The North Sea energy industry could recover another two billion barrels of oil if operators can collaborate on untapped discoveries, according to a new study.
A handful of firms have been awarded blocks in a specific offshore licensing round to develop the Greater Buchan Area in the North Sea.
A new resource for quickly upskilling new recruits to the oil and gas sector is getting better and better, and even better.
The UK oil and gas industry has cut a fairly laidback figure amid the hullabaloo of Brexit.
UK Government ministers knew that a controversial tax change in 1993 would “undoubtedly depress” exploration in the North Sea.
The year 2018 exhibited several major changes to the operating environment for the North Sea oil industry. The dramatic fluctuation in oil prices was an obvious and key feature. Starting at around $60 in January the Brent price climbed to a peak of around $85 in late October and then fell dramatically to below $60 at the time of writing. The increase was fostered by threats of severe sanctions against Iran by the US Government plus continued stagnation of production in Venezuela. The subsequent granting of many waivers to the sanctions plus evidence of continued growth in US production and signs of weakening world demand growth produced the dramatic fall in recent weeks. The announcement of production cuts of 1.2 million barrels per day by OPEC and collaborating countries, particularly Russia, produced only a minor increase in the price. The future outlook is very unclear. For example, sanctions on Iran could be tightened at some future date.
Opec and its allies have agreed to cut global oil production by 1.2million barrels per day in a bid to end the recent oil price fall.
A backstop could be placed on the recent oil price freefall if traders are convinced OPEC proposals to cut production are "for real", according to a leading petroleum economist.
Smaller oilfield services firms in Aberdeen could miss out on work in Iran due to newly-imposed US sanctions, an analyst said yesterday.
Aberdeen University researchers have predicted a huge improvement in the UK North Sea’s prospects in a new report.
Top petro-economist Alex Kemp will soon deliver a more “bullish” forecast for North Sea oil production out to 2050.
Alex Kemp is currently exploring ways of taking the sting out of North Sea decommissioning costs and protecting taxpayers.
The Treasury is unlikely to reverse North Sea tax breaks in the upcoming Budget amid industry warnings it could cause “irreversible damage”, it emerged last night.
The countdown is officially on to one of the most prestigious awards in the oil and gas industry.
Uncertainty in the global oil market was “substantially” reduced following Opec's meeting.
Despite Opec announcing a 1million barrel daily increase in production yesterday, the oil cartel did not say which countries will account for that.
A leading petro-economist has said there are “opposing forces” clouding what may happen when some of the world’s largest oil producing nations meet tomorrow.
A tough line from the US on imposing sanctions on Iran could see the oil price reach $80 a barrel, according to a pair of leading analysts.
A leading petro-economist says high oil prices could be sustained “for weeks” should tensions continue in the Middle East.
A top Aberdeen petro-economist predicts more than £250billion will be spent on North Sea oil and gas fields over the next three decades.
The Oil and Gas Authority (OGA) has raised its long-term outlook for North Sea production by 2.8billion barrels of oil equivalent.
The Forties pipeline shutdown will cause pain for oil producers, but consumers will still get their oil and gas, industry experts said yesterday.
The North Sea can keep pumping out oil for another 20 years, but substantial investment will be needed to push the boat out longer, a new report said.
A top Aberdeen petro-economist has warned that oil production increases in Scotland will not be sustainable for much longer.
Oil nation’s efforts to re-balance the market via a deal on production cuts have worked, industry experts said, adding that extending the agreement is the right move.