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.
North Sea operators to shut-in assets early, analyst warns
North Sea operators are expected to shut in assets early adding costs to those remaining, an analyst has warned. Fiona Legate, a research analyst at Wood Mackenzie, has said that it is likely more firms will follow in the footsteps of Fairfield Energy, which recently announced it would start decommissioning its Dunlin field five years early due to the impact of low oil prices.
BP oil wells to link up on web
Oil giant BP has licensed new software that will link thousands of its oil wells across the globe in an effort to increase standardisation and cut costs. The firm will use systems designed by industrial giant GE to connect its wells to an “industrial internet” giving BP field engineers real-time access to data across all wells. The project will initially be deployed across 650 of BP’s wells, expanding to 4,000 over the next several years.
US firm snaps up Aberdeen’s Wireline Engineering
A trio of company founders have sold off their offshore engineering business to a Texas-based firm for an undisclosed sum. Wireline Engineering chairman Bill Petrie and Neil Hall, currently the company’s technical director, will leave as a result the sale to Dallas-based Impact Selector Inc (ISI). Another founder and shareholder, Brian Semple, has retired. Meanwhile, senior management team directors Alan Gordon, Alistair Inglis and Don Mitchell, will stay to work with the newly merged firm.
Principal defends RGU’s shares in oil and gas firms
The principal of Robert Gordon University (RGU) has confirmed the institution’s commitment to investing in fossil fuels after he drew criticism for urging others not to divest. Professor Ferdinand von Prondzynski said a trend for universities to divest their investment in fossil fuel companies risked sending the “wrong message” about the “responsible use of energy”. The professor was under fire from green campaigners after a letter he wrote to fellow higher education principals urging them to resist divestment campaigns was leaked to a newspaper. Dr Richard Dixon, director of Friends of the Earth Scotland claimed the university was “coming at this from an area of vested interest” in its support for fossil fuels.
Renewables firm lures top executive from SSE
A Scottish hydropower firm has lured away a top executive from SSE to run the business. Green Highland Renewables (GHR), which was recently acquired by a London infrastructure investment firm, has appointed Mark Mathieson as chief executive Officer. He will join the firm in August. Mr Mathieson has spent over 25 years in various engineering and leadership roles within SSE, most recently spending nine years as the Managing Director of SSE’s Networks business.
Government document reveals fracking’s rural impact
Fracking could reduce house prices, increase traffic and noise and damage the landscape in rural communities, according to a heavily-redacted Government report which has now been published in full.
Expro raises new equity
Oilfield services giant Expro International confirmed it has shelved a potential £3billion IPO of the business as it revealed it raised £225million of new equity from existing shareholders.
V. Ships Offshore makes North Sea commitment
A specialist marine giant has opened an office in Aberdeen to signal commitment to its offshore clients.
EnQuest sells new headquarters in bid to raise £50million
Cash-strapped oil and gas explorer EnQuest is set to raise £50million through the sale of its new headquarters building in a deal that was struck just weeks before staff move in.
Former BP engineer launches 3D venture
A former North Sea drilling engineer who took a redundancy package has launched a 3D printing business aimed at the oil and gas industry. PlastiPrint 3D is the brainchild of Gary Cairns who described the venture as a cost-effective way to create working models on demand. Mr Cairns said: “Until now, turning 2D designs into 3D models has been an expensive and time-consuming process, but 3D plastic printing makes it much easier to evaluate products, take them to market, and to train staff on their use.
Shell’s Alistair Fraser tackles healthy workforce challenge
A number of business leaders will gather in Aberdeen today to discuss the challenges and importance of maintaining a healthy workforce in the current economic climate. A round table event is being held by RGU:Wellness, a unique occupational health service for workplace absence management, to address the increasing challenge of ensuring that employee health and wellbeing remains a strategic priority.
OPITO to explore ‘The Economics of Safety at $60 Oil’
An international event aimed at investigating how the energy industry can remain safe following the oil price crash has unveiled its roster of speakers and opened for registration. The Opito Safety and Competence Conference (OSCC 2015) will explore the topic of “The Economics of Safety at $60 Oil”, to be held in November in Abu Dhabi.
Scottish Renewables says scheme undermines onshore wind
Confidence in the UK’s onshore wind sector has been further hit by hints that Westminster may remove the technology from the Government’s new competitive auction process, a renewables body has warned. Niall Stuart, chief executive of trade body Scottish Renewables, said wind being blocked from the Contracts for Difference (CFD) scheme “would result in a massive and dramatic decline in development”. Scottish Renewables revealed that, when asked whether onshore wind projects could access the new CFD auction, UK Energy Secretary Amber Rudd had told the House of Commons: “In respect of contracts for difference, we would be implementing the terms of our manifesto”. This announcement came less than a week after Ms Rudd announced the early closure of the Renewables Obligation scheme, imperilling 250 onshore wind projects. Speaking at his organisation’s Onshore Wind Conference in Edinburgh yesterday, Mr Stuart said: “Yesterday’s announcement serves to further undermine the confidence of Scotland’s onshore wind industry.