In a record downturn for the oil industry, cash is everything to companies and dividends are everything to their investors. One tool is helping Europe’s three biggest producers preserve both, but there’s a long-term price to pay. Royal Dutch Shell Plc, Total SA and BP Plc will retain $8 billion a year in cash by giving investors the option of receiving payouts in shares instead, according to Jean-Pierre Dmirdjian, an analyst at Liberum Capital Ltd. That’s equivalent to about 8.5 percent of total cash and equivalents currently on their books, making the so-called scrip dividend a vital tool as companies curb spending to ride out the slump in oil prices.
Sparrows Group and OptiLift have formed a strategic partnership to deliver robot vision laser technology.
President Energy has made a move to shift its "financial burden" through a proposed loan restructuring.
Statoil has awarded Jacktel a $178million contract for Johan Sverdrup's accommodation rig.
Songa Offshore posted strong operational efficiency for its rigs in the wake of a Statoil cancellation.
Lundin Petroleum has posted dipped third quarter earnings.
The Oil and Gas Authority (OGA) will struggle to revitalise exploration if the industry continues to haemorrhage jobs and skills, the RMT union warned yesterday. RMT also said the new regulator – launched earlier this year – could be hampered in its attempts to stimulate investment in the sector by firms undermining collective bargaining deals. And it urged the OGA to “get an early grip” on growing maintenance backlogs which threatened safety and the long-term future of North Sea production.
Oil major Chevron is reviewing up to 140 positions across its North Sea operations as it looks to streamline costs.
Det Norske Oljeselskap ASA, the oil company controlled by Norwegian billionaire Kjell Inge Roekke, deepened losses in the third quarter after booking an impairment due to lower crude-price assumptions.
Libya’s Petroleum Facilities Guard halted crude shipments from Zueitina port indefinitely amid the escalating conflict between the divided country’s two rival administrations, putting the OPEC member’s oil exports at risk.
Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike for the third day to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses, the country’s main oil union said Tuesday.
TransCanada Corporation has sent a letter to US Secretary of State John Kerry calling for the State Department to pause its review of the Presidential Permit application for the Keystone XL pipeline. The company said it believes there is “sound precedent” for making the request.
Supernova Energy has started drilling on its Antle lease in Kentucky. Three wells have so far been drilled to a depth of 1650feets as part of the farm-out agreement signed earlier this year.
Fairway Energy Partners has awarded Wood Group a contract to provide engineering, design and procurement services for the Pierce Junction crude oil facility in Houston. The win has been awarded to Wood Group Mustang who will provide services to Fairway as they build out the surface facilities that support the crude oil storage facility.
A planned shutdown of Britain's North Sea Buzzard oilfield has been pushed back until next year.
After three delays, Statoil ASA must make a decision to move ahead with the Johan Castberg oil project in Norway’s Arctic next year as planned, the Norwegian government’s oil company said.
The UK’s North Sea oil industry is suffering more than any other from the slump in crude, according to Ian Wood, whose family founded oil-services group Wood Group Plc.
Landsdowne Oil & Gas said the partners in the Barryroe oil field have been offered a two year extension on the first phase of SEL 1/11 to July 2017. The decision was approved by the Irish Minister for Communication, Energy and Natural Resources.
CIMIC Group has won a contract worth $250million for work on the Surat basin project in Queensland. The agreement is with QGC which is a subsidiary of BG Group.
Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the acquisition.
Farstad Shipping has won a new three year contract for its CSV Far Sentinel vessel from Subtec. The vessel will carry out delivery of light construction work and other subsea related activities in the Gulf of Mexico.
Wood Mackenzie said the global decline in oil price has had a “transformative” impact on the oil majors. Analysis by Wood Mackenzie identified four key themes which will continue into the next year in terms of companies’ budgets and strategies. Tom Ellacott, head of corporate upstream analysis, said key trends for oil majors already identified included weak financial performance in the third quarter of the year, a boost in production levels, deep cost cutting and tighter allocation on limited capital.
iSurvey has landed a three-year deal with Total for its operations in the UKCS.
Wood Group chief executive Bob Keiller is stepping away from oil and gas to help drive the Scottish economy forward.
LGO Energy said it has been hit by delays as it looks to reach a settlement on the remaining capital costs of a recent unsuccessful drilling program. The company previously revealed last month the loss of well GY-678 and the downhole equipment it contained as well as the anticipated production from the well. LGO is waiting for BNP Paribas to approve the release of specific funds which were previously drawn-down.