Plexus Holdings confirmed its wholly owned subsidiary Afrotel Corporation has divested its sole asset, consisting of a 25% shareholding interest in KSW Engineering Limited for £1.5million. The firm will use the earnings to fund global expansion, according to chief executive Ben Van Bilderbeek.
Oil & Gas
Circle Oil’s Morocco campaign makes gas findCircle Oil confirmed its Moroccan exploration campaign has made a credible gas find.
Ceona is the latest company to fall victim to the oil price slide. The firm confirmed it has been forced to cut jobs in a bid to keep costs under control.
BP’s £4.5billion North Sea Clair Ridge project, which is expected to keep the UK producing oil beyond 2050, has taken a giant leap forward. Three huge topside modules have been installed on the “quarters and utilities” (QU) platform following their long journey from a shipyard in South Korea. They were safely lifted onto pre-installed jackets by the Heerema Thialf deepwater construction vessel.
Trap Oil saw hundreds of thousands of pounds wiped off its value yesterday as investors reacted poorly to a survival deal struck with the North Sea firm’s creditors.
General Electric Co. agreed to help develop a A$450 million ($348 million) wind farm in Australia, spurred by parliament’s approval of a new renewable energy target. GE will supply turbines to the 240-megawatt Ararat wind farm in the state of Victoria that’s being developed with partners including Renewable Energy Systems Ltd., according to a statement from the companies. The development is expected to become the nation’s third-largest wind farm.
Scottish North Sea oil revenues could drop to £500 million next year, according to a new report from the Scottish Government.
Rejecting an application for fracking because of its visual and landscape impacts would be “unreasonable” in planning terms, councillors have been advised. A decision on energy firm Cuadrilla’s bid to explore for shale gas at a site between Preston and Blackpool was deferred yesterday until Monday to consider legal advice in writing. Councillors were previously given verbal legal advice over a motion to refuse the scheme because it did not meet the county’s minerals and waste local plan.
Petroleo Brasileiro SA is heading into a Manhattan courtroom Thursday to ask a judge to throw out investor lawsuits triggered by the multibillion-dollar bribery scandal that’s rocking Brazil’s economy and its political elite. Less than a week after police detained the chief executives of Brazil’s two biggest builders in connection with the kickback probe, the state-owned energy giant is asking that the investor cases be dismissed, saying it was swindled by renegade employees who traded construction contracts for payoffs.
A forum of top Israeli ministers will meet on Thursday to try to break up a regulatory logjam stalling the development of Israel’s biggest natural gas field. Disputes over ownership and pricing have held up the production of gas from the offshore Leviathan gas field, controlled primarily by Houston-based Noble Energy Inc. and Israel’s Delek Group Ltd. Ministers will be asked to declare gas resources a national security issue, overriding the country’s antitrust authority to push ahead a contested natural gas policy.
Noreco confirmed its North Sea wildcat well failed to return any hydrocarbons.
Wood Group confirmed the slide in oil price has hit its financial results. In a pre-close trading update for the first half of the year, the company said despite the dip it still expects full-year earnings before interest, tax and amortisation (EBITA) to adhere to analyst expectations.
Royal Dutch Shell Plc executives have visited Tehran to discuss possible partnerships, the latest sign that the largest oil companies are serious about returning to Iran once a deal on the country’s nuclear program is done. The meeting with Iranian officials covered its outstanding debt to National Iranian Oil Co. and possible areas of business cooperation, the company said in an e-mailed statement Wednesday. Shell owed $2.16 billion as of the end of 2014 for oil it wasn’t able to pay Iran for because of sanctions, according to its annual report.
Wood Group has struck a 10 year agreement with Antin Infrastructure Partners (Antin IP) worth $250million. The deal will see Wood Group provide operating services for the North Sea’s Central Area Transmission System (CATS).
Aberdeen firm Hydro Group can simulate the intense pressures of thousands of feet below sea level to test subsea cabling after a £250,000 investment in new equipment. The firm, which designs and manufactures cables and connectors for customers in the oil & gas, renewable-energy, defence and aerospace industries, said yesterday its new hydrostatic pressure tank could pressure test large cable assemblies and equipment up to 2,200psi, simulating depths of 5,000 feet below sea level.
Oil and gas firm Nexen last night announced a change at the top for its UK North Sea arm, with Ray Riddoch taking over from Archie Kennedy as managing director on July 1.
Councillors have deferred a decision on a planning application to frack for shale gas in Lancashire until next Monday.
Statoil has been forced to cancel a rig contract more than a year than originally agreed.
As the UKCS celebrates 50 years of oil and gas in the North Sea take a look at how many oil and gas facilities now dot the seascape. This interactive infographic shows offers a glimpse of the energy make up from 25 years ago. In comparison to 2014, coal was the predominant force 25 years ago in energy consumption in the UK at 67%.
Norwegian oil-rig unions and employers started government-backed mediation on Wednesday in a final bid to avoid a strike that could shut down two North Sea oil fields. Talks started at 10 a.m. Oslo time, said Benedikte Naess, spokeswoman for the Norwegian Shipowners’ Association, which is representing employers. If the parties fail to reach a deal by midnight, 189 workers will go on strike on two Teekay Corp.- owned production ships on the Knarr and Varg fields starting Thursday, the SAFE union has said. Those fields represent less than 2 percent of Norway’s total oil and gas production.
Statoil has brought in IT specialists Rolta in to help identify operational efficiency improvements.
Qatar Petroleum plans to expand overseas after a restructuring that included the takeover of its foreign investment arm and the firing of some foreign workers. “We are very ambitious internationally,” Saad Sherida al- Kaabi, chief executive officer at the world’s biggest producer of liquefied natural gas, told reporters Tuesday in Qatar’s capital, Doha. “We are focusing on the upstream business,” he said, declining to provide details.
The Al Shaheen oilfield is a whale shark safe haven.
Expro has landed a $100million three-year deal with Tullow Oil.
UK Oil and Gas (UKOG) is poised to take the onshore market by storm. The firm confirmed in its latest company results that it had the finance and technology partners to leverage its prospects – which includes Horse Hill’s 9.2 billion barrel find.