement for an Engineering, Procurement, Construction & Installation (EPCI) deal for projects in Malaysia. The contract will see the French services company provide supply only of flexible pipes and is the third new contract deal announced this week. Asiaflex Products, Technip’s flexible pipe manufacturing plant located in Johor, Malaysia, will execute the framework agreement.

Oil & Gas

Ophir signs up midstream partner for FLNG work

Ophir Energy has appointed Excelerate Energy as its lead midstream partner for the provision of FLNG (Floating Liquefied Natural Gas) storage facilities in Equatorial Guinea. The company has been appointed as the lead in a consortium of technology providers that is expected to include Samsung Heavy Industries and Black and Veatch. Ophir said negotiations regarding an MOU (Memorandum of Unerstanding) had now concluded and a deal was expected to be signed tday, between the EquatoGuinean Ministry of Mines, Industry and Energy (MMIE), GEPetrol, Ophir and Excelerate.