OPEC said its oil revenue plunged by $438billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices.
oil price slump
Subsea 7 is to cut its global workforce by another 1,200 and has confirmed up 430 jobs will go in the UK as part of the company’s global resizing and cost reduction measures.
An oil industry leader has said Scottish Government plans to funnel jobless oil and gas workers into teaching could be “very valuable”.
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie.
It is highly likely that Scotland’s economy will be damaged if the UK votes to leave the EU, according to independent forecasters.
Crude’s advance of more than 90% from a 12-year low earlier this year has US shale producers starting to return to their drilling rigs, threatening to slow further gains.
Industry body Subsea UK is leading a delegation of high profile subsea leaders from companies across the country’s supply chain to Westminster on Wednesday to urge MPs to do all they can to protect the £9billion subsea industry.
Redundant North Sea workers who retrain as teachers will be guaranteed employment for four years under a Scottish Government scheme.
Job hunters are being advised not to tell prospective employers they work in the oil industry or live in Aberdeen - if they don't want to their CVs to go the bottom of the pile.
Aberdeen's hotel sector has endured a second month with an over 40% drop in revenue as fallout from the oil industry crisis hits other sectors of the city's economy.
David Cameron has claimed a low oil price was “basically good for the British economy” as he faced calls for an urgent review of the North Sea industry.
Investors around the world have seen $240 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit.
The head of the Oil and Gas UK Authority has said the industry in the North Sea is like an “ageing patient” that could face a “very grim” future.
An Aberdeen engineer, made redundant during the recent oil industry contraction, has decided to return to further education as the sector confronts a new reality.
Exxon Mobil posted its worst quarterly performance in six years as a worldwide glut of oil collapsed prices faster than explorers trimmed costs.
A strong order book could not prevent Aberdeen-based procurement services firm Gas and Oil Technology (GOT) going bust, with 19 jobs lost amid the oil price downturn. Work ground to a halt at GOT because the firm did not have enough stock to fulfil its orders, despite investing heavily in infrastructure in recent years, administrators from KPMG said yesterday. Nineteen of GOT’s 23 employees have been let go with immediate effect, with the remaining four staying on temporarily to help wind down the company.
In this issue we're majoring on the Atlantic Frontier, or rather just three parts of it . . . UK West of Shetland, the Irish sector and, several thousand miles to the south, the Falkland Islands.