The fall in the Russian rouble has accelerated amid a new decline in the price of the country’s oil exports.
The currency was down more than 4% in afternoon trading in Moscow, at around 66 roubles per dollar. The rouble hit a record low of 80 per dollar in mid-December before a slight recovery, but has been falling steadily since the start of the year.
The sale of oil is Russia’s main revenue earner, so the months-long slump in energy markets has weighed on the country’s economic outlook and markets. The price of Brent crude has plunged from 115 dollars a barrel in June to around $47.
The chief executive of Delta International Oil and Gas is set to retire.
The company announced Malcolm W Sherman would be stepping down from his role.
Mr Sherman served as head of the company after the loss of Daniel Peralta.
OPEC nations can withstand a drop in crude prices to the lowest in more than five years, while shale drillers will probably be the first to curb production amid the collapse, the United Arab Emirates’ energy minister said.
Oil slumped almost 50% last year, the most since the 2008 financial crisis, amid a supply surplus that the U.A.E. and Qatar estimate at 2 million barrels a day.
The Organization of Petroleum Exporting Countries is battling a US shale boom by resisting production cuts, signaling its readiness to let prices fall to a level that slows American output, which has surged to a three-decade high.
Statoil has been given consent from Norway's Petroleum Safety Authority (PSA) to drill an exploration well named Knappen in the North Sea.
The company is the operator for exploration licences PL 072 D in block 16/7 in the Central North Sea.
KazMunaiGas Exploration Production (KMG EP) has appointed a new chief financial officer.
Dastan Abdulgafarov was offered the role after he was elected as a member of the management board of KMG EP, of which there are now seven members.
BlackPearl Resources has reduced its 2015 capital spending programmed from $80million to $31million.
The company said it had made the decision in response to the “continued deterioration” in crude oil prices.
Last year it announced plans to spend $280million and had set a 2015 capital budget of $80million.
Tullow Oil is said to be preparing to announce job cuts by the end of the first quarter as oil prices continue to fall.
It was reported that the company, which owns assets in the North Sea, is currently reviewing staffing levels.
Details of the cuts could be presented to the market next month.
Cairn Energy has made reductions to its staff cutting 40% of its headcount in both full-time employees and contractors.
The company made the announcement in a pre-close update in which it said its 2015 focus would be on an appraisal and exploration programme in Senegal.
Cairn is currently still engaged in discussion with the Indian Tan department as it struggles to gain access to the value of its 10% share of Cairn Energy.
Sound Oil has withdrawn its offer to acquire Antrim Energy amidst the global drop in oil prices.
The company, which revealed its intentions to make an offer in November last year, said they were no longer proceeding any further with the deal.
The big four supermarkets are cutting the price of their fuel again.
Asda, Morrisons, Sainsbury’s and Tesco are all knocking a further 2p off their petrol and diesel.
The Tesco cut takes effect from this afternoontook effect yesterday, while the reductions by the other three companies will kick in today.
North Sea oil and gas company Ithaca Energy expects to spend nearly 60% less than last year as it moves towards production start-up from its Greater Stella Area (GSA) development during 2015.
The Aberdeen-based firm expects Greater Stella, which is in the heart of the Central Graben area of the central UK North Sea, to come on-stream in the third quarter of this year.
Ithaca said its reduced spending – it is budgeting for just over £99million this year, which it said was nearly 60% less than last year – reflected the advanced status of its GSA investment programme and lower output enhancement costs.
Labour wants to give regulator Ofgem the ability to force companies to pass on falls in the price of wholesale oil and gas to consumers, which industry estimates claim could knock #136 off the average bill.
E.ON also launched what it said was the country’s cheapest energy tariff, a new one-year fixed dual-fuel product with an average annual price of £923.
Energy minister Fergus Ewing will today accuse his UK counterpart of “mismanagement” of North Sea oil and demand urgent reform.
Fergus Ewing is expected to meet UK energy minister Matt Hancock at a meeting of Pilot, an oil and gas taskforce which brings together government and industry representatives, in London.
Speaking ahead of the meeting, Mr Ewing said: “The oil and gas industry is a strong success story for Scotland and will continue to be.
The Russian rouble has fallen further under continuing pressure from low oil prices.
The currency was down nearly 3% in morning trading in Moscow, floating around 65 roubles per dollar.
