The upstream supply chain “faces the very real threat of collapse”, a new report from Wood Mackenzie has warned, setting the industry on the path of another crisis as demand recovers.
Kuwait is trying to mediate a crisis in the Gulf after several Arab nations cut ties with Qatar, moving to isolate the energy-rich travel hub from the outside world.
Venezuela has introduced a two day week for public sector workers in a bid to prevent an energy crisis.
President Nicolas Maduro has a new strategy to stave off a major power crisis for Venezuela: a week-long holiday for all workers.
A special meeting of the Scottish cabinet is being held today with talks focused on the oil and gas industry.
The North Sea oil and gas industry was warned not to “waste a crisis” as consultants urged firms to adopt cost cutting measures. Risk management from DNV GL expects that the region’s oul and gas industry won’t be “trending positive” again until 2017, while demand for rigs won’t do so until 2018. Nevertheless, DNV GL’s Liv Hovam, director of divisional Europe and Africa, oil & gas, underlined a number of projects the consultancy firm has been undertaking which can save tens of millions of costs for firms in the North Sea -a basin which has experienced the highest cost inflation in the world in recent years.
In search of a way out of the energy crisis, Ukrainian experts claim to have found the solution - hydropower. The auxiliary resource has been successfully compensating the increasing energy demand triggered by the lack of power capacity and fuel in the past months. High liquidity and sustainability were identified as some of the major advantages of hydroelectric energy. “Prior to the anti-terrorist operation (ATO) in the east of the country and before the problems with energy supply, hydroelectric power stations produced electricity primarily during peak demand,” said the director general of Ukraine’s largest hydropower company, Ukrhydroenergo, Ihor Syrota.