Exploration and production

Oil & Gas

New IOG chairman bullish on prospects for North Sea

The new chairman of Independent Oil and Gas (IOG) has said the company’s bold North Sea plans and UK energy sector’s response to the downturn had convinced him to take on the role. David Peattie, who is expected to help support IOG’s mergers and acquisitions strategy, said there were “all sorts of opportunities” in the UK North Sea. “There has been a positive response from the supply chain in terms of reduced costs, risk sharing and flexibility,” said Mr Peattie, who spent more than 30 years of his career at BP.

Oil & Gas

Boss of new industry alliance vows to rescue North Sea oil industry

The boss of a newly formed group of three businesses has vowed to come to the rescue of North Sea oil and gas companies with badly-needed well intervention services. Paul Landers said The New Way (TNW) will pool its resources to improve flow from wells at a low cost and with a quick turnaround time. TNW is made up of well services firm StimLite and GB Seismic, both based in Leicester, and UCS, a contracting supply company.

Oil & Gas

Shell bids to drill two Albanian onshore blocks

A venture between Royal Dutch Shell and Canada's Petromanas has applied to drill two onshore blocks in central Albania close to another promising well they are drilling further south, an official said on Thursday. The official said three bids had been submitted for the blocks - from Shell Upstream Albania B.V with Petromanas Albania GmbH, Israel's Delek Group Limited and Interland Investments SA.