In March last year one of the most charismatic figures to hold office as an energy minister in the UK became chairman of the Oil and Gas Authority (OGA).
The North Sea oil industry has been in transition for some years following the collapse of oil prices in late 2014. Large cost reductions have been painfully achieved. Production has increased due to a combination of new fields coming on stream plus a substantial increase in production efficiency to around 75%. But new field investment expenditure has fallen dramatically since 2015 and exploration remains at a relatively low level reflecting principally the maturity of the province as well as oil and gas prices far below their pre-2015 levels.
It’s no secret that the global decommissioning market is hotting up. With enormous opportunities in the pipeline, contracts are being rolled out across the globe over the next 12 months.
An oil firm director has said that the supply chain is still too big in places and may have to “shrink” to become more efficient and robust.
North-east firm Boskalis Subsea Services (BSS) said yesterday its rapid growth was creating new opportunities for the supply chain.
May 2019 marked the 50th anniversary of the Offshore Technology Conference (OTC) in Houston. While attendance figures may not be as high as in previous years, the event still provides a useful barometer for sentiment and activity across the oilfield service (OFS) industry.
Oil and gas supply chain firms are among a large number of Scottish companies showing "zombie-like" symptoms, KPMG has said.
Smaller oil and gas technology companies are on a metaphorical conveyor belt, an investment expert said yesterday.
North Sea operators must treat oilfield service (OFS) firms with care or they could end up becoming “second-class clients” in a tightening market, an industry figure has said.
A skills shortage in the North Sea industry has been talked about for some time, and it is something the father and son team running Whittaker Engineering can see taking shape in the supply chain.
The tide of adversity has turned and the North Sea is back on the up, Oil and Gas UK (OGUK) said in its business outlook report.
“Challenges remain, but the UK sector remains optimistic” – one of many headlines that appeared following the launch of our 2019 Business Outlook.
The uncertainty surrounding Brexit has "slowed" UK offshore wind investment, according to analysis by Wood Mackenzie (Woodmac).
A recent poll suggested industry’s mission to lower its cost base and learn lessons from the downturn will be subjected to an acid test this year.
The global offshore upstream supply chain saw signs of recovery in 2018, and this looks set to continue in 2019, according to global natural resources consultancy Wood Mackenzie.
A new and improved version of an online tool which helps the supply chain keep tabs on upcoming North Sea projects will soon be unleashed.
Energy giant Shell is at a "pivotal moment" in its dealings with the supply chain, one of its bosses said today.
Optimism is growing in Scotland’s oil and gas supply chain after several tough years brought about by low crude prices, a top finance adviser has said.
A ‘potentially damaging’ squeeze on the North Sea supply chain could mean companies won't be able to meet an increase in demand within a few years, according to Oil and Gas UK.
Norway's offshore industry is leading the oil and gas supply chain's "cautious and gradual" recovery, an analyst has said.
Rising oil prices have been a boon for the FTSE 100. The market was at its lowest ebb since 2016 at the end of March, but then rose to record levels on May 22 – some talked of an increase to 8,000.
The oil and gas supply chain is likely to have to keep a lid on its rates for another couple of years as the market remains “brutally competitive”, an analyst has said.
The Oil and Gas Authority (OGA) in January started the roll-out of new measures to ensure operators better engage the supply chain in future projects.
The North Sea supply chain is “still struggling”, though more than half of oil firms expect to take on more new recruits this year.
Nearly two thirds of EU businesses expect to move some of their supply chains out of the UK because of Brexit, a new survey has found.