Sasol Ltd. is considering additional divestments, including the potential sale of stakes in an African gas pipeline and a Middle Eastern plant, as it explores ways to reduce its $10 billion debt pile, people with knowledge of the matter said.
Premier Oil’s boss says the UK oil industry deserves a “pat on the back” for keeping production flowing during the Covid-19 lockdown.
Premier Oil said today it is “re-engaging” with stakeholders about its proposed North Sea acquisitions and extensions to debt maturities in light of current market conditions.
The FTSE 100 Index edged up towards the 6,000 mark today as traders took heart from UK Government efforts to gradually get the economy back on track.
Catering firm Entier is making "ad hoc" offshore staff members redundant due to a “significant reduction” in demand for its services on oil rigs.
Trade union bosses have vowed to “resist” oil and gas service companies’ “crazy” plans to scrap a UK North Sea collective bargaining agreement.
Western Europe’s maintenance, modification and operations (MMO) market will likely take a major hit in 2020 a Rystad Energy impact analysis has revealed, thanks to severe spending cuts and Covid-19 transportation restrictions. Spending in Norway is expected to fall to $3.4 billion this year – an 18-year low – while UK spending is on track to fall to $2.9 billion, the lowest level seen since at least 1990.
Offshore safety training provider RelyOn Nutec could cuts its UK headcount by more than a third due to a drop in demand.
There is a certain irony in the coincidence of two recent major events that together, focused minds on how exactly the huge upheavals caused by COVID-19 may affect our efforts to achieve net zero carbon.
Oil edged lower after posting its first back-to-back weekly gain since February as investors weighed nascent signs of a recovery in demand against a huge global glut and the risk of a resurgence in virus cases.
There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.
Despite the uncertainties raging around us, as an industry and as individuals we have adapted quickly to the challenges of lockdown. The return to normal may prove a longer, challenging but potentially rewarding path, believes Jon Clark, EY EMEIA Oil & Gas strategy and transactions leader.
North Sea industry is facing an “existential threat” and will need quicker, simpler support from governments to overcome the price rout, an investment expert has said.
Coach Sir Dave Brailsford is widely credited with turning around the fortunes of Britain’s cyclists using the “marginal gains” philosophy.
2020 arrived with a much-needed feeling of optimism and positivity throughout the industry. The long anticipated, planned Forties Pipeline Shutdown (FPS) presented the optimum opportunity for many Operators to align their summer shutdown campaigns and engineering project scopes to coincide.
Strong interest from the Middle East and private equity houses could provide a glimmer of hope for an ailing UK oilfield service sector, an investment expert has said.
In the ’80s, well before my time in industry, there was allegedly a popular bumper sticker in oil towns.
Oil headed for its first weekly gain in a month as global production cuts began to take effect, while early signs the coronavirus-driven plunge in demand might be starting to bottom out also aided sentiment.
Oil rallied for a second day as global production cuts deepened and signs of a recovery in physical markets emerge.
Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty.
A judge has sanctioned Premier Oil’s plans to acquire £660 million worth of North Sea fields and extend its debt maturities.
Talon Petroleum said today that interest in three of its UK North Sea prospects remained “strong” in spite of the “challenging macroeconomic environment”.
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices fell to new depths.
Production cuts may not be enough to rebalance the market now, but they can help its recovery in the second half of 2020 according to Boris Ivanov, Founder and Managing Director of GPB Global Resources.