US energy firm - oil and gas explorer BPZ Resources - is filing for Chapter 11 bankruptcy protection, citing the plunge in oil prices and its inability to find financing. Houston-based BPZ said it wanted to stay in business as it revealed it was filing its petition for bankruptcy reorganization in the US Bankruptcy Court for the Southern District of Texas.
An Aberdeen-based oil and gas company's US branch will work with one of the world's largest petrochemical companies during their multi-billion dollar Texas expansion. Wood Group's Mustang's Automation and Control business unit is providing process control systems, detailed engineering, procurement and fabrications services for the huge project by ExxonMobil Chemical Company.
Scottish oil and gas expertise is as highly regarded around the world as people in this country like to believe, according to new research findings. More than 260 senior industry leaders from around the world took part in the Scottish Development International (SDI) survey, which highlights the influential role of Scots in key energy centres such as Houston, Calgary and Perth. Nearly four-fifths (78%) highlighted Scotland's important role in the global industry, with almost as many (74%) recognising it as one of the world’s best training grounds for the sector. Nearly three-quarters (71%) said Scottish employees were among the most experienced and dependable.
BP will be reducing its headcount in Houston as it makes job reductions throughout its global operations. The oil major, which has already announced redundancies in the North Sea and Azerbaijan, has not revealed how many jobs will be lost. According to reports a number of employees were informed this week there jobs would be lost.
The former chief operating officer of BG Group, Martin J Houston, has launched an LNG (Liquefied Natural Gas) business. Parallax Energy announced the launch of its worldwide headquarters in Houston this week.
US-based Midstates Petroleum Company has sold assets in the Gulf Coast worth $90 million to a private buyer, the company has announced. It has sold its Dequincy assets, which includes the 20 mile El Grande pipeline which the company constructed and owned.