Offshore Europe 2015: What will Offshore Europe “oil santa” bring?
As Aberdeen wakes up to another Offshore Europe week what are we hoping that “the oil Santa” will bring us?
Stork snaps up Australian firm
Energy services firm Stork has spread its wings with the acquisition of a mechanical services firm in Australia for an undisclosed sum. Stork, which is owned by energy investor Arle Capital Partners, snapped up Sydney-based Giovenco Industries, including its £39million joint venture contract with Bechtel for work on Chevron’s Wheatstone project in Western Australia.
Training firm has Apache deal
An Aberdeen “behavioural change” training firm has signed a deal to provide a series of workshops for employees of Apache North Sea.
Offshore Europe 2015: Oil price crash ‘shock treatment’ will lead to stronger North Sea
The crash in the price of crude will deliver a"shock treatment" that will eventually lead to a stronger North Sea industry, according to an Aberdeen executive search director. Michael Diamond said that there is long-term potential for many new jobs being created in areas such as decommissioning, but there is no benefit in looking at the current health of the sector through rose-tinted glasses.
Offshore Europe 2015: Oil show visitors have to face ‘new normal’
As the low price of oil rocks confidence in the North Sea, the importance of Aberdeen’s biennial offshore trade show has taken central stage. The Society of Petroleum Engineers (SPE) flagship conference, Offshore Europe, kicks off tomorrowtues. The four day event has been a north-east fixture, starting in 1973 with the advent of oil coming ashore to the event in 2013 which attracted a record-breaking 63,000 attendees. Hari Vamadevan, the regional manager, UK & Southern Africa for risk management firm DNV GL said companies and individuals attending this year’s show faced adjusting to what he called the “new normal” of lower oil and gas prices.
Aleron Subsea snaps up partner firm in £1.2million deal
An Aberdeenshire remote operated vehicle (ROV) firm has snapped up its partner firm in a deal valued at £1.2million. Aleron Subsea, which specialises in ROV refurbishment, sales and rental has acquired Rovquip, an Aberdeenshire-based ROV tooling manufacturer. Aleron, which was founded by managing director Mike Bisset in 2010, said the deal ads specialist tooling to its products range including ROV skids, BOP shut down systems, cutters and water jetters.
Programme aims to inspire next generation of industry leaders
A programme aimed at inspiring youngsters from diverse backgrounds to become the next generation of engineers will take place later this month in Aberdeen. The Association for Black and minority ethnic Engineers (AFBE-UK), a non-profit organisation, will launch its NextGen initiative on September 26, with further events planned for 2016. The pilot event, to be held at the Fountain of Love Church will involve a series of fun games and challenges designed to test and enhance would-be engineers’ problem-solving, teamwork and communication skills.
Petrineos hit by losses despite turnover increase
The company that runs the refinery at Grangemouth suffered a £16.4million loss last year despite an increase in turnover, accounts have revealed. Petroineos Manufacturing Scotland, which is jointly owned by Swiss-based multinational chemicals firm Ineos and PetroChina, said trading at the refinery was hit by cheaper gas imports and “slow growth in Europe”. The losses come despite having slashed costs by £32.9million last year in the wake of a bitter industrial dispute at the refinery in 2013.
Shell and BG mega-merger faces regulatory delay
The £47billion mega-merger between oil giants Shell and BG Group faces regulatory delay after authorities in Australia deferred a decision to let the deal go ahead. Shell said it was “working closely" with the Australian competition regulator after the watchdog delayed a critical decision on clearance for the deal, signalling it has reservations about the potential impact on gas supply. The deferral of the decision until September 17 leaves the clearance from the Australian Competition and Consumer Commission as one of three key approvals still outstanding, alongside China and the UK.
Nexen to push ahead with decommissioning of two oil and gas fields
Oil firm Nexen has revealed it is pressing ahead with plans to decommission two North Sea oil and gas fields according to schedule. Nexen, which is owned by China National Offshore Oil Corporation (Cnooc), has confirmed plans to start decommissioning the Ettrick and the nearby Blackbird fields in the Outer Moray Firth, 75 miles northeast of Aberdeen. Work is due to commence in early next year. The firm recently commissioned Aberdeen-based consultancy Xodus to deliver a Front End Engineering and Design (Feed) exercise outlining the decommissioning methodology for the fields.
Operators urged to sell ageing assets but retain liabilities in North Sea
Operators have been urged to sell ageing oil and gas assets but retain decommissioning liabilities worth billions in order to avoid the threat of early shut downs in the North Sea. Analysts at KPMG have warned that oil and gas operators as well as the new Oil and Gas Autority (OGA) need to approach decommissioning in a new way or risk failing to “maximise economic recovery” as recommended by industry veteran, Sir Ian Wood. In the report, KPMG said many North Sea firms lacked the capability to undertake decommissioning or were “poorly suited” to managing late life assets. This would only be worsened by the possibility of a “ large wave” of decomissioning projects going ahead by 2020, driving up costs and increasing the burden on skills.
