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2015

Markets

Taqa hit by losses, 900 job cuts since 2014

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.

Opinion

Opinion: We will do all we can to support North Sea workers

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.

Oil & Gas

Wood Group to focus on M&As, sees impact on North Sea and US work

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.

Markets

President Energy posts lower revenue, but production increases

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.

Markets

Budget 2015 live

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.

Subsea Expo

Record numbers and international VIPs to descend on Aberdeen for Subsea Expo

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.

Other News

Why conventional drilling makes sense in 2015

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.