Xcite Energy said its licence containing the Bentley field has been extended until June next year after approval from the OGA (Oil and Gas Authority) and DECC (The Department of Energy and Climate Change).
A north-east union chief has warned members to be aware of online scams as the downturn in North Sea oil and gas takes hold.
Royal Dutch Shell has hailed its 52.6 billion US dollar (£36.4 billion) takeover of BG Group as a step towards becoming a “simpler, leaner, more competitive company”. The mega-deal - creating the biggest trader of liquefied natural gas - came into force on Monday after shareholders waved through the tie-up at the end of January.
A trade union has claimed that the windfall from dismantling redundant oil platforms in the North Sea could reach £75billion.
Sometimes MSPs have to keep asking the same question, and I’ve long since lost count of the number of times I’ve asked how many jobs have been lost In Scotland since the oil jobs crisis began over a year ago.
Oil and gas companies in the UK are increasingly pessimistic about their business prospects, according to a new Business Sentiment Index. The findings, from the fourth quarter of last year, were published by industry body Oil & Gas UK.
A fuel company has been fined £3 million after gas leaks on one of its platforms over three years ago. ConocoPhillips admitted safety failings at Lincoln Crown Court following two uncontrolled and one controlled gas release 70 miles off the Lincolnshire coast at the end of 2012.
The North Sea is fighting back to meet the challenges of maximising economic recovery from the UKCS, according to the industry regulator.
A proposal to combine the North Sea “offshore passport” personnel systems of the UK and Norwegian sectors of the North West Europe Continental Shelf has been tabled.
Industry body Oil & Gas UK has welcomed the Prime Minister’s £250million investment deal to help the North Sea industry.
Oil major BP said it will reduce its headcount by 210 positions in Norway in the next two years. The move comes after 166 job losses last year.
Despite the best efforts of some politicians, it’s obvious to everyone working in the UK’s Oil and Gas sector that we have seen better days. We are in a crisis and when adversity strikes we will be measured on how we respond. We can duck the issues by making cuts and laying off employees or we can challenge and push the boundaries as the current climate potentially becomes the norm.
Since the falling price of oil started to bite in the north-east, it has been clear that the energy sector needs urgent support to protect the tens of thousands of jobs that are at risk.
Oilfield services company Schlumberger said it will continue to 'adapt' to the North Sea oil and gas industry as the oil price continues to stay lower for longer. The company described the situation in the UK as "challenging" after revealing it had cut 10,000 jobs while also reporting a loss of $1billion during the final quarter of last year.
Aberdeen had the largest fall in hotel occupancy and revenue of anywhere in the UK, new figures have shown.
The pace of drilling in the North Sea, the center of UK oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers to abandon costly projects. Just 63 percent of oil and gas rigs in the UK North Sea were being used as of Jan. 19, according to data provider RigLogix. That’s the lowest since the Houston-based company started tracking their operation in 2000. In the Norwegian North Sea, the 71 percent rate is also the worst on record.
Wood Group (WG) has struck a collaborative agreement with Magma products to extend its existing commissioning service.
The politician who led a committee looking at the oil and gas industry said there will be a “revival” in the North Sea. MSP Murdo Fraser spoke after the findings of a report by the Scottish Government’s economic committee were made public.
Infill drilling work at the Breagh gas field could be delayed as further investments in its first phase are put under review. Sterling Resources said the production at the gas field in the North Sea is continuing slightly ahead of schedule. Production last month averaged 28.1million standard feet of sales gas per day.
Three major factors have combined to create a perfect storm in the sector. First and foremost, the surplus in oil production is depressing oil prices and stifling cash flow. Secondly, the existing debt overhang is exacerbating that issue to critical levels.
As 2015 draws to a close, we are on track to see the first annual rise in oil production for 15 years. This fact may seem strange to those who have only considered the sustained low oil price that has dominated the headlines in 2015, but it is a positive sign from an important industry that is adapting to a changed landscape. DECC statistics show that production of petroleum is 32% higher and natural gas production is 8.6% higher in the three months June to August 2015, compared to the same period in the previous year.
Industry body Oil and Gas UK said 2016 will continue to be a challenging year, despite UK Government data estimating oil and gas production rose by more than 7% in 2015. Findings from the Office of National Statistics (ONS) found in the first 10 months of 2015, the total volume of oil and gas produced on the UKCS was up 8.6% compared with 2014. Meanwhile production of liquids rose up 10.6% and gas by 6.1%.
This year marked a milestone for the original North Sea find - the Forties field.
Petrofac has landed UKCS contract extensions, totalling $400million.
A rise in oil production from the UKCS has helped to increase overall industrial production, according to new figures.