Renewable energy developer nets further £10million investment
Renewable energy developer Albion Community Power (ACP) yesterday secured a further £10million investment as it seeks to build a £100million fund for small-scale biogas, hydro-electric, solar and wind projects. Greater Manchester Pension Fund (GMPF) is pumping the latest cash into the fund, which in February raised £50million from the Edinburgh-based UK Green Investment Bank (GIB) and £10million from the Strathclyde Pension Fund. When he unveiled the fund back in February, the-then business secretary Vince Cable said it would provide equity finance of between £1million and £10million community-scale schemes, including run-of-river hydro schemes, wind turbines on brownfield sites such as industrial estates, and biogas produced at landfill sites and from anaerobic digesters.
Oil recession impact on firms varies
Listed UK manufacturers weighed the effects of the global oil and gas downturn on their businesses revealing mixed results yesterday. Engineering components firm Meggitt hailed a 6% boost to its half year profits thanks to its aviation spare parts business which offset a decline in its oil and gas valves business. Meanwhile, pump actuator maker Rotork said its oil and gas business saw revenues drop £15million as it was hit by weak oil prices and political instability. Meggitt rose to the top of the FTSE-100 leaders board last night, up 8% after half-year results showing pre-tax profits up 6% to £152 million at the engineering group.
Parkemead founder says low oil and gas prices is “win-win”
A bullish Tom Cross said low oil and gas prices provided a “win-win” situation for his firm Parkmead as the independent oil and gas explorer confirmed its recent North Sea license wins.
Third Energy Offshore increases North Sea stake
An independent oil firm has bought out its partner in North Sea fields for of £16.5million.
Enegi and Arup team-up for marginal field consortium
Enegi Oil has signed up Arup as new partner for its marginal field consortium after a previous deal with Wood Group was “mired” by the oil price crash.
Imes launches new safety division
An offshore engineering company founded by one of the north-east’s best-known businessmen is launching a Marine Safety Systems (MSS) division following a six-figure investment. Aberdeen-based Imes Group, which was co-founded by Melfort Campbell, expects to create a total of ten jobs at the new subsidiary, with six staff having already been hired. Mr Campbell last year chaired the Scottish Government’s Independent Expert Commission on Oil & Gas and who is a former chair of CBI Scotland. Other directors of the new division include Rod Buchan, who was appointed as executive chairman of Imes Group in April.
Turner & Townsend unveils 11% rise in profits despite oil price
Consultancy firm Turner & Townsend (T&T) has unveiled an 11 % rise in profits after its infrastructure and property practices helped its natural resources division to shrug off plummeting oil prices. The group, which has 4,100 staff in 90 offices throughout the world, grew its pre-tax profits to an all-time high of £36.7million in the year to 30 April on the back of a 9% rise in revenues to £380million, also a record figure. Work undertaken in the past year by T&T’s Aberdeen office included project management and cost and construction design management on phase one of the Aberdeen International Business Park (AIBP) on behalf of developer Abstract Securities.
#OG2050: Latest research launches, have your say on industry’s new frontiers
Energy Voice has launched the latest wave of its research aimed at gauging global sector perceptions. Take part here. The latest installment of ‘Energy 2050: Securing our future’ takes aim at the sector’s international ambitions . The groundbreaking research led by Energy Voice, and done in partnership with EY, Robert Gordon University, FifthRing, Burness Paull and Douglas Westwood, is part of a year-long global initiative. Energy Voice editor Rita Brown said: “This wave of the research will gauge the industry’s perception of what today’s new frontiers are – whether it’s the unknown of the Arctic, the emerging Asian production market, the African subcontinent or the UK’s own onshore potential. Energy 2050 will delve into the challenges, rewards and most importantly the tools needed to ensure the UK supply chain can export its abilities to the global market.”
Vattenfall hit by losses
The Swedish energy firm behind plans for a controversial wind farm offshore Donald Trump’s north-east golf course has been hit by low energy prices.
Number finding jobs in Scotland increases, except Aberdeen
Jobseekers across Scotland were being hired at an increased rate except for in Aberdeen where appointments declined, research has revealed.
Plans for North Sea ‘super grid top priority’ for European Commissioners
Plans for a North Sea “supergrid” linking Scottish offshore windfarms to Europe has been made “top priority” by commissioners.
Scottish companies ahead of the curve for generating own energy
The number of Scots companies, communities, farms and landowners making their own electricity has risen by more than 50% in the last year generating more than £271million worth of energy, new research has found.
Buzzard to come back online
A power outage on the North Sea’s largest oil field yesterday was so significant it was blamed for driving up the global price of Brent crude.
North Sea’s Buzzard field shuts down, drives up Brent price
The North Sea Buzzard oilfield was shut down by a power outage on Thursday driving up the price of Brent crude.