Aberdeen’s Marine Flooring in liquidation
A small Aberdeen firm that specialised in installing flooring on oil rigs and supply boat decks has been put into liquidation with the loss of six jobs.
Angry shareholders not Xcited about bondholder wipe out
Almost 400 shareholders in Xcite Energy have signed a petition rejecting a bondholder bail out deal that will see their stakes in the North Sea firm almost wiped out.
Verus trebles production with £multi-million Maersk deal
Verus Petroleum has gone back on the acquisition trail by upping its stake in a North Sea field in a deal thought to be worth tens of millions of pounds.
Cluff shares soar after North Sea find in the trillions
Shares in Cluff Natural Resources soared more that 20% yesterday after a newly published report added billions of cubic feet of gas to the firm’s North Sea reserve estimates.
Prof Kemp “optimistic” about North Sea small pools
North Sea reservoirs holding billions of barrels of oil and gas could be exploited - but only if prices go up and costs come down, a leading petro-economist has said.
ReNew News: Calls to increase Scottish renewable energy targets
Scotland's renewable energy industry displaced the production of 13 million tonnes of CO2 last year, a rise of 10% new figures show.
Gordon Drummond: Small pools the key to securing the future of the North Sea
Successfully exploiting the untapped potential of small pools is fundamental to achieving MER UK and to securing the long-term future of the North Sea industry. Without them, we simply become an industry focused on inspection, repair and maintenance and eventually decommissioning. To keep our industry alive, we need to kick-start these developments.
Aberdeen welcomes flights to Houston from Manchester
Business leaders from Aberdeen say a new direct flight from Manchester to Houston will deliver a major boost to the region’s economy.
‘Small pools’ offer a brighter North Sea future
The North Sea is on the verge of a “whole new lease of life” – thanks to hundreds of small pools of oil.
Fall in the pound reveals”tip of inflationary iceberg”
Inflation has jumped to a near two-year high as the rising cost of petrol, clothes, restaurants and hotels pushed up the cost of living.
Can Group looks to innovation for “long term viability”
An oil and gas testing and inspection business said new markets and cost control helped it maintain a strong financial performance despite declines in turnover and profits ahead of its 30th anniversary year.
Extra coal eases UK winter electricity squeeze
The squeeze on electricity supplies is less severe than expected this winter due to more coal power on the system, a report from National Grid shows. The company’s winter outlook report said the gap between total electricity generating capacity and peak demand could fall to 1.1% at the height of a cold spell, but action to ensure supplies would mean the margin was at 6.6%. The situation is better than predicted in July, when the margin looked set to fall to 0.1% without action, and to 5.5% with measures such as keeping power stations in reserve that would otherwise be closed or mothballed. A final report on the winter outlook said the improved margin was down to Eggborough coal fired power plant, which will run one of its unit in the wholesale electricity market, keeping an extra 430 megawatts (MW) of capacity online. In addition an outage in an “interconnector” - cables which supply electricity between the UK and other countries - to Ireland means less power will be exported to Ireland this winter. As a result, the electricity margin will be “tight but manageable” this winter. The measures National Grid is taking to ensure supplies only involve paying to ensure extra power is available and do not include payments to reduce demand, for example by getting large users to turn down consumption at times. The figures come after environmental campaigners called for a major drive to switch to highly efficient LED lighting in homes, street lights and offices, which they said would reduce peak winter demand and curb fears about blackouts. Research by energy analyst Chris Goodall and backed by Greenpeace suggested that a total switch-over to LED light bulbs in homes could reduce peak demand by 5%, or 2.7GW. Changing street lights over to the new technology would save a further 0.5GW, while offices and other commercial buildings moving to LEDs could save a further 4.5GW, the research suggests. Power margins in winter have tightened in recent years, as coal fired power stations close, and the Government has pledged to phase out all polluting coal plants by 2025, as long as new gas power can be built to fill the gap. Over the last six months, solar power has outperformed coal, but cannot be relied on to help meet demand in the depths of winter. Wind turbines tend to generate more power in winter but can be intermittent.
Taqa to press ahead with North Sea exploration despite $1billion write down
Abu Dhabi’s North Sea operations booked a $1.1billion (£915.5million) impairment on its assets, driving its results deep into the red for 2015.
Oil company boss blames bank restructuring division for collapse
A north-east oil chief has revealed how his business was allegedly ruined by the “dash for cash” scandal at the Royal Bank of Scotland (RBS) which emerged this week.
CHC says it can ‘fill North Sea gap’ after Super Pumas grounding
CHC Helicopter’s UK boss said its £multi-million debt rescue deal will allow it to bring new types of aircraft to the North Sea to fill the gap left by grounded Super Pumas.
CHC takes first step out of bankruptcy with $450m debt rescue
The parent company of CHC Helicopter has struck a debt rescue deal with lenders that is the Canadian company’s first step out of bankruptcy.
Aberdeen harbour expansion delay for consents and funding
Aberdeen Harbour Board has delayed taking a final decision on its ambitious £415million expansion into Nigg Bay as it awaits consents and further funding.
Trump’s Scottish golf course bucks oil downturn – but remains £1m in the red
US presidential hopeful Donald Trump’s golf resort in the north-east of Scotland grew sales last year despite the oil and gas downturn - but was still ended up £1million in the red.
North Sea millionaires team up for Bagpuss
Two well known oil and gas entrepreneurs are planning to make a return to the North Sea.
CMS leads three way law merger
Law firm CMS has led a three-way merger with rival city firms to create the UK’s sixth largest law practice.
RGU teams up with Intertek for £50k oil and gas “big data” project
Quality assurance giant Intertek will team up researchers at Robert Gordon University (RGU) to help oil and gas companies make the most of “big data”.
‘Game changer’ software saves Nexen £6.5million
A spin out from Robert Gordon University (RGU) has helped a major North Sea operator save £6.5million with its fledgling software.
Proserv books £4million loss but hails “considerable financial resources”
Oilfield services group Proserv measured the effects of the oil price downturn as it revealed a slump in revenues and profits in its most recent financial accounts.
Now open: entries for Offshore Achievement awards 2017
Following its launch during last month’s Intelligent Energy event, entries have opened today for the 2017 Offshore Achievement Awards.
Liberty steel aims to melt down North Sea oil rigs in Scotland
Liberty House, the company hailed as the rescuer of Scotland’s steel industry, is targeting the decommissioning of North Sea oil rigs in a plan that could create hundreds of jobs.