Hibiscus safeguards against virus as it plans Marigold North Sea work next year
Hibiscus Petroleum plans to move ahead with its Marigold project in the UK North Sea next year, with safeguards against delays around Covid-19.
UK
‘No-Deal’ Brexit threat looms over pandemic-ravaged UK economy
The threat of a no-deal Brexit is back -- and with it the risk that the U.K. economy’s shaky recovery from the coronavirus pandemic will be hobbled.
‘Poor behaviour’ slammed by OGA as firms demand suppliers cut rates 40% ‘overnight’
The Oil and Gas Authority (OGA) has slammed “poor behaviour” in the North Sea supply chain, with firms facing demands to cut rates as much as 40% “overnight”.
HSE confirms four people have contracted Covid-19 working offshore, with more expected
The Health and Safety Executive (HSE) has reported that four workers have contracted Covid-19 as a result of occupational exposure offshore, with more expected to follow.
OGA director ‘confident’ of backing for sector deal and underwater hub this year
An industry leader has said he is "confident” of securing government backing for a sector deal and a global underwater "hub" in Aberdeen this year.
‘Doubt and questioning’ over quarantine exemption for oil workers, says union boss
There remains “doubt and questioning” around the UK Government’s quarantine exemption for offshore workers and the potential spread of Covid-19, according to a union boss.
Offshore helicopter chiefs lobby Westminster and Washington as firms fight to ‘survive’ downturn
Industry chiefs are fighting in Westminster and Capitol Hill to support global helicopter firms that operate in the UK North Sea, warning some “will probably not survive”.
UK’s largest battery to help keep the nation’s lights on
Gresham House Energy Storage Fund has partnered with Edinburgh-based Flexitricity to optimise their 50MW / 75MWh Thurcroft battery storage site.
Turbulence ahead as UK’s offshore helicopter sector experiences ‘mensis horribilis’
The UK’s crippled offshore helicopter sector faces more financial restructuring, “opportunistic M&A” and possibly even government intervention, according to new analysis.
Are there any tax levers left to pull for the UK oil and gas industry?
Proposals to introduce temporary amendments to the Norwegian upstream tax regime, put to the Norwegian parliament a couple of weeks ago, and included within the Norwegian budget on Tuesday, have added to calls for fiscal change in the UK to support investment in the UKCS and underpin the oilfield services (OFS) supply chain.
Years of fiscal tweaks leave Chancellor short of options, tax expert says
The UK Government has run out of fiscal levers that could be pulled to help the country's struggling oil and gas industry, a tax expert has said.
Offshore workers ‘dumped’ as Atlas Professionals flouts furlough while UK scheme is extended
Offshore workers have said they’ve been “dumped” by a major recruitment firm after it decided not to offer the UK furlough scheme due to holiday pay concerns.
UK maintenance spending to reach lowest on record, Rystad says
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.
Research highlights ‘huge concern’ over oil firms’ ability to pay decommissioning bills
New analysis has outlined “huge concerns” for UK taxpayers around whether oil and gas firms will be able to meet their hefty decommissioning costs, with some rising above their company market values.
DNO making job cuts ‘in all locations’
DNO, the Oslo-listed exploration firm which took over Aberdeen's Faroe Petroleum, has announced it is reducing staff “in all locations” in response to Covid-19 outbreak and oil price crash.
Petrofac safeguards almost 200 jobs with £81m contract renewals
Energy services firm Petrofac has said it has safeguarded nearly 200 jobs with a pair of contract renewals.
OGA unveils plans to force operators to meet government’s net zero goals
The UK’s oil regulator has unveiled plans to force North Sea operators to meet the government’s 2050 net zero goals.
Total barely stays in profit amid ‘economic and oil crisis’, sets 2050 net zero target
Total barely managed to stay in profit for the start of 2020 as oil prices took a nosedive due to the Covid-19 outbreak.
Battery swap could ease range ‘anxiety’ for electric vehicles
My recent Energy Voice article comparing Battery Electric Vehicles (BEV) with Hydrogen Fuel Cell Electric Vehicles (FCEV) generated some interest. To my mind the BEV has clear benefits from an energy efficiency standpoint, as an FCEV requires twice the energy of a BEV.
Saipem wins £225m Baltic Sea pipeline project
Engineering firm Saipem has won a £225million project to transport and install a new natural gas pipeline in the Baltic Sea.
Shell boss says headcount reductions ‘probable’ in time, while projects also at risk
Shell’s boss has said the firm will “probably” have to reduce its headcount and “resize” parts of the organisation the longer the oil price slump lasts.
‘Cataclysmic’ event needed for Brent Crude oil to go negative like US benchmark
A leading petroleum economist has said it would “require something cataclysmic” for the international oil benchmark to follow that of the US into negative pricing.
$20 oil wouldn’t kill off UK production, but it isn’t a pretty picture, Rystad says
With the reality that Brent oil prices are scratching closer and closer to $20 per barrel, shut-ins are already happening around the world. Even if prices reach this threshold, the UK will avoid shut-ins and exploration is likely to continue in 2020, although cash flow and project sanctioning will suffer, a Rystad Energy impact analysis shows.
Shell pauses UK North Sea projects in response to low oil prices and Covid-19
Shell has hit pause on a number of UK North Sea projects due to the recent crude price drop and Covid-19 outbreak, it is understood.
UK regime sees Shell pay no taxes on North Sea business in 2019
Energy giant Shell paid no taxes on its upstream oil and gas business to the UK government last year, instead receiving large rebates, according to a new report.