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Oil & Gas

Real growth in the LNG market is “post 2016”

13/01/2016

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.

North Sea

Latest job losses add to figures estimated last year

13/01/2016

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:

Oil & Gas

Kemp: More job losses inevitable in 2016

13/01/2016

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.

Oil & Gas

Brae Alpha shut down moves into eighteenth day

13/01/2016

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.

Europe

Eni cleared to sell Saipem stake

12/01/2016

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.

Oil & Gas

Deirdre Michie: Companies faced with difficult decisions amid low oil price

12/01/2016

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”.