Way clear for £1.6million new oil platform
A £1.6billion investment in the North Sea will now go ahead on the back of Chancellor George Osborne's announcement yesterday.
A £1.6billion investment in the North Sea will now go ahead on the back of Chancellor George Osborne's announcement yesterday.
George Osborne has stepped in to ease the tax burden on ageing UK oil and gas fields - a move which could unlock £2billion of new investment.
Aberdeen-based oil explorer Xcite Energy said today it had sold the first cargo from its northern North Sea Bentley field at a higher-than-expected price.
Industry leaders have welcomed a new North Sea oil and gas tax allowance announced by Chancellor George Osborne.
Chancellor George Osborne has this morning unveiled a new oil and gas tax break it is hoped will boost spending in the North Sea and unlock £1.5billion of extra revenues to the UK treasury.
Towering above the waves in the middle of the North Sea, the ageing Forties Alpha platform should be nearing the end of its life.
Oil and gas service firm EFC Group said yesterday it planned to recruit 10 people after opening a base in Moray.
Crisis-management specialist Altor Risk Group has launched a three-day training course aimed at teaching workers how to handle flashpoint situations offshore. The new course, led by former police negotiators, covers areas such as suicide intervention and strategies for dealing with threats and protests.
Titan Torque and Tools Services, an Aberdeen firm providing specialist support to the offshore drilling sector, plans to take on new workers after moving to a site 66% larger than its old premises.
Energy service company Technip has announced the start of the next phase of £11.8million redevelopment works at its UK HQ at Westhill, near Aberdeen.
Scottish oil and gas contracting and service company Global Energy Group said yesterday its turnover had increased by nearly 50% during a busy year.
Oil firm Apache said yesterday it had reached a major milestone toward the installation of a satellite production platform that would help to extend the life of the UK North Sea Forties field by nearly 20 years.
UK Energy Minister Charles Hendry became a shock casualty of the coalition government's reshuffle last night.
Scottish MEPs have moved to try to safeguard the North Sea offshore industry from controversial plans for EU-wide safety rules.
Husband and wife-run ITC Hydraulic Services has its sights set on growth after more than doubling the footprint of its north-east base.
Aberdeen company Axis Well Technology said yesterday it planned to recruit 20 people after adding a new division to its business.
Dana Petroleum chief executive Marcus Richards said yesterday the Aberdeen oil firm's near-£4million investment in new headquarters highlighted its faith in the UK North Sea.
ALMOST 40 people at an Aberdeen oil and gas technology company have been laid off after the firm went into administration.
STATOIL is embarking on the most ambitious offshore Arctic exploration drilling campaign ever attempted, with targets in the Barents Sea, to the north-west and east of Russia, west of Greenland and eastern Canada.
"It has been a long story," admits Xcite Energy's Steve Kew.
This month sees Aberdeen host DMG's World Heavy Oil Congress . . . a major coup for Europe's energy capital.
Forty years ago this month the race was on to get first oil from the North Sea.
Is there ever a good time to list on the stock market? Bridge Energy hopes so.
In the UK, seven appraisal wells and three exploration wells are currently active, including four new appraisal spuds, two of which are sidetracks. This brings the total spuds for this year to 25 E&A starts; comprising 13 appraisal and, with no change since the last report, 12 exploration wells.
A massive 100trillion cu.ft of gas has been discovered in Mozambique and Tanzania to date, ranking the Rovuma Basin as one of the most prolific conventional gas plays in the world, according to analysts.