China’s crude imports surged to a record in December after a buying spree in Singapore by a state-owned trader and as the government in Beijing accelerated stockpiling amid the collapse in global oil prices.
Overseas purchases increased to 30.4 million metric tons last month, according to preliminary data released by the General Administration of Customs.
UK and Scottish ministers will hold crisis talks with oil and gas chiefs today amid alarm at falling prices.
The spotlight will fall on the crunch meeting of the Pilot taskforce as Treasury chiefs face growing demands for government action to resuscitate the sector.
Energy Secretary Ed Davey will chair the meeting before travelling to Aberdeen on Thursday to hold further talks with key industry figures.
Alex Salmond was quoted in Energy Voice's sister publication, the Press and Journal yesterday, as saying that “oil was too important to leave to Westminster”.
Given that he based his projections for an independent Scotland on $110 a barrel and got it very, very wrong, I would agree with the majority of Scottish people that oil is far too important to leave to him.
The continuing fall in the price of oil, while good for reducing pump prices and keeping costs down, is clearly a huge issue for the 375,000 people across the UK who work in the oil industry and related activities.
A mineral used as a weighting agent for drilling fluids in oil and gas exploration could be mined at a new site in Scotland under plans unveiled by oilfield service firm M-I Swaco yesterday.
The company, part of energy service giant Schlumberger, said the "world-class" project at Duntanlich, near Aberfeldy in Perthshire, would create about 30 skilled jobs and indirect employment opportunities for local suppliers and contractors.
Duntanlich is a replacement for the company's existing mine at nearby Foss, which has operated since 1985.
By Professor Alex Russell and Professor Peter Strachan
Secessionist supporters will long remember 2014 as the year when Scotland came close to grabbing the mantle of freedom.
Non-nationalists voters will see things differently as they salute the continuance of what they perceive to be the security blanket of being a member of the United Kingdom, despite having witnessed the unedifying spectacle of Clegg, Cameron and Milliband linking arms as they promised the earth for a ‘no’ vote.
The Smith Commission’s devolution recommendations have already been dismissed by ‘yes’ voters as too little and frankly too focused on devolving administration rather than power.
Membership of the SNP has soared as a consequence.
The chief executive of Oil & Gas UK said tax changes is needed urgently to counter falling oil prices and save investment and jobs.
Malcolm Webb said as oil prices continue to fall, the risk to UK investment and jobs is mounting.
His call to the UK Government was made just a few days after the Scottish Government's Energy Minister Fergus Ewing outlined a report which called for North Sea fiscal reforms.
British Gas owner Centrica and rival SSE saw nearly £1.5 billion wiped off their combined market values today after Labour called for new powers to force energy companies to cut household tariffs.
Labour wants to give regulator Ofgem the ability to force the companies to pass on falls in the price of wholesale oil and gas to consumers which it was today estimated could knock £136 off the average bill.
It set off nervousness among investors about the uncertainty surrounding the sector in the approach to May’s general election, with party leader Ed Miliband already having committed to a price freeze.
An investigation has been launched into a fire at a US refinery operated by Canadian oil firm Husky Energy.
The Husky Lima Refinery produces gasoline, diesel, jet fuel , residual fuels and petrochemical feedstocks which produces two billion gallons of refined petroleum products every year.
A spokesman said the company is investigation the cause and impact on operations.
Dubai-based Lamprell's shares have dropped 15% after warnings it faced "a challenging 2015".
The firm said that falling price of crude had placed annual revenue at 10% below expectation.
Jim Moffat, chef executive, said: "With the recent slump in the oil price, winning work in 2015 is going to be a challenge as the industry adjusts to the new realities.
The Scottish Secretary said a meeting between major figures from the oil and gas industry and the government will help secure the sector’s long-term future.
Alistair Carmichael was speaking ahead of a PILOT meeting this week which helps facilitate the partnership between companies and the government.
The Secretary of State said:“PILOT has been the vehicle for many of our great success stories in one of our most vital industries, from attracting global investment into Scotland through to preparing our future oil and gas workforce.
Afren said it received a "disappointing" competent person's report of its Barda Rash field.
As part of the company's annual review, the Barda Rash is expected to show a material reduction to previous estimates of reserves and resources, eliminating gross 2P reserves of 190 mmbbls and revising gross 2C resources from 1,243 mmbbls to around 250 mmbbls.
This change is due to the 2014 reprocessing of 3D seismic data shot in 2012.
