The “astonishing” changes in the world oil market have left the North Sea industry facing a “very tough” future, a top petroeconomist has warned.
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.
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.
A slump in crude prices following the collapse of high-stakes talks today has created a “real danger” that North Sea oil firms will delay investing in new fields, a top petroeconomist said.
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.
A prominent petroleum economist is urging government to introduce policies paving the way for the delivery of more UK North Sea oil.
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.
A group of nations which aims to manage the global oil supply was last night poised to make further production cuts in a bid to stabilise the oil price.
North Sea oil and gas receipts should go towards a "net-zero fund", according to Scotland's First Minister Nicola Sturgeon.
A prominent petro-economist has labelled the Labour Party’s plans to impose an £11 billion “windfall tax” on the oil and gas industry “misguided”.
A leading petroleum economist has said there are “positive signs” that a new law is making an impact on North Sea deals, a year on since it came into effect.
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 price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
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.
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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.