THE European integrated oil sector is entering a sharper and longer downturn than either the oil or equity markets imply, according to Barclays Capital, which has started its coverage of the sector with a negative view.
XCITE Energy, the Banchory-based oil explorer focused on the development of heavy-oil resources in the UK North Sea, said yesterday that likely reserves in its 100%-owned Bentley field east of Shetland had been upgraded significantly.
Administrators at oil and gas operator Oilexco North Sea (ONS) clarified their position yesterday on retention bonuses proposed for staff at ONS and its Canadian parent to keep them working throughout the administration process.
Apache, operator in the UK North Sea of the Forties oil field, said yesterday that net income nosedived to £497million in 2008, compared with £1.97billion the year before.
NORWEGIAN oil major StatoilHydro said yesterday it had achieved a strong operational performance in 2008, although its fourth quarter had been negatively affected by weaker oil prices.
Subocean Group is a subsea installation company with extensive knowledge of the North Sea oil and gas industry.
Broker Evolution Securities believes that a downturn for oil service companies is inevitable, but it will be short and sharp, and that recovery is likely to be equally rapid and certainly apparent in 12 months.
Dana Petroleum said yesterday it had agreed to buy UK North Sea-focused Canadian company Bow Valley Energy for about £125million.
EIGHT Scottish-built wind turbines in Antarctica are withstanding temperatures of -60C (-76F) and average winds of 53mph.
Canadian oil and gas operator Nexen announced an oil discovery yesterday in the Hobby exploration well, in block 20/1 in the outer Moray Firth.
Up to 50,000 jobs could be at risk in the UK oil and gas industry over the next two years because of the credit crisis and global recession.
Oilexco, the Canadian oil and gas operator whose UK subsidiary Oilexco North Sea (ONS) is in administration, has reported that the Toronto Stock Exchange has agreed to delay its delisting until Tuesday.
VENTURE Production, said yesterday it had successfully tested a well to appraise the Cygnus gas field, and that it believed the southern North Sea field would be a core asset for many years.
Rating agency Moody's said yesterday it had changed its outlook for the global oilfield service sector to "negative" from "stable".
Infield Energy Analysts is forecasting that, between 2009 and 2013, global subsea-sector expenditure on subsea equipment and drilling and completion will exceed £56billion.
ABERDEEN firm Nautronix, which designs and makes electronic marine technology products for the oil and gas industry, increased its payroll by 16% to 71 in the year to June 30, 2008, and it is on target to add a further 10 to its workforce in the current year, its managing director Mark Patterson said yesterday.
Dana Petroleum, the Aberdeen-based oil and gas operator, saw its shares rise sharply yesterday after it gave a bullish update on its exploration success and outlook.
CANADIAN oil and gas operator Oilexco, whose UK subsidiary Oilexco North Sea (ONS) is in administration, has obtained a court order for bankruptcy protection under Canadian law.
OILEXCO, the Canadian oil and gas company whose assets are held principally through its UK North Sea-focused subsidiary Oilexco North Sea (ONS), has said it has received demand letters from the Royal Bank of Scotland, on behalf of itself and other lenders, for immediate repayment of loans.
BG Group yesterday reported record earnings for 2008, up 72% on the year before.
OIL and gas engineering and construction company Aker Solutions has announced the appointment of Aberdeen-based Alan Brunnen as managing director of its UK subsea business.
OIL service company Petrotechnics has been voted one of the best companies to work for in Texas only a year after opening an office in the US state.
MANY parties are interested in acquiring the whole of Oilexco North Sea (ONS) and its assets, according to administrators at Ernst and Young (E&Y).
Oil and gas engineering and construction contractor Subsea 7 said yesterday the market outlook was uncertain for the medium term as a result of the economic climate.
MARATHON Oil has announced a £4billion capital, investment and exploration budget for 2009, a 24% decrease from last year's.
