World leaders will take part in a virtual global summit on climate change this week as US President Joe Biden leads a new push to cut emissions.
Malaysian IT and energy sector service provider Dagang Nexchange (DNeX) has reached a deal to take its shareholding in North Sea minnow Ping Petroleum to 90%.
A group of oil and gas firms have joined forces to plan the delivery of more than 200 million barrels from the outer Moray Firth.
Industry leaders will come together in Aberdeen today more than a year after a North Sea oil summit was held to discuss how to protect the North-east economy.
One thing that oil producers congregating in Davos agree on is that the oil rout can’t go much further. There’s less consensus about when the recovery will arrive. Officials from Kazakhstan and Nigeria to Azerbaijan and Saudi Arabia, speaking at the World Economic Forum, concur that the global glut will begin to dissipate this year as the lowest prices in 12 years force cuts in spending and production.
Once the details of the summit are announced, Aberdeenshire Council will make sure it is fully involved. The oil and gas industry is incredibly important, not only to the North East economy, but to the economy of Scotland and the rest of the UK. We have established good working relationships with the private sector over many years and understand the challenges facing the energy industry today. The area benefits when oil prices are high, but this also brings challenges impacting on house prices and affecting the local recruitment market. It’s important that we consider the impact of falling oil prices, the likely effect on the economy and steps we can collectively take to support the industry.
The Scottish Secretary Alistair Carmichael said he will attend a North Sea oil summit organised by Aberdeen City Council. The meeting has been called by Aberdeen City Council in response to a plunge in oil prices to just above $62 a barrel, from more than $100 in the summer. Scottish Labour pledged to send its leader, Jim Murphy, and urged both Mr Cameron and Ms Sturgeon to attend. Alistair Carmichael will attend the summit as well as the Scottish Lib Dem leader Willie Rennie.