Nicola Sturgeon pledged to discuss extra support for the North Sea oil industry but failed to outline specific measures when asked about the impact of the plummeting oil price.
Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.
Aberdeen’s importance as a global oil hub may reduce as firms take steps to protect against multiple waves of Covid-19, according to an energy consultancy.
Oilfield services giant Halliburton fell to a $1billion (£804.5m) net loss in the first quarter of the year, warning it “expects a further decline in revenue and profitability” as 2020 goes on.
Employment lawyers have criticised a lack of clarity in the government’s coronavirus jobs retention scheme, highlighting it is unlikely to prevent “difficult decisions” for the oil and gas sector.
The son of the legendary founder of Hin Leong said the Singapore oil trader hid about $800 million in losses racked up in futures trading, suggesting a much bigger hole in the company’s finances than thought, according to people with knowledge of the matter.
By Claire Scott, legal director and employment energy specialist, Pinsent Masons
The furlough scheme is certainly helpful to energy sector employers and employees but there are some grey areas which mean businesses and individuals may not benefit as was intended.
The UK Government has extended the cut-off date for workers to be eligible for its coronavirus jobs retention scheme, expected to benefit 200,000 people.
By Stephen Jennings, head of energy and natural resources for EMEA
The deep and fundamental impact Covid-19 is having on the global economy is unprecedented, however, the shared global conviction to recover will be fast, and we expect that businesses which can pick up where they left off when things are safe will do so quickly.
Energy giant Shell paid no taxes on its upstream oil and gas business to the UK government last year, instead receiving large rebates, according to a new report.
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Investing in capital markets is, speculators aside, a long- term play. When times are good investors can relax and take pleasure in their investment prowess; when times are bad investors need to remind themselves, they are in for the long term, and play to the fundamentals.