Oil major BP said carbon dioxide from emissions from energy consumption rose by 0.1% last year in its smallest advance since 2009.
The best night of the year’s social calendar has returned to celebrate the north-east’s still vibrant oil and gas sector.
Abu Dhabi National Energy Co., the government-controlled utility pumping crude and natural gas from Canada to the UK, said it’s cutting capital expenditure and planning to sell assets after low oil prices slashed oil and gas revenue by almost half.
Ophir Energy’s chief executive said the upstream model of the past 10 years was “clearly broken” as the company reported a pre-tax operating loss of $376million.
Aberdeen-based oil shuttle tanker owner and operator Knot Offshore Partners (KOP) posted record-busting results yesterday after strong take-up of its vessels during 2015.
Oil major BP posted a loss of $2.2billion in the fourth quarter of last year after being hit by restructuring charges and writedowns amid the lower oil price.
PGS (Petroleum Geo-Services) said it expects its multiclient library to be written down by $105million. The company said the library is accounted for on a survey by survey bases with any write downs normally related to surveys where the low oil price has had an impact.
The drop in global oil price has meant a decrease in Norway’s overall tax revenue since last year.
As 2015 draws to a close, we are on track to see the first annual rise in oil production for 15 years. This fact may seem strange to those who have only considered the sustained low oil price that has dominated the headlines in 2015, but it is a positive sign from an important industry that is adapting to a changed landscape. DECC statistics show that production of petroleum is 32% higher and natural gas production is 8.6% higher in the three months June to August 2015, compared to the same period in the previous year.
Test your knowledge of some of the biggest news stories of 2015 with Energy Voice's End of Year Quiz.
Take a look back at some of Energy Voice’s most watched videos from the past year.
Wood Group said it remains focused on mergers and acquisitions as it said its overall financial outlook for the year remains unchanged, despite challenging market conditions. The company issued its pre-close trading update for the year ahead of results being published in 2016. Earlier this year the company announced the acquisition of Infinity as well as a previously deal to acquire Automated Technology Group in September as well as Beta Machinery Analysis in June.
Maersk Line plans to reduce its headcount by an estimated 4,000 staff members in a bid to adapt to the changing market place. The company said it was making the move on the back of a lower outlook for the global shipping market. Maersk said it would help “simplify the organisation”.
The year 2015 has been extremely tough for the oil and gas service and supply industry, its companies and people.
President Energy said revenues have decreased since last year to $4.5million as it feels the impact of lower global oil prices. The company, which has producing assets in Argentina and Louisiana, said production has risen by 29% in the US state since last year. Total assets for the company were $202.7million, a rise from $162.9million in the first half of last year.
Offshore Europe will run from Tuesday, September 8 through Friday, September 11. You can register for the event here.
The first all-Tory Budget in almost two decades is set to be divisive as further dramatic welfare curbs are included with Chancellor George Osborne promising to "secure Britain's future". The Budget is also set to take advantage of better-than-forecast tax revenue to declare that £12billion of welfare savings will be implemented more slowly than previously thought.
Record numbers from across the global offshore oil and gas industry are expected to attend Subsea Expo 2015 in Aberdeen this week. Europe’s largest annual subsea conference and exhibition showcases the expertise and technology of a UK industry generating about £9billion in revenue annually and supporting around 60,000 jobs. More than 6,000 people are registered to attend the event, organised by trade body Subsea UK, which takes place at Aberdeen Exhibition and Conference Centre from Wednesday to Friday.
This New Year, an old trend may become a new trend as conventional drilling in North America is once again in the spotlight at a time when oil prices continue their slump and the unconventional becomes increasingly uneconomical. Advanced horizontal drilling and hydraulic fracking for extraction is much more expensive than conventional drilling. While these high-cost methods are the technology that ushered in the North American shale boom, in times of oil price troubles, plenty are moving back to the basics. Unexplored conventional plays are set for a mini-boom of their own.