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).
Hess Corp is to sell half of its Bakken midstream assets for $2.68billion. The oil and gas producer will be signing over the assets to Global Infrastructure assets.
Tethys Petroleum is set to reduce its headcount as it looks to relocate staff members to its offices in London. The company said its offices in Guernsey would be closing and its finance team based there would be relocated. A two-week consultation period has now begun with staff based in Guernsey about their on-going employment with Tethys.
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.
Saudi Arabia is ready to increase its oil output in the coming months to a new record to meet a rise in global demand, despite increased domestic use, a senior state oil company official said on Thursday.
Norway's government will have to reassess oil drilling boundaries in the Arctic after failing to get parliamentary backing for its original proposal to move them further north.
Russian state oil producer Rosneft will be forced to postpone drilling a second well in the Kara Sea for at least two more years, three sources told Reuters, as a result of Western sanctions over the Ukraine crisis.
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.
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.
Future Fibre Technologies (FFT) has won a $2.75million order for the sale of its products and services to protect pipelines in Mexico. The company said the win followed on from the successful commissioning of 160km of oil pipeline protection for the same customer last year.
CNOOC Limited has commenced production from the Dongfang1-1 gas field ahead of schedule. The Dongfang1-1 gas field is located in the Yinggehai Basin of Beibu Gulf in the South China Sea.
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 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.
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.
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.
AGR has developed a partnership with the University of Aberdeen to deliver their Petroleum Engineering Masters programme. The company is set to provide specialised support from their engineers and geo-scientists throughout the academic year. The support comes at a time when the oil and gas industry is actively looking at closer ways of collaborating and working together.
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.
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.
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.
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 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.
OPEC voiced confidence that excess supply in the oil market will ease as demand picks up and supply growth slows from producers outside the group, an indication its strategy of letting prices fall, reaffirmed at a meeting last week, is working.
The United States must lift an "outdated" ban on oil exports to take full economic and geopolitical advantage of its hydraulic fracturing boom, according to a Harvard Business School study released on Wednesday.
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.
InterOil has resumed drilling at a license in the Gulf Province of Papua New Guinea after drilling was suspended due to higher-than-expected pressure. The company had suspended work on the Wahoo-1 side-track exploration well in petroleum prospecting licence 474 in 2014.