North Sea exploration faces another crisis year
Exploration in the North Sea has continued to plummet due to ever spiralling costs and firms taking a “wait and see” approach to new regulation and taxes, new research has found.
Exploration in the North Sea has continued to plummet due to ever spiralling costs and firms taking a “wait and see” approach to new regulation and taxes, new research has found.
Africa-focused explorer Tullow Oil has pledged to fight a £238million tax bill after losing a tribunal in Uganda.
Baker Hughes, the world's third-largest oilfield services company, said last night it expected strong growth in North America as oil and gas producers turn to its new technologies to reduce drilling time and cut costs. The company, whose services include seismic surveys that determine where oil lies under the earth's surface and hydraulic fracturing of wells, launched 47 new products and services in the second quarter.
Exxon has bet heavily on its relationship with Rosneft, a state energy producer that’s led by Putin confidant -- and US sanctions target -- Igor Sechin. Next month Exxon expects to begin drilling an Arctic well with Rosneft that will cost as much as $700million, the most expensive such project ever in Russia. It’s also working on a $30million shale well project in Siberia.
Energy services group AGR’s Aberdeen team has won a well project management contract for exploration offshore Benin.
Australia’s government has repealed a controversial carbon tax on the nation’s worst greenhouse gas polluters, ending years of contention over a measure that became political poison for those who imposed it. The senate voted 39 to 32 to axe the 24.15-Australian dollar (£13.30) tax per metric tonne of carbon dioxide that was introduced by the centre-left Labor government in July 2012.
Gulf Keystone Petroleum founder Todd Kozel has turned down a seat on the board after retiring last month as chief executive officer of the oil explorer with fields in Kurdistan.
Faced with slumping demand for liquefied natural gas in Asian markets, Qatar is shipping cargoes to Britain, deepening the biggest seasonal price drop for the fuel there in five years. Qatar, the biggest producer, will send at least eight cargoes to the UK this month, taking the total since April to 35, six more than last year. Prices on the UK’s National Balancing Point, the largest trading hub outside the US, have fallen 25% since the summer started on April 1.
A £230million loan will secure thousands of jobs at a chemical production and oil refining plant.
Aberdeenshire company Motive Offshore has reached a growth milestone by employing its 100th employee in under four years in business.
Spare crude-export capacity will limit any gains in oil prices after the US and European Union imposed sanctions on Russian energy companies over Ukraine, according to Nomura Holdings Inc. and Sapient Global Markets. OAO Rosneft, Russia’s biggest oil company, natural gas producer OAO Novatek and OAO Gazprombank, the third-largest lender, are among those hit by the penalties, the US Treasury Department said yesterday. The sanctions are the latest response to what US and European leaders say is Russian President Vladimir Putin’s refusal to end support for rebels who have been battling Ukrainian government forces in the east.
President Vladimir Putin has lamented the latest round of US sanctions against Russia, saying they are stalemating bilateral relations and hurting not only Russian but also American businesses.
Africa-focused services firm Africa Oilfield Logistics has conditionally raised $12million to grow its investment arm.
Africa-focused Trinity Exploration & Production has agreed an acquisition of 80% interest in two offshore assets in Trinidad with Centrica for $23million.
Engineering group Aker Solutions has recorded a drop in its earnings before interests (EBITDA) on the previous year ahead of its planned split in September.
The owners of the giant terminal at Grangemouth have secured a £230million loan guarantee from the UK government to build a new facility to import shale gas.
The boss of Chevron’s upstream operations in Europe says hefty job cuts in Aberdeen are essential for keeping the US oil giant competitive.
The £15million funding by the UK Government towards the new energy regulator will ensure the body can address the industry's needs as soon as possible, believes a Scotland Office Minister.
Shell has made its third major discovery in the Norphlet play in the Gulf of Mexico.
A four-decade-old ban on crude exports from the U.S. will survive another year, the chairman of the US House’s Energy and Commerce Committee said. Policy makers need time to decide whether to lift the 1975 prohibition on exporting most crude, “and that won’t happen this year,” Fred Upton, a Michigan Republican, said yesterday at an energy conference in Washington. The US allows shipments of refined products including gasoline and diesel.
Aberdeenshire-based Flowline Specialists is targeting overseas growth following its second consecutive year of a 20% increase in annual turnover.
Funding of £15million to help kick-start a new independent regulator for the North Sea oil and gas industry has been announced by the UK government.
China Petrochemical Corp, known as Sinopec Group, has confirmed it will sell its oil machinery business.
Prime Minister David Cameron was accused of presiding over an “absolute farce” on Tuesday night after appointing the 15th oil and gas minister in 17 years.
Aberdeen-based drilling contractor KCA Deutag has won a $170million contract for the provision of the Ben Rinnes jack-up rig in Angola.