The leader of Aberdeen City Council said was working to help "anchor" the oil and gas supply chain in the city, after oil major BP announced 600 jobs losses from its North Sea operations. Councillor Jenny Laing said the move by the company was "disappointing" but backed a renewed commitment by BP to investing long-term in the North Sea.
An equipment supplier that lists BP, Shell and Total among its clients has unveiled major expansion plans that include taking its headcount from five staff to 15 and relocating its Aberdeen office to larger premises. Fraserburgh-based Vistem – which provides products including inflatable shelters and low-level access lifts – aims for a five-fold increase in turnover from £760,000 in 2015 to £4million in 2016.
Technology developed by wave energy company Aquamarine Power has been put up for sale as its administrators try to recoup some of the £90 million invested in the business. Graham Newton and James Stephen from accountancy firm BDO were appointed as administrators of the Edinburgh-based company in October. They were asked by its directors to find a buyer or investors for the business, but a month later in November no offers were on the table and so the firm ceased trading, with the loss of 13 jobs in Edinburgh and one in Belfast.
One of the world’s leading manufacturers of high performance filtration and separation technology has secured spares orders worth $5million for Asia’s largest gasification projects.
A former employee of north-east oil and gas services giant Asco fears being jailed in Oman next week over a contract payment dispute.
Chancellor George Osborne gave the North Sea oil and gas industry a clear signal that it will have to become its own saviour - by saying nothing about it in his Autumn Statement.
Oil traded near the lowest close in more than two months on estimates that U.S. crude stockpiles increased for a seventh week, prolonging the global surplus. Futures fell 0.6 percent in New York Thursday, bringing the decline since Nov. 3 to almost 11 percent. Inventories probably increased by 1.3 million barrels last week, their longest run of gains since April, according to a Bloomberg survey before an Energy Information Administration report. Surplus oil inventories are at the highest level in at least a decade because of increased global production, according to the Organization of Petroleum Exporting Countries. Oil has slumped about 44 percent the past year amid signs a global glut will persist as OPEC continues to pump more than its collective quota. Speeches from Federal Reserve officials including Chair Janet Yellen later Thursday may shed light on the likelihood of a December interest-rate increase, indicating their level of confidence in the economy and, in turn, the outlook for oil consumption.
Aberdeen Asset Management has completed the installation of 1,000 solar panels on an investment property it owns in North London. The Aberdeen investment firm said the installation at the materials recycling facility (MRF) will provide an estimated 225,000 kilowatt hours (kWh) of electricity to tenant Biffa Waste Services, saving around 20 tonnes of carbon dioxide (CO2) annually.
It’s going to take more than a 16-cent rally to spook the bears in the U.S. natural gas market. Hedge funds boosted their net-short position in gas contracts by 6.8 percent to a record 166,165 in the week ended Nov. 3, even as prices jumped 7.7 percent, according to U.S. Commodity Futures Trading Commission data. Long wagers rose for the first time in six weeks. Speculators have raised bearish bets six out of the last seven weeks as gas supplies keep flowing out of U.S. shale formations. Stockpiles swelled to 3.929 trillion cubic feet last week, matching an all-time high. Warmer-than-usual weather will continue to sap demand for the heating fuel through the third week of November, forecasts from Commodity Weather Group LLC show.
Britain’s only desert has been bought by the French energy giant EDF Energy. The company announced it has exchanged contracts for the 468-acre Dungeness Estate in Kent after it went up for sale for £1.5 million in August. The estate had been part of a family trust since 1964, but the trustees believed it was time for new owners to take over the property - which draws one million visitors a year.
Hedge funds placed the most bets on falling oil prices since July as rising piles of crude dashed hopes of a near-term recovery. Money managers’ short position in West Texas Intermediate crude jumped by 18 percent in the week ended Oct. 20, the largest surge since July 21, according to data from the Commodity Futures Trading Commission. That pulled their net-long position down by more than 16,000 contracts of futures and options. Crude stockpiles in the US rose 22.6 million barrels in the past four weeks to the highest October level since 1930, even as producers have idled more than half their drilling rigs in the past year. A global surplus of crude could last through 2016, according to the International Energy Agency.
An oil worker has been airlifted to hospital after an accident on a North Sea platform. The Coastguard 951 helicopter was called to the Prospector 1 platform, 150 miles east of Aberdeen around 6.55am today. The man was taken to Aberdeen Royal Infirmary (ARI) with a potentially life threatening injury after an accident on the rig yesterday.
Providence Resources, the Irish exploration company has signed a strategic and incentivised exploration collaboration agreement with Schlumberger.
A wave power device tested at a marine energy centre in Orkney has been boosted by a £580,000 European grant. Edinburgh-based Aquamarine Power and the National University of Ireland, Maynooth (NUIM) have together secured a EU Horizon 2020 grant to improve the performance of Aquamarine Power’s Oyster wave energy converter. The company has already built and operated two full-scale Oyster machines at the European Marine Energy Centre (Emec) in Orkney.
Any plan by OPEC to trim oil production to stem falling prices faces a major obstacle: Iran wants it’s market share back. Prices fell for a second session Wednesday as doubts mounted over any coordinated response by the Organization of Petroleum Exporting Countries after Iran reiterated its commitment to boosting supply. The Persian Gulf nation will increase output by as much as 1 million barrels a day after sanctions are lifted, Oil Minister Bijan Namdar Zanganeh said in Tehran.
A revolutionary new electric supercar - powered by wonder material graphene and do 0-60 in 2.2seconds - is being developed by engineers in the United States.
Viper Subsea Technology said innovative oifield products and services developed in Aberdeen and Portishead, near Bristol, were poised for accelerated growth and global reach after a US firm acquired a minority stake. Houston-based Oceaneering International Services, whose global operations include regional headquarters in Dyce, Aberdeen, completed the deal on August 7 for an undisclosed sum. The acquisition is not expected to lead to any change in Viper’s workforce or product and service development.
Woodside Energy has awarded the joint venture BAM Clough the marine installation services contract for the Karratha gas plant life extension integrated marine campaign project in Western Australia.
Work is well underway on Chevron's Wheatstone Project. One of Australia's largest resource projects, it will also be the country's first natural gas hub.
Seismic data company TGS has reported revenues of $140million compared with $205million in the second quarter of last year.
Offshore caterer Trinity International Services has promoted Rachel O’Donnell to HR director.
The Government's shake-up of the renewable sector could lead to billions of pounds of investment being put on hold it has been claimed.
US producer Northcote Energy has confirmed hydrocarbons in its Lutcher Moore well in Louisiana.
The annual State of the Climate report is out, and it’s ugly.
A call has been made by BALPA (The British Airline Pilots' Association) for the government to hold a summit on North Sea jobs. The plea comes after Bristow launched a consultation with staff over 130 positions. Bristow Helicopters told staff the global decline in oil price has prompted the decision, with up to 66 helicopter pilots and 64 other workers likely to be made redundant.