The apocryphal Chinese curse ‘may you live in interesting times’ could well apply to the current situation within the oil and gas sector.
After weathering the storm that was the price collapse of 2014, the oil industry has again been hit in recent months by two new blows almost simultaneously: oversupply (caused by the failure of negotiations between Saudi Arabia and Russia to agree on production cuts and the aggressive response of the former); and a demand shock (reflecting the economic impact of the Covid-19 lockdown).
Energy companies are used to weathering disruption of all kinds. And during this incredibly challenging time, we are now more than ever relying on them for the safe access and delivery of power, gas, water and other essential services. As governments around the world enact drastic measures to slow down transmission of the COVID-19 outbreak, energy companies are facing multiple challenges: from the health and well-being of employees to disruption in the supply chain and from working capital shortages to complete closure of operations. They have also been squeezed by a big drop in demand for both oil and natural gas, which has led to lockdowns, a collapse in industrial activity and travel bans all over the world. Oil prices have been sent crashing to their lowest level since 2001, while gas demand has fallen by as much as 20% in some cases.
A popular energy sector conference and exhibition in Stavanger, Norway, has been cancelled this year due to the Covid-19 outbreak.
Researchers are using 5G communications technology to create a simulator system aimed at inspiring businesses and residents to get involved in the development of new energy systems in Orkney.
Employment lawyers have criticised a lack of clarity in the government’s coronavirus jobs retention scheme, highlighting it is unlikely to prevent “difficult decisions” for the oil and gas sector.
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.
The UK’s new points-based immigration system from January 2021 will impact how energy businesses recruit, onboard and retain non-UK workers at all levels of skill and experience.
Energy consultancy and international risk management firm DNV GL has appointed a new chief financial officer.
One of the world’s largest and most important energy industry gatherings was cancelled by organiser IHS Markit Ltd. on Sunday amid mounting concerns about the coronavirus outbreak. It was due to start March 9.
The sale of the most polluting fuels burned in household stoves and open fires will be phased out from next year in England to clean up the air, the Government has said.
Ofgem has published its report on the electricity disruption which occurred on the 09 August 2019 resulting in supply being lost to over one million customers for a total period of 45 minutes.
The chief executive of energy challenger Bulb said that growth is front and centre as he tries to reach 100 million households around the world by the end of the decade.
A major campaign to help individuals and families struggling with their energy bills will be launched across the country today.
After nine failed suppliers, major takeovers and a price cap on bills, the energy sector has faced another bruising year which seemed to mark, once and for all, the end of the Big Six.
It’s been a tough run for energy stocks.
A £1 billion undersea energy cable to transmit renewable energy from the north of Scotland to the rest of the country has been hailed as a “critical” part of the country’s fight on climate change.
The following figure is from the Government produced ‘UK greenhouse gas (GHG) emissions national statistics 1990 – 2017’. The bar chart shows the main sectors contributing to GHG emissions.
Ofgem has ripped up 26 gas and electricity licences linked to just five men, as the regulator faces calls to clamp down on pre-packaged energy suppliers after a string of failures in the sector.
Increasingly more recoverable barrels of oil and gas around the world are coming from corporate mergers and acquisitions, and not from traditional exploration.
At least £1 billion of North Sea revenues should be set aside to help areas heavily dependent on oil and gas make the switch to a greener economy, Nicola Sturgeon has argued.
The Scottish Government has announced £60 million in funding for a new "centre of innovation" in Dundee.
The energy supply and credit balances of the 134,000 customers of now-defunct Toto Energy will remain unaffected after the industry regulator appointed EDF Energy to take them on.
British electricity generators can expect a £1 billion windfall after a European Commission decision that could restart a controversial subsidy scheme which was accused of favouring fossil fuels.
For the second straight year, the risks of doing business in Saudi Arabia are pushing their way onto the agenda of Saudi Crown Prince Mohammed bin Salman’s glittering investment showcase.