Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.
The “astonishing” changes in the world oil market have left the North Sea industry facing a “very tough” future, a top petroeconomist has warned.
Brent Crude’s rebound yesterday brought it up beyond $30, but the figure is still too low to make an impact for the UK North Sea.
After weathering the storm that was the price collapse of 2014, the oil industry has again been hit in recent months by two new blows almost simultaneously: oversupply (caused by the failure of negotiations between Saudi Arabia and Russia to agree on production cuts and the aggressive response of the former); and a demand shock (reflecting the economic impact of the Covid-19 lockdown).
Cutting costs has added years to the life of Serica Energy’s Bruce platform, but other operators may need to "hasten" the end of some North Sea assets according to CEO Mitch Flegg.
Offshore platforms in the UK North Sea “face the risk of production shut-ins” due to oil storage constraints, according to leading analysts.
A leading petroleum economist has said it would “require something cataclysmic” for the international oil benchmark to follow that of the US into negative pricing.
Still ‘tough’ times ahead for North Sea firms despite global 10m barrel reduction deal, Prof Kemp says
North Sea firms still face “very tough” times despite the Opec cartel and its allies striking a landmark deal to reduce output by almost 10 million barrels of oil per day, a top petro-economist has said.
The Society of Petroleum Engineers (SPE) Aberdeen has awarded £27,500 to 21 students as part of its 2020 bursary programme.
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
A call to action been made after new figures revealed a “shocking” lack of women applying to oil and gas and energy-related university courses in Aberdeen.
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
Aberdeen University researchers have made a “needle in a haystack” discovery that could “unlock” a fuel cell market estimated to be worth almost £800 million by 2025.
Plunging oil prices are likely to make North Sea companies “think harder” before making investment decisions, industry experts said on Friday.
An oil and gas-funded malaria doctor, who lectured at Aberdeen University for 10 years, has urged people not to “panic” about the coronavirus.
Oil and gas shares were hit yesterday by a drop in crude prices brought on by the deadly Coronavirus outbreak originating in China.
Potential for ‘thousands’ of jobs as Sir Ian Wood unveils plans for Aberdeen ‘Energy Transition Zone’
Sir Ian Wood has unveiled ambitious plans to help the north-east economy capitalise on the energy transition, potentially creating “thousands” of jobs in the process.
The effects of the oil downturn have brought the end to a 40-year-old scheme to record sightings of birds and marine life in the North Sea.
Oil prices are likely to remain “elevated” after a US airstrike heightened the prospect of supply disruption from the Middle East, a prominent Aberdeen petro-economist said today.
The oil and gas industry has welcomed the new UK government as it looks ahead to a “transformational” sector deal and braces for tax changes for thousands of contractors.
With a decommissioning bill currently estimated at around £50 billion for the UKCS alone, the pressure is on to get the job done for even less – and smarter.
Stunning footage has been captured of a critically endangered shark swimming at a gas field in the UK North Sea.
A rule placing liability on operators for any post-decommissioning incidents could be a “key part” of the Shell Brent debate, according to a petroleum economist.
The oil and gas industry currently finds itself in a situation which is far from comfortable.
Norwegian energy giant Equinor said yesterday it was following the next Scottish North Sea offshore wind leasing round “very closely”.