Wood says it will be strong despite weaker markets
INTERNATIONAL energy service company Wood Group expects to avoid the worst of any impact on the oil and gas industry caused by global recession and lower oil prices.
Oil falls on fears for US economy
US CRUDE oil futures settled 2% lower yesterday on concerns about the American economy after the Federal Reserve cut its target for overnight interest rates.
Uganda find for Tullow and Heritage
OIL and gas operators Tullow Oil and Heritage Oil have reported a "significant" new oil discovery at an exploration well in Uganda, which they said was potentially the largest in the Butiaba area to date.
People ‘company’s best asset’
Former roustabout Euan Morrison is on the crest of a career wave at the age of just 37.
Hunting has spare cash after sale
HUNTING, the international energy service company, said yesterday it had completed the sale of North American subsidiary Gibson Energy.
PDC Systems moves to new site at Kintore
PDC Systems, which provides hazardous area electrical instrumentation for the international oil and gas and petrochemical industry, has moved to a new base at Kintore, near Aberdeen.
Economist reckons oil will return to $80 with global growth
Oil prices will not fall much lower and will rebound to $80 a barrel by 2011 as a recovery in the world economy begins by the end of next year, according to Deutsche Bank's chief energy economist.
Tullow shares surge on African well successes
TULLOW Oil saw its London-listed shares jump more than 20% to 596.5p yesterday after it reported successful drilling results from the Hyedua-2 appraisal well on the Jubilee field offshore Ghana and the Kingfisher-3 appraisal well in Uganda.
Rationalisation among North Sea minnows ‘on the way’
A long-overdue rationalisation among the smaller oil and gas firms in the North Sea is on the way, according to an industry expert.
Bowleven investors back move to issue new shares
BOWLEVEN, the Scottish oil and gas company which focuses on Africa, said yesterday it had numerous attractive investment oppor-tunities in its portfolio.
North Sea operator aims to boost output by 10%
OIL and gas company Nexen, whose principal production area is in the UK North Sea through its operated Buzzard field, said yesterday it expected to increase worldwide output in 2009 by about 10% year-on-year.
Government to commission studies into future of North Sea
Energy Minister Mike O'Brien announced yesterday that the UK Government would spend more than £5million over three years on studies on the future of the North Sea oil and gas industry.
Doug driving growth in the North Sea
Tesco Corporation crossed the Atlantic to Aberdeen in 2006 after recognising the European market potential for its drilling technology.
Aberdeen firm wins Faroese acreage
FAROE Petroleum, the Aberdeen-based oil and gas operator, is among five companies awarded exploration licences in the Faroese third licensing round.
Oil could drop to $25 a barrel
Oil prices are likely to keep falling until well into next year and could drop as low as $25 a barrel before recovering, according to a research report from US investment bank Merrill Lynch.
North and north-east dominate awards
NORTH-EAST and Highlands and Islands firms and projects have dominated this year's Green Energy Awards, which are organised by the green energy trade body Scottish Renewables, with winners announced last night in Edinburgh.
North Sea operators agree deal with US giant Schlumberger
TWO UK North Sea oil and gas operators have linked up with US energy service giant Schlumberger to secure a well-stimulation and fracturing vessel to help them with new projects.
Double North Sea vessel deal for Trinity
GLOBAL onshore and offshore catering and hotel service company Trinity International has secured two major new deals with long-standing clients Stena Drilling and Bluewater in the North Sea.
Oil and gas rivals agree asset exchange in UK waters
BP and fellow British oil and gas operator BG Group have agreed a major swap of UK North Sea assets, with both companies saying the deal enhances their efficiency in core areas.
TAQA spends £420m in North Sea deal
Abu Dhabi national energy company TAQA said yesterday that wholly owned subsidiary TAQA Bratani had completed its £420million acquisition of interests in seven oil fields from Shell UK and Esso Exploration and Production (UK).
Second simulator for Altens training site
PETROFAC Training launched its fourth UK major-emergency management (MEM) simulator at a ceremony at its Altens training centre in Aberdeen last night.
Oilexco slides on debt U-turn
SHARES in Canadian oil explorer Oilexco - which is listed in both Toronto and London - plunged yesterday after it announced plans to raise up to £100million in debt and sell shares to raise more cash, but later said it had abandoned the proposals.
New boss at Sovereign
SOVEREIGN Oilfield Group, the Aberdeen-based diversified oilfield service business, has announced the appointment of Robert Ellis as a director and his election as chairman by the board.
Dana lowers its output expectation
DANA Petroleum, the Aberdeen oil and gas operator said yesterday its production in 2008 was expected to average about 39,000 to 40,000 barrels of oil equivalent per day (boepd), representing 30% growth over 2007.
Rockhopper ups estimates for Falklands oil reserves
ROCKHOPPER Exploration, the South Atlantic oil and gas explorer, said yesterday it had increased its estimates of recoverable reserves in two licences in the North Falklands Basin from 1.2billion to 1.8billion barrels of oil.