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Oil & Gas

Oil jobs exit Norway as era of richest rewards peters out

10/09/2015

When Luke Rickert first started as an engineer at Aker Solutions ASA in Oslo, a Norwegian oil services provider, his team of 24 had people from 15 different countries. People from the U.S. to India, Brazil, Portugal and dozens of other countries came to fill a shortage of skilled workers in Norway’s booming petroleum industry. They were lured by $20,000 relocation packages, high salaries and the nation’s fabled home and work balance. They helped Norway turn oil into cash that created the world’s largest sovereign wealth fund.

Oil & Gas

NPD grants Lundin Norway drilling permit

10/09/2015

The Norwegian Petroleum Directorate (NPD) has granted Lundin Norway a drilling permit for well 7220/11-3 A. The well will be drilled from the Island Innovator facility. The drilling programme for well 7220/11-3 A relates to the drilling of an appraisal well in production licence 609.

Oil & Gas

Wood Group completes work on Eagle Ford modification

10/09/2015

Wood Group has provided engineering, procurement and other services to Flint Hills Resources for its Eagle Ford modification at its West refinery in Texas. The project will enable the refinery to process 100% US crude – primarily from the Eagle Ford region – into transportation fuels. The work was successfully completed by Wood Group Mustang (WGM) who completed the conceptual and front-end engineering design phases of the project.

Oil & Gas

Indonesia looks to join OPEC once again

10/09/2015

Indonesia is set to reactivate its membership of the Organisation of the Petroleum Exporting Countries (OPEC) in December. The move would add almost 3% to the group’s oil output, which is already close to a record high.

Oil & Gas

Mexico cuts oil spending to nine-year low as foreign firms enter

10/09/2015

Mexico plans to spend the least in nine years to explore for oil, relying instead on foreign companies to help reverse a decade-long decline in production. Even as President Enrique Pena Nieto announced late Tuesday that Mexico would reduce its investment in Petroleos Mexicanos by 20 percent in 2016, Finance Minister Luis Videgaray said the company has no plans to pump less to support oil prices that have plunged by more than half in the past year. The Mexican state-owned oil producer, which has lost money 11 quarters in a row, is for the first time in 77 years making room for foreign firms to bid for the right to drill in Mexican territory. The reduction of the investment, which was cut $4.1 billion this year amid depressed oil prices, “forces Pemex to accelerate the process of forming partnerships,” according to Alejandra Leon, Mexico City-based analyst with research firm IHS Energy. “Pemex’s new framework forces it to consummate its independence and to generate its own resources,” Leon said. “This changes its investment strategy.”

Oil & Gas

Skilled staff in pipeline as Score Group opens news training hub

10/09/2015

Global engineering firm Score Group has opened a new oil, gas and engineering training centre of excellence as part of a major investment in its Aberdeenshire operations. As well as the commitment to developing skills among the next generation of offshore engineers, Peterhead-based Score Group plans to regenerate other parts of the site by creating new storage facilities and a visitor attraction. The firm’s show of faith in the future of the global oil and gas industry is a boost to a sector grappling with the impact of lower oil prices. It has invested about £750,000 in the training centre after buying the six-acre site, previously home to Peterhead Prison, last year. The company’s skills subsidiary will start running courses from the new premises next week.

Oil & Gas

NPD receives applications from more than 43 companies in latest licensing round

09/09/2015

The Norwegian Petroleum Directorate (NPD) said it had received applications from 43 countries at the application deadline for awards in predefined areas (APAS) on the Norwegian Continental Shelf (NCS). The number is around the same time as last year with interest being greatest in the Norwegian Sea as well as the Barents Sea. Sissel Eriksen, director of Exploration at the NPD, said: "We are pleased to see that so many companies have confidence in the APA-areas.

Oil & Gas

IEA chief calls for greater partnership with China

09/09/2015

The new head of the International Energy Agency (IEA) said there needed to be greater partnership between the organisation and China. Fatih Birol made the comments on his first visit to the world's largest energy consumer. Birol, who took up his new post earlier this month, told an audience of Chinese officials and foreign diplomats in Beijing that one of his top priorities in the role will be to strengthen ties with the company.

Oil & Gas

UK North Sea oil industry warns investment may fall 80%

09/09/2015

Investment in U.K. North Sea oil and gas projects could drop as much as 80 percent by 2017 as the collapse in crude prices forces the industry to cut back. Capital investment across the industry of 14.8 billion pounds ($22.8 billion) last year will probably decline by 2 billion to 4 billion pounds annually to 2017, Oil & Gas U.K., an industry lobby group, said in its annual economic report Wednesday.

