Oil & Gas

Oil & Gas

EnQuest looks to sell stakes in some North Sea assets

Oil firm Enquest has vowed to press ahead with the development of two North Sea oil fields as the oil price dipped below $40 a barrel before leveling back up. The Aberdeen-based firm said it has approved the development of a £83million Scolty and Crathes fields about 83 miles from St Fergus, near Peterhead, in the central UK North Sea.

North Sea

The North Sea’s letter to Santa

As the price of Brent crude flirted with dropping below $40 a barrel yesterday, directors of leading North Sea operators were asked what they might like the industry to get from Father Christmas. The answers, delivered to a full house at an Oil and Gas UK business breakfast at the Aberdeen Exhibition and Conference Centre (AECC) yesterday was clear.

Oil & Gas

CMA highlights competition concerns in North Sea oil and gas industry

08/12/2015

The chief executive of the Competition and Markets Authority (CMA) has written to energy secretary Amber Rudd raising concerns over competition in the North Sea oil and gas industry. The CMA has warned the Department of Energy and Climate Change (DECC) that plans to establish the Oil and Gas Authority (OGA) could lead to information exchanges which may harm competition.

Oil & Gas

Shell, Statoil and BP dropped from EU investigation

08/12/2015

EU antitrust regulators have dropped Shell, BP and Statoil from an investigation into alleged rigging of ethanol benchmarks. The European Commission said it had, however, opened a formal investigation into the actions of Abengoa, Alcogroup and Lantmannenekfor.

Oil & Gas

Chevron makes job cuts in Australia

08/12/2015

Oil major Chevron is making headcount reduction from its staff in Australia as it looks to streamline costs across the globe. The company previously announced it would be cutting between 6,000 and 7,000 jobs around the world as it looks to combat low oil prices.

Oil & Gas

Nigeria to boost 2016 budget even as crude revenue declines

08/12/2015

Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja. Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.

Oil & Gas

Husky Energy budgets for $40 oil in 2016

08/12/2015

Husky Energy said it plans to keep its budget in the next year unchanged from 2015 and is planning for $40 per barrel of oil. The company said it would spend $2.9billion to $3.1billion in 2016 in comparison with $3billion this year. Husky also plans to sell some of its midstream assets in western Canada as it looks to strengthen its balance sheet.

Oil & Gas

Repsol said to mull sale of stake in BP’s Indonesian gas project

08/12/2015

Repsol SA is considering selling its stake in Tangguh LNG, one of Indonesia’s largest liquefied natural gas projects, as Spain’s biggest oil company seeks to reduce debt, according to people familiar with the matter. Repsol’s 3.1 percent stake in the gas fields, operated by BP Plc, may fetch as much as $300 million in a sale, the people said, asking not to be identified as the deliberations are private.

Oil & Gas

SapuraKencana wins trio of contracts worth $72million

08/12/2015

SapuraKencana Petroleum has won engineering and construction contracts including a number of extensions in a deal worth $72million. The company said it had been awarded a contract by Roc Oil to provide engineering, procurement, construction and commissioning for production and drilling on a platform in the D35 field offshore Sarawak.