Pressure to lower costs could take its toll on service companies
Oil majors tightening their budgeting belts and pressure to lower costs could take its toll on a service company's bottom line, according to Technip SA’s chief executive.
Oil & Gas
Statoil adds Colombia to global portfolio
Norwegian oil giant Statoil has been awarded interest in its first Colombian licence, in the Caribbean Sea.
Norway reviews its $8billion Russian stake
Norway’s $890billion sovereign wealth fund, the world’s biggest, is reassessing its holdings in Russia as the European Union considers expanding sanctions against the country. Since the July 17 downing of Malaysia Airlines flight MH17 by a missile that the US says was probably supplied by the Russian military, sentiment toward assets based in Russia has soured further. The government of Norway, which isn’t an EU member, said it’s ready to adjust the fund’s holdings to reflect the changing geopolitical climate. The European Commission will present proposals for more “targeted measures” to national officials today.
Petrofac responds to Shetland strike
More than 900 workers at Sullom Voe gas plant in Shetland downed tools yesterday in an industrial dispute over pay. But the Petrofac employees later abandoned their strike after the energy service firm agreed to pay them for 2.5 hours they spent on a previous stoppage in a long-running row over travel allowances.
Northern swaps UK for Italy
Oil and gas explorer Northern Petroleum has been awarded two new permits in Italy as it is progressing its Adriatic expansion.
BW Offshore takes on sole FPSO ownership
Floating production contractor BW Offshore is set to take over full ownership of floating production, storage and offloading vessel (FPSO) Petroleo Nautipa in a $49.3million deal.
Wood Group PSN to move into new offices
Wood Group PSN is moving nearly 2,000 staff into a new-build office within CityPark, one of the largest new office developments in Aberdeen.
North Sea of change for Talisman and BG Group?
Spanish oil and gas company Repsol is weighing up a takeover of Canada's Talisman Energy.
Trinity International extends Stena contract for £5million
Offshore catering and consulting firm Trinity International Services has renewed its contract with Stena Drilling for £5million ($8.5million).
Shetland gas plant at standstill as 900 strike
Around 900 workers at Total’s Shetland gas plant have staged an unofficial walkout over pay.
BG said to seek sale of North Sea assets
BG Group is seeking buyers for its largest operations in the North Sea as the British company attempts to overhaul its portfolio, according to people familiar with the matter.
Tullow Oil wins UK appeal ruling over heritage tax payments
Tullow Oil Plc won the bulk of a UK Court of Appeal ruling in a dispute with Heritage Oil today over tax payments made to Ugandan authorities. The three-judge panel upheld a lower court’s decision that Tullow should be repaid $313million by Heritage in the case.
New workboat could make its North Sea debut
A deal between an American consultancy and a Danish manufacturer can soon see a new range of workboats joining the North Sea energy fleet.
Putin’s Ukraine woes compounded by $103billion Yukos claim
Russia will discover next week how much it may be asked to pay for the confiscation a decade ago of Mikhail Khodorkovsky’s Yukos Oil Co., then the country’s biggest oil producer. The Permanent Court of Arbitration in The Hague will rule on July 28 on a $103billion damages claim the company’s former owners filed against Russia in 2007, Tim Osborne, head of GML Ltd., former holding company of Yukos, said by e-mail. Court official Willemijn van Banning said by phone she couldn’t comment on the date for the ruling.
Repsol eyes Talisman acquisition, insiders claim
Spanish oil major Repsol is exploring a bid for Talisman Energy as it looks to deploy cash it received as compensation for the loss of its stake in Argentina’s YPF, according to people familiar with the matter.
Arctic ice melt allows for South Korea oil hub
Melting Arctic ice is widening a path for ships to deliver European oil to Asia, stoking South Korea’s ambition to become a regional storage and trading hub. The country, whose proximity to China, Russia and Japan makes it an ideal conduit for oil arriving via the Arctic, plans to add tanks for storing almost 60 million barrels of crude and refined products by 2020, about the same as Singapore’s current capacity. The nation also seeks to leverage its energy infrastructure, which includes five refineries, to become Northeast Asia’s oil hub, said Kim Jun Dong, the deputy minister of energy and resources policy.
Xodus Group racks up $20million worth of contracts
Energy consultancy Xodus Group has won a vibration engineering services contract with Qatargas worth $1million. It is the latest win for the firm, which has racked up a $20million windfall since opening its new office.
Lloyd’s Register director set to chair ITF board
Oil and gas body Industry Technology Facilitator (ITF) has appointed the group director for Lloyd’s Register (LR) Energy as its new chairman.
North Sea wildcat well comes up dry
Centrica Resources Norway’s North Sea wildcat well has come up dry.
“Game changer” tax break to boost North Sea exploration
Chancellor George Osborne will today announce plans for a “game changer” tax break to boost North Sea oil and gas exploration.
George Osborne defends stewardship of the oil and gas sector
George Osborne has defended the coalition’s stewardship of the oil and gas sector amid criticism over the appointment of a fourth energy minister in just four years. The UK Government came under fire last week after Michael Fallon was replaced by Matthew Hancock in the latest Westminster reshuffle.
Transocean’s new Aberdeen arm to float for £205million
An Aberdeen company set up by global drilling giant Transocean to own deepwater rigs in the Gulf of Mexico has unveiled the terms of a £205million flotation.
Latest contract award for Culzean
Intecsea UK, part of Australian energy service giant WorleyParsons, has secured one of the key contracts for Maersk Oil's Culzean gas development in the UK North Sea.
Job fears at Dana after Koreans axe four top bosses
Four top bosses have been sacked by Dana Petroleum in a brutal restructure which has staff fearing for their jobs. The oil and gas firm confirmed last night that it has “removed” four managing directors, including Paul Griffin, chief of its UK operations. Netherlands boss Nick Dancer, Egypt boss Paul Barnett and Africa boss John Downie have also gone.
UK retains target to cut carbon emissions by half through 2025
The UK will keep a target to cut greenhouse gases by half through 2025, Energy Secretary Ed Davey said, foiling the Treasury’s effort to weaken the target. Revising the so-called carbon budget would be premature, given that the government’s estimate of the UK and EU levels of ambition on carbon-cutting “are likely to be extremely close,” Davey said today in a statement to Parliament.