Archer has predicted an uptick in activity in the fourth quarter, but this is unlikely to prevent a double-digit percentage drop in annual revenues for the drilling services firm.
North Sea oil firm Apache was in the black in the third quarter of 2020 as its cost-saving initiatives outstripped expectations.
The Aberdeen oil boom after discovery of the giant Forties field nearly tempted one of the former top bosses at BP to leave the company for property development.
BP’s decision to sell the “jewel in its crown” in 2003 to a US firm with no track record in the UK North Sea was greeted with a mixture of shock and suspicion, based partly on fears of job losses.
Westwood Global Energy reports that as of September 30 there was one exploration well active in the UK. So far in 2020, four exploration wells have completed. There has been no appraisal drilling to date this year.
UK offshore exploration drilling is on course to slump this year to its lowest level since companies starting scouring the North Sea for oil in the mid-1960s.
Archer has clinched a four-year contract extension worth up to £78.6 million to provide Apache's UK North Sea business with platform drilling operations and maintenance services.
Westwood Global Energy reports that as of September 2 there were two exploration wells active in the UK, with one in the central North Sea and one in the northern North Sea. So far in 2020, three exploration wells have completed. There has been no appraisal drilling yet this year.
Drilling services firm Archer made pre-tax profits of £2.3 million in the first half of 2020 despite being hit hard by the Covid-19 pandemic and low oil price.
Safety concerns have been raised after figures revealed a 55-tonne gas leak at the Apache Beryl Alpha platform in the North Sea.
A High Court judge has sided with US oil firm Apache in its row over North Sea pipeline tariffs with Ineos.
Apache recorded pre-tax losses of £3.8 billion in the first half of 2020 as the firm creaked under the weight of lower oil and gas prices.
New plans to extend the life of a UK North Sea field were last night hailed as a potential boost for the oil and gas industry at a difficult time.
Px Group, which operates the gas processing plant at St Fergus, near Peterhead, has hired a North Sea veteran to spearhead its push into the upstream oil sector.
US energy firm Apache took a £3.6billion pre-tax loss in the first quarter of the year as the oil price crash hit the value of its assets.
While the immediate priority is survival, senior management of exploration and production (E&P) companies will also be looking to the future, seeking ways to access the capital required to bring undeveloped oil and gas discoveries into production and lower carbon dioxide emissions.
Drilling contractor Archer has said a newly-completed debt refinancing will help it withstand a “meaningful drop in activity”.
Drilling contractor Archer is understood to have laid off another 60 offshore workers following a client’s decision to cut activity levels.
Oil and gas firm Apache has taken a step forward in its mission to develop the Gair field in the northern North Sea.
Total and Apache have made a second discovery offshore Suriname, at Block 58’s Sapakara West-1 well.
Apache calls in bank guarantees of £530m to cover North Sea decommissioning after S&P downgrades credit rating
Apache has confirmed it will call in letters of credit of £531million to guarantee it will pay off decommissioning obligations in the UK North Sea.
Apache is the latest in a growing list operators to confirm it is taking measures to prevent the spread of the coronavirus in the North Sea.
US oil firm Apache has shed some light on an ongoing organisational “redesign” intended to reduce costs.
Apache suffered pre-tax losses of £2.3 billion last year after booking hefty impairments on some of its US assets.
Diamond Offshore has announced a £39million extension with Apache in the UK North Sea as part of £480million in new work secured in 2019.