Shell’s boss said today that the recent “strong recovery” in oil prices meant the supermajor would have “room to spend” cash on upstream projects, including in the North Sea.
Oil giant BP’s quest to transition away from fossil fuels and become a net-zero emitter by 2050 has left it caught in a “conundrum”, analysts said yesterday.
BP fell to pre-tax losses of £18 billion in 2020 as the energy giant’s balance sheet creaked under the weight of lower oil and gas prices.
North Sea oil and gas giants BP and Shell will sum up a torrid year for the industry globally in annual results this week.
Energy giant BP fell to a £3.6billion pre-tax loss in the first quarter of 2020 as the coronavirus and oil price slump made its impact on the business.
Wood chief executive Robin Watson was in bullish mood about future prospects for the global engineering and consultancy company after a sharp increase in profits.
Weir Group has announced it is preparing to exit its struggling oil and gas business, bringing uncertainty for 50 Aberdeen jobs.
Energy giant Shell has seen earnings drop by a third in the last year on lower prices for oil, gas and LNG.
Energy giant BP has struck a deal to sell £475 million worth of North Sea assets to Premier Oil.
Engineer Weir has warned over profits in its oil and gas division and revealed a fifth of its US workforce has been axed as it battles against tough trading in America.
Cairn Energy will be “pleased” with its improved performance after posting a loss of over £800 million as recently as March, according to wealth management firm Brewin Dolphin.
The Aberdeen operation of wealth manager Brewin Dolphin reflected a “robust” performance by the group during the year to September 30, the firm’s head of office in the Granite City said yesterday.
The North Sea is “suffering” due to firms looking to more attractive regions of the world to invest, according to an analyst.
These may seem like uncertain times for your finances.
The tide appears to have turned for oil. This time last year, the oil and gas industry appeared to be drowning in a commodity price which seemed destined to hug the $50 mark for some time. Further back, in January 2016, it went as low as $30.
An analyst has said “the numbers are going to look very impressive” for oil majors Shell and BP when they publish their first quarter results this week.