Opening today’s ONS session, industry heavyweight Lord Browne said: “Next month will mark my 50th year in the energy industry. It’s also 50 years since the first wildcat was drilled on the NCS (Norwegian continental shelf).”
Oil and gas investor Riverstone Energy Limited (REL) said yesterday it was profiting from industry distress and looking forward to taking advantage of emerging opportunities driven by lower commodity prices.
The chief executive of Shell has revealed he embarked on a “personal journey” before making the final decision to resume drilling in the Arctic this year. Ben Van Beurden said he was aware of the risks the company were taking but believed Shell could responsibly explore for hydrocarbons in the Arctic. His comments to a BBC programme on climate change were made as former BP chief executive Lord Browne – who was also interviewed – warned the company could be taking both reputational and financial risk with the move. Lord Browne made the comments as Shell announced it had just started preliminary drilling in Alaska’s Chukchi Sea after several setbacks.
A former finance director of BP who played a key role in a series of moves made by the oil major has died aged 72. The New Zealand born finance director was part of a team that worked closely with former chief executive Lord Browne during his leadership of the company. Buchanan, who trained as an industrial chemist, had been seen as an unusual choice when he became finance director with BP in 1996.
BP’s former chief executive Lord Browne has called on ministers to scrap a supplementary tax on North Sea oil and gas revenues. Lord Browne warned the plunge in oil prices had done “permanent damage” to the mature fields in the region. He warned that while the North Sea was still producing plenty of oil and gas, the price decline meant “we are now seeing the late evening of the North Sea.” Chancellor of the Exchequer George Osborne has been urged by the oil and gas industry to use next month’s budget to roll back the 30% levy.
BP's former chief executive Lord Browne has warned costs in the North Sea must be reduced if it is to remain competitive within the global market. Lord Browne, who led the oil giant for 12 years, said while there was "a lot of oil and gas left" in the North Sea, it was challenged by the expense in comparison to other regions. The price of oil has halved since last year when it sat at $115 a barrel.