Growth in the LNG market is not likely to happen until next year, according to new research on the current marketplace. Wood Mackenzie’s latest review of the global LNG industry found the market was characterised by weak Asian demand last year, with a year on year decline of 2%. Many LNG players are said to have shifted their focus from developing markets and have been employing new regasification capacity as a result.
Tullow Oil said it expects a revenue of $1.6billion, gross profit of $600m and operating cash flow of $1bn for 2015.
Roxi Petroleum, the Kazakhstan-focused independent said it has improved its flow rates from its flagship Well 143, whilst still encountering blockages from its deeper wells.
Bahamas Petroleum Companyaims to begin drilling activity in the Caribbean this year whilst searching for a technical partner to share in the "world class" multi-billion barrel potential of the region.
Premier Oil this morning confirmed its shares had been suspended from the London Stock Exchange ahead of a potential takeover.
Independent Oil and Gas (IOG) today confirmed oil skimming the $30 mark has forced it to delay drilling the appraisal well for its North Sea Skipper licence.
Aminex today confirmed it had struck a deal with the Tanzanian government ahead first production form its Kiliwani North gas field.
Nicola Sturgeon has admitted the oil industry in the north-east is now in crisis – despite one of her own MSPs claiming it was “booming” just days ago.
The world mostly ignored Ed Morse 11 months ago when the head of commodities research at Citigroup said oil could drop as low as $20.
In July 2015, Oil and Gas UK said North Sea industry had suffered 5,500 direct job losses from the start of 2014 to June 2015. In a report published in September, the same organisation estimated that about 65,000 oil and gas related jobs had been lost in the UK over the same period. Since then, at least 1,000 more have been revealed:
Job losses could continue throughout much of the year, as more projects are postponed amid the continued low oil price, according to a leading petroleum economist. Professor Alex Kemp of the University of Aberdeen, said the current oil price combined with strong supplies in Saudi Arabia and Russia, was likely to create more pressures on the North Sea.
A shut down of a North Sea platform has moved into its eighteenth day after a suspected gas leak. Production was suspended on Boxing Day while a “comprehensive” investigation continues into the incident. The platform normally produces 21,000boepd – with an estimated 378,000 barrels on hold until operations have resumed.
Bilfinger Salamis said it has launched a jobs consultation with staff over a number of positions.
A leading member of the Scottish Government’s Energy Taskforce said the oil and gas industry needs to be “realistic” about the challenges facing the sector.
An Aberdeen MP has written to the Secretary of State for Energy and Climate Change calling for a meeting after BP confirmed up to 600 jobs could be lost from across its North Sea operations.
North east MSP, Kevin Stewart has written to the Chancellor of the Exchequer asking him to take action on securing jobs in the oil and gas sector.
Italy’s Eni has confirmed the European Commission has cleared its plans to sell a 12.5% stake in fellow Italian firm Saipem. The Commission has published its authorisation for the transaction following the positive outcome of the anti-trust procedure.
Terror group Islamic State (IS) raises up to $4.5million (£3.1million) a day, according to the UK Government.
OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, said Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources.
The chief executive of Oil & Gas UK said companies are being faced with "difficult decisions" as oil major BP announced 600 job losses from its North Sea operations. The head of the industry body said the low oil price has impacted "heavily" on activity across the UKCS. Today, BP said it had informed staff members of plans to cut its North Sea headcount by 20% amid “toughening market conditions”.
International energy logistics firm Peterson has secured a long-term contract with oil and gas operator Maersk Oil.
The leader of Aberdeen City Council said was working to help "anchor" the oil and gas supply chain in the city, after oil major BP announced 600 jobs losses from its North Sea operations. Councillor Jenny Laing said the move by the company was "disappointing" but backed a renewed commitment by BP to investing long-term in the North Sea.
BP's plans to reduce its North Sea headcount by 600 will come as a "hammer blow" to staff members and contractors alike, a union boss has said.
The head of industry body Subsea UK has urged the oil and gas industry to take action to now to safeguard the future of the UK’s £9billion subsea sector.
Protea said it has recently completed the manufacture of a crane package for an FSO (Floating, Storage and Offloading) vessel which will be charted by Total. The FSO will be used by the French company at the Martin Linge offshore development.