The drop in global oil price has meant a decrease in Norway’s overall tax revenue since last year.
The lifting of sanctions on Iran is good news for Scottish exporters and oil and gas service companies, but a legal expert has warned that with a US trade embargo still in place, Western banks remain reluctant to support Iranian related businesses.
A report into the North Sea oil and gas industry has urged the government, companies and the OGA (Oil and Gas Authority) to work more closely together. MSPs on the Scottish Parliament economy committee heard evidence for trade unions, the OGA and Oil & Gas UK about the current challenges facing the industry.
Oil major Shell said it will exit the joint development of the Bab sour gas reservoirs with ADNOC in Abu Dhabi.
Transerv Energy said four days of work was lost at its Warro-6 well after a metal object was accidently dropped down the hole.
Baron Oil said steady progress is being made on the seismic acquisition of data onshore Peru. The company said GSS began the onshore data acquisition last month as it looked to collect the first ever 2D seismic programme on Block XXI.
Empyrean Energy said it has entered into a conditional sale and purchase agreement with Carrier Energy Partners to dispose of its interest in the Sugarloaf development. The deal is for an initial cash consideration of $61.5million and the company may also receive a contingent consideration of around $10million.
Norwegian operator Statoil will cut the development costs at the Johan Sverdrup field. The company’s partner,Det Norske Oljeselskap, said the move was being made as low oil prices continue.
Odfjell's Deepsea Stavaner has been signed up by JX Nippon Exploration and Production to drill one exploration well West of Shetland.
Exillon Energy, the oil producer with assets in the Timan-Pechora and West Siberia regions of Russia, said average unaudited daily production was 15,298 barrels of oil per day in December, down slightly from 15,461 bopd in November.
Altona Energy said it expects to finally receive the £500,000 it had agreed with the Sino-Aus Energy for its coal-to-liquids joint venture by February 5 after complex regulatory requirements are processed.
Trinity, the Trinidad and Tobago focused independent, has agreed a further extension to its $13million debt balance until the end of the week.
Chariot Oil & Gas has launched its 3D seismic survey offshore Nambia.
Petroceltic, the Irish oil and gas company focused on North Africa, Mediterranean and Black Sea, has received a further waiver of repayments from its lenders until January 29 as it seeks to find a buyer.
MX Oil has made a string of appointments to its leadership team.
Union Jack Oil has commenced the drilling operations for its onshore Keddington-5 development well.
Amec Foster Wheeler today confirmed that Samir Brikho had stepped down as chief executive.
ConocoPhillips said up to 50 positions could go after the company offered voluntary redundancy to staff.
The UK Coastguard Agency must respond to concerns that safety of UK seafarers is being compromised by North Sea operators employing foreign workers from lightly regulated regimes in order to “exploit our natural resources”, a Holyrood committee has said.
Suncor Energy Norge’s North Sea wildcat turned up dry.
Brent oil traded near $28 a barrel as it extended declines after international sanctions on Iran were lifted, paving the way for increased exports from the OPEC producer amid a global glut.
Three major factors have combined to create a perfect storm in the sector. First and foremost, the surplus in oil production is depressing oil prices and stifling cash flow. Secondly, the existing debt overhang is exacerbating that issue to critical levels.
Shell boss Ben van Beurden is optimistic that shareholders will overwhelmingly back its mega-merger with rival BG Group as investors mull the final case put out by both oil giants later this week.
Bosses at mechanical engineering group Enermech said they expect recovery in the oil and gas industry to take hold in the latter part of 2017 - at the earliest.
Saudi Oil Minister Ali al-Naimi said crude prices will rise and foresees that market forces and cooperation among producing nations will lead in time to renewed stability.