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Oil & Gas

SNP defends plans for full fiscal autonomy amidst lower oil prices

11/06/2015

Deputy First Minister John Swinney has leapt to the defence of the SNP’s plan for full fiscal autonomy despite Scottish Parliament analysis which found that plummeting oil prices could lead to a £9.7 million cut in public spending. Labour has produced its own “oil and gas bulletin” while Holyrood awaits an official bulletin by the Scottish Government. SNP members cried that it was a “Mickey Mouse” report at First Minister’s Questions, but Labour’s deputy leader Kezia Dugdale said its findings have been confirmed by independent researchers at the Scottish Parliament Information Centre (Spice).

Oil & Gas

Technip nets Chevron decommissioning contract

11/06/2015

Technip has been awarded a contract for the decommissioning of the brownfield development and installation of subsea equipment in the Gulf of Mexico by Chevron. The company said the lump sum project will help support a floating production system located in the Mississippi Canyon. The work includes project management and engineering, decommissioning of existing equipment and pre-commissioning and testing.

Oil & Gas

Shell to consider pulling out of Ukraine

11/06/2015

Oil major Shell is said to be considering whether to pull the plug on its last exploration well in Ukraine. The move is being considered as the project has been on hold for almost a year, due to the conflict between pro-Russian separatists and Ukranian forces.

Oil & Gas

RMEC achieves highest turnover after increasing rental fleet

11/06/2015

Oilfield services company RMEC achieved its highest turnover in the last year after increasing its rental fleet and doubling its staff. The company achieved a turnover figure of £9.5million for 2014 up 5% from the year previously. It comes after RMEC received a £7.5million investment in April last year from Maven Capital Partners and over the last 12 months the company has invested more than £1million in its pressure control fleet.

Oil & Gas

Baker Hughes wins Mariner contract

11/06/2015

Statoil has awarded Baker Hughes a contract for production chemicals and services for the Mariner field. The company will design and supply production chemicals and services as part of an eight year contract anticipated to begin next month. The contract will also hold the possibility of an extension option for four years.

Oil & Gas

Oil and gas chiefs welcome prospect of further tax breaks

11/06/2015

Oil and gas chiefs welcomed the prospect of further tax breaks yesterday after holding their first formal talks with the new UK Government. Ministers and industry leaders met at the Fiscal Forum, where Treasury minister Damian Hinds pledged to continue to support the sector during the downturn. As revealed yesterday, the Exchequer secretary confirmed at the summit that the government intended to expand the scope of the new investment allowance, and move to boost exploration and access to infrastructure.

Oil & Gas

Petrofac wins $900million Oman contract

11/06/2015

Petrofac has signed a $900million engineering and procurement contract in Oman. The company said it had won the deal from PDO (Petroleum Development Oman), the country's top oil and gas producer.

Market info

Oil halts advance as Saudis maintain output at three-decade high

11/06/2015

Oil halted its advance after rising to a six-month high as investors weighed record Saudi production against signs the US supply glut is easing. Futures fell as much as 0.6 percent in New York following a 5.7 percent rally the past two days, the most in three weeks. Saudi Arabia, OPEC’s biggest member, pumped 10.33 million barrels a day of crude in May, its data showed Wednesday. US output accelerated even as stockpiles declined for a sixth week, the Energy Information Administration reported.

Oil & Gas

Drop in oil industry confidence

11/06/2015

Two-thirds of North Sea oil and gas industry operators have been forced to cancel projects because of the recent fall in oil price, according to a survey. Confidence was found to be at an “all-time” low in the sector and activity levels were down in line with the declining oil price. An increase in decommissioning was described as “a bittersweet positive”, with more than 80% of contractors involved in that work seeing increases in their activity in the last 12 months.

Oil & Gas

Cairn India seeks to export oil despite ban

10/06/2015

Cairn India is thought to have invited initial bids for exports of its oil from the desert state of Rajasthan, despite a government ban on overseas sales of locally-produced crude.

Africa

Islamic State expands near Libya’s largest oil terminal

10/06/2015

Islamic State strengthened its hold in central Libya, taking territory near Libya’s largest oil terminal and repelling efforts by militias to halt its advance. The jihadist group had been tightening its grip on Sirte over recent months. It claimed on Tuesday to have finally succeeded in taking Muammar Qaddafi’s hometown, after overrunning a nearby power station. Islamic State already controls the desert town of Naufaliya, about 30 miles from Libya’s largest export terminal of Es Sider and neighboring Ras Lanuf, the third-largest. Controlling Sirte helps cement those positions on the west side of the so-called Sirte Basin, which is home to about 70 percent of the country’s crude reserves.

Market info

Weir Group sees trading drop by 34% compared with 2014

10/06/2015

Engineering firm Weir Group said its trading was down 34% in the first five months of the year at its oil and gas division as energy firms cut spending in response to lower oil prices. The firm said the drop was in comparison to the same time last year. Weir Group, which has more than 15,000 employees across 70 countries, said it had been impacted by a slowdown in North America oil field activity.

Oil & Gas

BP says 2014 was a year of ‘tectonic’ shifts in global energy production and consumption

10/06/2015

Oil major BP said 2014 was a year of ‘tectonic’ shifts in global energy production and consumption. The company has just released its 2015 edition of the BP Statistical Review of World Energy which shows how significant changes in global energy production and consumption have had profound implications for prices, the global fuel mix and carbon dioxide emissions. Amongst some of the highlights was the continuing importance of the shale revolution, with the US overtaking Saudi Arabia as the world’s biggest oil producer – surpassing Russia as the world’s largest producer.

Oil & Gas

More companies join marginal field pact

10/06/2015

Enegi Oil said its joint venture with ABTechnology - ABT Oil and Gas Ltd - has signed deals with two groups to join its marginal field delivery consortium. The company has now signed up AGR Well Management and Frames Group. The consortium was created to focus on the delivery of marginal field projects.

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