Oil & Gas

Oil & Gas

APR invests in Myanmar power plant upgrade

11/03/2015

US "fast track" power firm APR Energy has commissioned a 20 megawatt (MW) expansion of its generation plant in Myanmar. The Jacksonville, Florida-based company said the investment would provide the Myanmar Electric Power Enterprise with a guaranteed minimum of 102MW of power generation.

Oil & Gas

North Turkana’s first wildcat well disappoints for Tullow

11/03/2015

Tullow Oil's first well drilled in the large North Turkana basin in Kenya has not encountered any significant oil or gas, the London-listed company said today. But exploration director Angus McCoss said the Africa-focused firm still had a "vast amount" of undrilled acreage with identified prospects and leads providing significant remaining exploration potential.

Oil & Gas

North-east oil firm Eland gives update on Opuama output

11/03/2015

Aberdeenshire-based Eland Oil and Gas, a production, development and exploration company operating in west Africa, with a principal focus on Nigeria, said today it was benefiting from a share of 3,100 barrels of oil per day from the Opuama field. Total output from the Nigerian asset includes 1,395 barrels a day for Eland's joint-venture, Elcrest Exploration and Production.

Oil & Gas

OGUK chief lays it on the line for Ed Balls

11/03/2015

Oil and Gas UK's outgoing chief executive, Malcolm Webb, highlighted an "urgent need for regulatory and fiscal reform and improvements in cost efficiency" at a meeting with Shadow Chancellor Ed Balls today. Mr Webb, who hands over the helm of the industry body to Deirdre Michie on May 1, said: "The UK oil and gas industry is suffering from high costs, years of under-resourced regulation and a tax burden of between 60% and 80%, with the impact on competitiveness exacerbated by the collapse in oil prices.

Oil & Gas

Cairn in new battle with India’s taxman

11/03/2015

Indian tax authorities last night slapped oil explorer Cairn Energy with a £1billion draft assessment order on a business transaction in the country seven years ago. In retaliation, Cairn said it has instructed counsel to fight the notice, which the Edinburgh firm argues stems from retrospective legislation imposed in 2012.

Americas

Canada’s politicians to hear about low oil price impact

10/03/2015

Staff from the Bank of Canada and Suncor Energy are among scheduled speakers at a Canadian parliamentary committee that will review the impact of falling oil prices on the country’s economy. Executives from Canada’s energy, finance and manufacturing sectors are scheduled to speak to the standing committee on finance this week.

Americas

Is the US shale boom over?

10/03/2015

The biggest slowdown in oil drilling on record is showing signs of reining in the US shale boom. American shale oil output is expected to post the slowest growth in more than four years in April, the country's Energy Information Administration (EIA) said.

Oil & Gas

Conserve adds more than 200 pieces of new kit

10/03/2015

Aberdeen-based specialist container and tank rental firm Conserve Oilfield Services (COS) is investing more than £1.5million in new equipment to support international growth. COS, part of Centurion Group, rents out offshore containers, tanks, cargo carrying units and associated equipment and services for the global offshore oil and gas industry.

Oil & Gas

WoodMac sold for £1.85billion

10/03/2015

US data group Verisk Analytics has agreed to buy Scottish oil and gas research specialist Wood Mackenzie (WoodMac) for £1.85billion. The falling price of a barrel of oil is thought to have led to a boom in consultancy services such as that provided by Wood Mac, as energy companies seek to trim operating costs and take a more strategic look at investments.

Europe

Move the oil and gas policymakers to Aberdeen, new report says

10/03/2015

Policymakers responsible for oil and gas industry taxation and regulation should be relocated from London to Aberdeen, a think-tank has said. Business organisation N-56 has set out a five-point action plan for the North Sea oil and gas industry in a letter to First Minister Nicola Sturgeon and UK Chancellor George Osborne.

Europe

Oil price drop hits Scotland’s jobs outlook

10/03/2015

The drop in crude prices has bumped Scotland's employment outlook down to its lowest level in two years, according to a new survey from recruitment agency Manpower. At minus 1%, Scotland is the only part of the UK with a negative outlook going into the second quarter.

Oil & Gas

Score Energy opens new Texas workshop

10/03/2015

A Peterhead-based gas turbine servicing company has opened a new facility in Houston, Texas. Score Energy will use its new workshop for inspecting, repairing and upgrading fuel systems on gas turbines and other engine types, including the Siemens TB5000 and the Rolls Royce Avon.

Oil & Gas

£1.5million boost for Raptor Oil

An Aberdeen company has become the first to tap a joint industry and Scottish government-backed fund to support research and development projects. Raptor Oil, a pre-revenue start-up company specialising in wellbore data technology, has amassed a pot worth £1.5million to fund a research and development (R&D) project to help boost performance in the oil and gas sector.

Oil & Gas

No change of heart by Opec, Doha delegates told

10/03/2015

The Organisation of Petroleum Exporting Countries (Opec) won’t change policy at its next meeting unless other producers cut first, according to a former Qatar energy minister. Producers' cartel Opec is scheduled to next meet in Vienna in June, seven months after deciding to maintain output levels and protect market share.

Australasia

China’s crude oil imports slump by nearly 9%

09/03/2015

China’s commodity trade slowed in February as the lunar new year holiday crimped imports of oil, iron ore, copper and soybeans while exports of aluminum and steel fell. Oil and iron ore imports slowed to the weakest in three months, according to customs data released Sunday in Beijing.

Africa

Victoria subsidiary completes African work earlier than expected

09/03/2015

Victoria Oil and Gas (VOG) says wholly-owned subsidiary Gaz du Cameroun (GDC) has issued completion certificates to ENEO Cameroon, Cameroon's power utility company, for all pipeline construction work and pressure reduction and metering facilities at two power stations in the port-city of Douala. The work has been completed ahead of the scheduled March 15 target date and GDC is ready to connect to the gas-fired electricity generations sets that are being installed by equipment partner Altaaqa Alternative Solutions Projects.

Breaking