Dana Petroleum has delayed the sanction of a new North Sea project due to the ongoing Covid-19 crisis.
Parkmead Group’s boss said the energy company had “retained its financial strength” despite being pushed into the red by falling gas prices.
More than a dozen UK North Sea projects are facing deferral in light of the oil price drop, an analyst has predicted.
Energy firm Parkmead Group will inevitably show up on the radars of prospective buyers if its current growth trajectory continues, its boss said yesterday.
A strong showing from its Dutch onshore gas fields, a drop in exploration work and the sale of stakes in Faroe Petroleum swung Parkmead Group back to profit in 2018-19.
Energy firm Parkmead Group has announced that it has delivered its field development plan and environmental statement for the Platypus gas project in the Southern North Sea.
Oil and gas firm Parkmead Group has completed a £4.9 million deal to buy farmland majority-owned by the wife of chief executive Tom Cross.
The uptake of licences west of Shetland by major operators shows the basin has “huge potential”, a top Aberdeen academic said.
Aberdeen-based firm Parkmead Group has completed a deal to buy Verus Petroleum out of a North Sea licence.
Parkmead Group has struck a deal to double its stake in a southern North Sea gas basin licence.
Parkmead Group’s boss said yesterday that the Aberdeen firm would stay on the acquisition trail as it leads efforts to create a large North Sea hub.
Parkmead Group boss Tom Cross said yesterday an increase in gas production from Dutch assets amid a severe industry downturn was “an outstanding achievement” by the Aberdeen firm.
Bosses at Aberdeen-based Parkmead Group have been “spending a lot of time” talking to oil majors about potential acquisitions.
A significant reduction in operating costs helped Parkmead group reduce its post tax loss to £4.8million, compared with £14.9million in 2014.