Oil & Gas

Gulf stocks set for best streak in four months on China, oil gains

09/09/2015

Gulf Arab stocks were poised for the longest winning streak since April following a surge in Asian equities and oil’s biggest gain this month. The Bloomberg GCC200 Index, a gauge of 200 of the region’s biggest and most-liquid shares, rose 1.9 percent as of 1:20 p.m. in Riyadh. That put it on track for a fifth-day gaining and the highest close in almost three weeks. The measure climbed above its 20-day moving average for the first time since July 27.

Oil & Gas

Aker Solutions strengthens senior team with appointment

09/09/2015

Aker Solution has strengthened its team with the appointment of a new regional president for the UK and Africa. David Clark will oversee expansion and support operations in the key markets using more than 30 years of experience in the oilfield services. Clark most recently worked as vice president of production facilities for Schlumberger as well as positions earlier in his career at Wood Group and Technip.

Oil & Gas

Ensco in further job losses as onshore jobs hit

09/09/2015

Ensco will reduce its onshore support jobs by a further 14% in a bid to streamline costs amid the continued decline in oil price. The offshore driller previously said earlier this year it had halved its onshore workforce by 50%.

Oil & Gas

Outlook for ROV market and challenges to take centre stage at event

09/09/2015

Advances in remotely operated vehicle (ROV) technology and the challenges posed by a difficult marketplace will be among the topics under the spotlight at Subsea UK’s 2015 ROV Conference in Aberdeen on Friday. The event, which takes place at the Village Hotel, in Kingswells, will welcome industry experts to debate global market outlook, deepwater construction, trenching and mining and operational efficiencies.

Oil & Gas

Oil default wave seen spreading to China with 40-cent bonds

09/09/2015

The wave of defaults and debt restructuring hurting oil bonds around the world looks set to reach China. Notes of oil services firms are the nation’s worst performers this quarter with a 5.9 percent slide amid record industry debt and slumping crude prices, according to a Bank of America Merrill Lynch index of foreign-currency notes. Explorers have lost 1.4 percent. Some private-sector companies have dropped to distressed levels with the 2019 notes of Honghua Group Ltd. at 38.5 cents on the dollar and Anton Oilfield Services Group’s 2018 paper at 44 cents. China’s quest to secure resources for the world’s second- biggest economy has sparked a fourfold expansion in petroleum industry debt in the past decade to 1.3 trillion yuan ($205 billion). Crude’s 14 percent slide this year is adding to stress on energy firms’ finances. Standard & Poor’s says oil and gas companies account for 28 percent of all corporate defaults globally this year, and that they are among the most vulnerable to failures in coming months.

Oil & Gas

Buffett sold Exxon, bought Refiner Phillips 66 on oil fears

09/09/2015

Billionaire Warren Buffett dumped Exxon Mobil Corp. shares held by Berkshire Hathaway Inc. and took a $4.5 billion stake in refiner Phillips 66 after souring on the outlook for oil prices, he said in television interviews. “I did get less enthusiastic about crude oil prices at the time we owned” Exxon, he said in an interview with Bloomberg television Tuesday. “I felt that the future wasn’t going to be as good as people were thinking it was going to be.” That pessimistic view of oil was only part of the reason Berkshire exited Exxon, Buffett said, noting that he no longer owns any oil and gas production businesses. His choice to invest in Phillips 66 stems from his admiration of Greg Garland, the refiner’s chairman and chief executive officer, as well as its operations in chemicals and other businesses, he told CNBC. “We’re not buying it as a refiner,” he said. “We’re certainly not buying it as an integrated oil company. We’re buying it because we like the company and we like the management very much.”

Oil & Gas

Escape Business Technologies under Norwegian ownership

09/09/2015

Escape Business Technologies is under new ownership today after a Norwegian takeover of the Aberdeen-based information technology company. It is the second multimillion-pound acquisition of a business in or near the Granite City in as many days, following Proserv’s move to buy Nautronix on Monday. Cegal, headquartered in Stavanger, will announce its swoop on Escape to the Norwegian stock exchange this morning.

Oil & Gas

Offshore catering workers to vote on strike action

08/09/2015

Offshore catering workers will forge ahead with plans to ballot workers on strike action. The move comes after workers claimed they had not received a 1.3% pay increase promised to them by employers. Earlier this month Unite said it would be having a vote on strike action over the pay dispute.

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