Take a look at the facts and figures behind BP's bumper $1billion investment in one of its North Sea assets. The oil major has announced the cash injection could add up to 15 years to the project. The money – £670million – will be funnelled into its Eastern Trough Area Project (Etap), securing its future through to 2030.
Industry body Oil and Gas UK said production is set to rise for the first time in 15 years, according to provisional figures.
Paradigm Flow Services has completed a deluge remediation and replacement project in the Forties field for Apache North Sea. The company finished the work as part of its service on four of the Forties assets. The team has been undertaking a variety of work to ensure the lifetime of the system including valve replacement work, cleaning drains and parts and then testing the system with air and water. Paradigm also completed hydraulic modelling to verify that all changes were accurately captured.
Independent Oil and Gas, the North Sea focused oil and gas company, is to delay its equity transactions by several weeks.
North Sea oil workers could be jeopardising future investment in the North Sea if they choose to ballot over strike action, according to a top industrial relations expert. Unions voted against a package offered by the Offshore Contractors Association (OCA) earlier this week, a move which could lead them back to the negotiating table or a potential strike not seen since the 1980s. Sean Saluja, a partner at Burness Paull and head of their employment division, said the decline in oil price since last year had been more “significant” than the industry had previously anticipated.
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Centrica Energy's boss spelled out the reasons behind the oil and gas giant's decision to scale back its upstream operation.
Shell revealed it would take a “good look” at its North Sea portfolio as it considers $30billion of asset sales over the next two years.
New guidelines to improve efficiency and reliability during planned maintenance shutdowns of offshore installations has been launched by industry trade body Oil & Gas UK.
Cape has won a contract extension worth £9.8million on oil major BP’s Clair Ridge project, helping to secure 170 jobs in the process. The company said the move will see further phases added to its current work over the next 18 months. Clair Ridge, which is 75km west of Shetland, is currently in the second phase of development within the Clair field.
Two companies are leading the way as they look at production efficiency challenges and how they can be overcome in the North Sea oil and gas industry. In a new whitepaper, both EnQuest and Wintershall explain how they are also working on future considerations and development plans within the UKCS.
Unions have rejected proposals offered by the Offshore Contractors Association (OCA) for North Sea workers in a move which could increase the chance on industrial action in the North Sea. Both GMB and Unite were balloted on whether to accept a new deal put on the table last month. The result of the ballot from Unite members was 63.5% against and 36.5% in favour. It is understood the union will be consulting with members in coming days following the decision. It is understood GMB voted in favour of the proposals but as the union had fewer members balloted their vote has been outweighed by Unite. The OCA's chief executive Bill Murray said it was "extremely disappointed" by the move.
An oil firm has announced it is reviewing the bonus provision of 200 offshore workers. Expro is carrying out the review as a result of the ongoing oil price downturn. An Expro spokeswoman said: “The company has communicated with employees to explain the reason for this difficult decision, which is in direct response to the current tough operating environment.
Oil & Gas UK's Business Sentiment Index for the second quarter of 2015 published today shows that industry remains fragile but that companies’ outlook is improving.
Sparrows Group has expanded into the Malaysian market after forming a strategic relationship with a service provider in the region. The move will see the company work alongside Efficient Technology Sdn Bhd (Eftech) as it looks to treble its business in Asia Pacific over the next five years. Sparrows will offer services including offshore crane maintenance, crane hire, fluid power, inspection and cable and pipe lay products.
Total is set to consult with staff over a potential move to an equal time rota. The decision to communicate with staff regarding a change to a three on, three off shift pattern comes after oil giant Shell confirmed it would be making the move earlier this week. Companies have been considering whether to adopt the shift pattern as they look to make cost savings following the decline in oil price.
BP Plc and Chevron Corp. fired the opening salvo for a further round of cost cuts by major oil companies grappling with the prolonged collapse in crude prices.
An offshore engineering company founded by one of the north-east’s best-known businessmen is launching a Marine Safety Systems (MSS) division following a six-figure investment. Aberdeen-based Imes Group, which was co-founded by Melfort Campbell, expects to create a total of ten jobs at the new subsidiary, with six staff having already been hired. Mr Campbell last year chaired the Scottish Government’s Independent Expert Commission on Oil & Gas and who is a former chair of CBI Scotland. Other directors of the new division include Rod Buchan, who was appointed as executive chairman of Imes Group in April.
A jobs taskforce set up to help North Sea workers whose jobs are under threat is to be continued “for the foreseeable future”, First Minister Nicola Sturgeon has announced. The Scottish Government set up the Energy Jobs Taskforce in January after the sector was hit by the slump in oil prices. Initial plans were for the body, which brings together the industry, the public sector and trade unions, to be in place for six months. But Ms Sturgeon has announced it will continue to meet beyond its original six-month commitment. The First Minister said: “The Scottish Government is fully committed to the oil and gas industry; it has been a true success story and we are working to ensure it will continue to be so.
Europa Oil & Gas has been awarded a licence in the southern North Sea as part of the UK 28th licensing round. The company said the conditional award of a promote licence over Block 41/24 was given by the OGA (Oil and Gas Authority) as part of a joint venture with Arenite Petroleum Limited. A total of 41 new licences were awarded in the latest round and the second tranche of successful bids follows the 134 bids confirmed last year, totalling up to 175 licences covering 353 blocks.
Maersk Drilling has been awarded a $14 million 16-month contract extension for the jackup rig Mærsk Innovator with ConocoPhillips Norway.
More than 5,500 jobs in the North Sea oil and gas industry have been lost since the oil price decline, according to new estimates. The figure comes as companies including BP, Shell and Total have reduced their headcount in a bid to save costs. Companies have also been in consultation over a move to three on, three off shift patterns for workers. Industry body Oil & Gas UK said the figure put forward could be conservative, while trade union Unite said the number could actually be around 4,000.
Offshore caterer Trinity International Services has promoted Rachel O’Donnell to HR director.
The first well has been spudded on the Gina Krog field in the Norwegian North Sea. Statoil said drilling began earlier this week using the Maersk Integrator rig, which will now be in use until 2019. The milestone is one of many for the company on the Gina Krog development project.
Det Norske Oljeselskap ASA is claiming as much as 20 million barrels more of the Johan Sverdrup oil field as it appeals a government decision that reduced its stake in the giant deposit offshore Norway. The Trondheim-based company asked the government to raise its stake to 12.23 percent from the 11.57 percent it was awarded in a July 1 ruling by the Petroleum and Energy Ministry, according to an appeal letter dated Tuesday obtained by Bloomberg. The field holds as much as 3 billion barrels of oil, meaning a successful appeal may result in an increase of 20 million barrels. “Det Norske asserts that the decision is invalid,” it said in the appeal. The ministry has misinterpreted the petroleum act and hasn’t provided sufficient justification for its decision, which constitutes a process error, the company said.