One in four UK oil and gas sector employees could be cut in the event of a prolonged downturn, with north-east Scotland expected to “bear the brunt”, new analysis shows.
Paul de Leeuw
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
Unprecedented, unbelievable, ‘off-the-scale’ can’t really sum up what happened to oil prices in North America on Monday April 20. Both WTI (West Texas intermediate) and WCS (Western Canadian Select) plunged to below $0 per barrel and recorded an oil price of minus $38 per barrel for the first time in history. Although there has been talk about negative oil prices for months, nobody really predicted anything on this scale.
An Aberdeen energy expert has said the North Sea has an opportunity to demonstrate its “resilience” as global oil demand reaches a 25-year low.
The debate around fossil fuels and the impact on climate change is getting increasingly polarised. What we urgently need is a more informed debate based on facts and evidence.
It is estimated that during 2019 over 20 million people in the UK contacted the 999 emergency services to request immediate police, ambulance, fire or coastguard support or to report an emergency.
Analysts have warned uncertainty on the global oil price could continue for weeks amid the US-Iran conflict.
The north-east energy sector has a ‘key role to play’ in reducing emissions but the Scottish Government must provide ‘clarity’ on targets, according to industry chiefs.
A vision of Aberdeen’s energy future was outlined by two of the Grantie City’s top industry experts last night.
Two north-east energy sector experts will speak at a renewables event to be held in Aberdeen in December.
North Sea oil and gas industry veteran Paul de Leeuw will take part in a panel debate on the sector’s biggest challenge to date — the energy transition.
The oil and gas sector is assessing the range of new skills that will be required as it looks ahead to the next 20 years.
The oil and gas sector needs clarity on the UK’s withdrawal from the European Union “pretty darn pronto”, an industry expert said today.
Energy sector chiefs have urged all parties and governments to deliver a workable Brexit agreement as deliberations entered “unchartered territory”.
Unpredictability is the only certainty in the world of crude prices. But oil industry observers believe crude prices are more likely to rise than fall over the coming months.
Every day, people in the UK are estimated to drink over 95 million cups of coffee, which is roughly equivalent to over 170,000 barrels a day of the black liquid in the UK alone. For those of us who get our brew from Starbucks, Café Nero or Costa Coffee, we are more than happy to pay upwards of £2 for this black magic. Although a small price to pay for a moment of happiness, the cost of this cup of coffee we enjoy so much is roughly equivalent to $900 per barrel.
The discussion around hard Brexit, soft Brexit, divorce bill, transition arrangements, new trade deals and the Chequers Brexit plan is now rapidly turning into a bewildering array of statements, claims and counter claims.
Access to Europe is “absolutely critical” to the North Sea as Brexit approaches, according to an industry expert.
Onshore oil and gas production would be a “powerful addition” to Scotland’s “portfolio”, an industry veteran said.
An agreement to boost global oil production may provide a cash boost to the North Sea, according to a leading analyst.
A leading petro-economist has said there are “opposing forces” clouding what may happen when some of the world’s largest oil producing nations meet tomorrow.
So-called “megatrends” facing the world over the coming decades will be examined at a professorial lecture in Aberdeen tomorrow.
The North Sea workforce will require 10,000 new roles in emerging areas such as robotics and data management by 2035, according to a new report.
A tough line from the US on imposing sanctions on Iran could see the oil price reach $80 a barrel, according to a pair of leading analysts.
A Brent crude price pushing $70 will provide a “feel-good” factor for North Sea oil, but it may still be “too early to celebrate”, industry experts have said.