Not many days ago, a Scottish MSP said the Holyrood government ought to revive an initiative originally set up in 2015 to protect and sustain oil and gas jobs at a time of crisis.
"Build back better."
Our client Humber Oil & Gas’ divestment of its interest in one of the largest UK onshore hydrocarbon discoveries may have been our second oil and gas deal of 2020, but it was the first we conducted wholly remotely, thanks to UK lockdown rules.
There is little doubt the first quarter of 2020 will go down in investment history as a “notable” period that investors will remember – alongside others such as 1987’s Black Monday, when US markets fell by more than 20% in one day and the global financial crisis of 2008-9.
When an industry is faced with a collective crisis, demand for new solutions and ways of working increase as challenges are grappled with.
I recently provided Energy Voice with a couple of articles comparing Battery Electric Vehicles (BEV) and Hydrogen Fuel Cell Electric Vehicles (FCEV). The superior energy efficiency of the BEV was demonstrated supporting the reason why Volkswagen has stopped development of their passenger FCEV. There is much speculation in the automotive press that Mercedes are about to do the same.
In a recent article I described the mechanisms which drive the market structures of backwardation and contango, which explained how and why the market got into negative territory, with a steep contango forward curve. But having got there, how does that same understanding of market behaviour help us form a view of where we go from here?
DNV GL recently produced a position paper Heading For Hydrogen. It is the findings of a survey of more than 1,000 senior oil and gas professionals covering safety, infrastructure, CCS and policy.
Like many things in life, the more you put in, the more you get back, and that’s very much the case when it comes to mentoring.
The debate on how best UK businesses can safely return to work is gathering pace - and volume - with employers now carefully picking through the various advice, regulations and laws put in place by Westminster and Holyrood to counter the impact of Covid-19.
For good reasons hydrogen is receiving much interest in the upstream business. Hydrogen can be synthesized from fossil fuels and the energy can be extracted with zero carbon emissions – it’s a silver bullet.
Proposals to introduce temporary amendments to the Norwegian upstream tax regime, put to the Norwegian parliament a couple of weeks ago, and included within the Norwegian budget on Tuesday, have added to calls for fiscal change in the UK to support investment in the UKCS and underpin the oilfield services (OFS) supply chain.
The INSITE Programme was conceived in 2012 to produce independent science leading to a greater understanding of the influence of man-made structures on the North Sea ecosystem.
It’s extraordinary to think that when we should have been gearing up for the main global oil and gas event of the year, instead we are mostly staying indoors for the foreseeable future. This doesn’t mean however that we down tools.
In the 12-month period from January to December 2019 the Office for National Statistics reports that an estimated 1.7million people worked mainly from home, a mere 5% of the workforce.
Going through old papers, as one does at times like these, I came across a story I wrote in the mid-1970s about the prospects for an oil refinery in Easter Ross. How time flies.
Workers facing redundancy are being urged to seek independent financial advice to plot the best road ahead.
Despite the uncertainties raging around us, as an industry and as individuals we have adapted quickly to the challenges of lockdown. The return to normal may prove a longer, challenging but potentially rewarding path, believes Jon Clark, EY EMEIA Oil & Gas strategy and transactions leader.
While the immediate priority is survival, senior management of exploration and production (E&P) companies will also be looking to the future, seeking ways to access the capital required to bring undeveloped oil and gas discoveries into production and lower carbon dioxide emissions.
There has been a lot of discussion in the media recently about the prospects that the “great plague of 2020” will inevitably lead to fundamental changes in both our economy and our society.
As the UK oil and gas sector predicts up to 30,000 job losses over the next 12-18 months, Catriona Ramsay of Aberdein Considine sets out workers' legal rights.
What in recent offshore industry terms were regarded as five of the most powerful brands in US drilling history are in deep trouble and the situation can only get worse.
Do we play as a team or individuals? How should we take on the challenge of the unpredictable turbulence of today’s business environment? Our industry faces a triple whammy of pressures from operational disruption due to Covid-19, massive reductions in demand for our product and a globally oversupplied market.
We’ve endured downturns many times before but the rapid spread of Covid-19, the resulting restrictions on working offshore and drastic fall in oil price has meant that the UKCS has never before faced challenges like this.
The Coronavirus Job Retention Scheme (the "Scheme") was announced on 20 March 2020 and opened to applications on 20 April 2020. By 23 April 2020 it had received 512,000 claims in respect of 3.8 million furloughed employees. However, a great deal of uncertainty remains around the application of the Scheme to businesses in the oil and gas sector.