Total E&P UK swung to a £525.4million pre-tax profit last year with higher oil prices and an end to impairments in the west of Shetland.
Petrofac has paid around £5.5million to get out of a lease for a long-deserted Aberdeen office, Energy Voice understands.
French oil major Total is reportedly close to selling a stake in the Laggan-Tormore project west of Shetland to private equity firms.
Lerwick Harbour’s strategic location has been the building block for its huge contribution to the development of east Shetland Basin oil fields over the past 50 years.
Total E&P UK enjoyed an increase in turnover last year, buoyed by a 26% boost to production.
Oil major Total hopes a new well on its Laggan field will help it crack “compartmentalisation” issues on a reservoir which came off plateau about a year after first gas.
Total’s UK boss believes the west of Shetland basin has a big future as the oil giant limbers up for more drilling.
Workers at a major gas plant in Shetland are voting on strike action after becoming embroiled in a dispute over pay, a trade union official has said.
French supermajor Total could have slashed capital expenditure on its landmark Laggan-Tormore development by 20% with the benefit of modern subsea technology, it has been claimed.
French oil major Total said a strong balance sheet and cost reductions would enable it to launch new projects after its first quarter results revealed an income surge.
Production start-up on Total’s Laggan-Tormore fields west of Shetland spurred the UK onto a 3.6% increase in natural gas output in 2016, a new report said.
French energy giant Total said yesterday that it plans to launch about 10 new projects over the next 18 months and add “attractive resources” to its portfolio.
French energy firm Total claimed to have the “highest profitability among the majors” after posting a 22% jump in net income in 2016.
2016 saw Total's Laggan Tormore finally come on stream. It was first for West of Shetland exploration. After years of delays and overspend, the landmark development produced first gas. But celebrations were later tempered by a pay dispute. See Laggan Tormore's year in review and find out everything you need to know about the milestone project below.
The boss at Total today revealed fresh plans to reduce the French oil giant's spending in the coming years.
First half profits went up at Dong Energy (CPH: DENERG) as the Danish group’s thriving offshore wind business offset a drop in revenues from oil and gas. Dong Energy’s income from oil and gas fell by £20million to £280million, a slump which would have been worse had production not started up from the Laggan-Tormore gas project west of Shetland in February. Group revenues fell 7% to £3.95billion, though pre-tax profits shot up to £990million from £570million.
Petrofac is facing a legal battle over claims it has withheld hundreds of thousands of pounds in bonus payments from workers on its gas plant in Shetland. Contractors on the £800million Laggan-Tormore plant claim the oil and gas services giant has repeatedly fobbed off attempts to pay out bonuses worth up to £250,000. Tavish Scott, the Scottish Liberal Democrats’ Shetland candidate, weighed into the row, labelling the situation “unacceptable” and demanded that Petrofac pay the bonuses.
Petrofac shares surged ahead today after the company said its order book stood at record levels of $20.7billion.
Petrofac profits have been hit by a double whammy of low oil prices and accounting for a loss from its Shetland Islands project.
Production at newly-opened gas fields in Shetland could meet all of Scotland's average demand, it has been claimed.
Each week, Energy Voice pulls together the Friday Five.
Total pulled off the best financial performance of the all the industry majors and booked record production.
Start-up from the £3.5billion Laggan-Tormore gas development west of Shetland paves the way for £690million of investment in the area over the next 10 years.
Total has strengthened its senior team with the appointment of a new senior vice president.
Total today confirmed first gas from its flagship Laggan-Tormore project.