NOF Energy targets north supply chain firms
NOF Energy, the UK business development organisation for oil, gas, nuclear and offshore renewables sectors, is helping Shetland-based energy sector supply chain businesses access new markets.
Swedish device bound for testing in Orkney
Swedish wave-energy developer CorPower Ocean is signed up to test a new device at the European Marine Energy Centre (Emec) in Orkney.
Vattenfall racks up another year of hefty losses
The Swedish firm behind the proposed windfarm off the coast of the Trump International golf resort at Menie, near Aberdeen, has reported a third consecutive year of losses.
Consultation on future of SSE’s Fiddler’s Ferry power station
Power firm SSE has today announced it will enter into consultation with employees and stakeholders at Fiddler’s Ferry power station, Cheshire, about a proposal to end commercial operations at three of the plant’s four units.
Azerbaijan needs reforms to weather cheap oil – IMF
The International Monetary Fund (IMF) today urged Azerbaijan to boost reforms and diversify its economy in order to withstand a plunge in global crude prices which has badly hit growth, budget revenues and the manat currency.
Oil rises after Russia says it is willing to meet Opec producers
Oil rose today after Russia repeated its willingness to take part in talks with Opec producers to cut output and boost prices, although analysts said rising US crude inventories could put a brake on a bigger rally.
Aberdeen seminar will open the door to Iran
North-east firms will be urged to get into Iran at a seminar in Aberdeen later this week.
Scottish Secretary insists UK Government is here to help
The £250million Aberdeen City Region Deal underlines the UK Government's determination to help the North Sea oil and gas industry through its crisis. At least that was the message from Scottish Secretary David Mundell during a visit to subsea services firm Bibby Offshore in Westhill yesterday.
David Mundell: Government will take its cue from the industry
Scottish Secretary David Mundell said today's City Deal announcement, paving the way for more than £500millon of investment, underlined the UK Government's willingness to help the North Sea oil and gas industry through its crisis.
Scottish hydro-power wipeout predicted
Scotland’s hydro power faces an agonising march into near-oblivion by the end of the decade, an industry boss warned yesterday. Mark Mathieson, chief executive of Green Highland Renewables (GHR) said the UK Government had failed to take account of evidence and missed out on broader benefits of hydro energy in its review of feed-in tariffs.
Plexus shares dive again despite new Russian deal
Plexus Holdings said today a new Russian licensing deal would help in its mission to diversify business from the UK North Sea.
World Bank slashes forecast for oil prices
The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016 amid growing supply and weak demand prospects from emerging markets.
China clears Shell-BG Group deal
China’s government has approved Shell’s £47billion takeover of BG Group, a Ministry of Commerce spokesman has confirmed. This means that Shell has passed the last anti-monopoly review prior to the completion of the acquisition. Shell is expected to account for some 30% of China’s total natural gas imports by 2017, according to available statistics.
Oil up more than 5% as supply deal inches closer
Oil rose more than 5% yesterday, with Brent going above $32 a barrel on hopes Opec and non-Opec producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades.
FTSE rally continues
UK stocks are up for the third time in four days, erasing an earlier drop after commodity and energy producers climbed with oil prices.
German study says domestic shale production possible
Tapping Germany's shale gas and oil without damaging drinking water is possible, although the size of reserves is slightly smaller than previously estimated, the author of a federal study said today.
High winds halt tanker berthings at Sullom Voe
Oil tanker berthings at the Sullom Voe oil terminal in Shetland have been suspended until at least the early hours of tomorrow morning because of high winds, port authority and trade sources said today.
EDF signs deal to build Indian nuclear plants
French utility EDF said today it had signed a preliminary agreement with Nuclear Power Corp of India Ltd (NPCIL) to build six nuclear reactors at Jaitapur, in the west of India.
Fund managers who second-guessed oil market plan to stay away for years
A number of mutual fund managers who dumped their shares in energy companies before oil slid to 12-year lows now see themselves avoiding the sector for years to come rather than picking up shares trading at their cheapest levels in years.
Crisis looms for UK electricity supplies, report says
The UK is heading for a severe electricity supply crisis by 2025, the Institution of Mechanical Engineers (IME) is warning today.
Fitch says Total cuts must be the steepest
French group Total has to make the steepest cuts to investments and shareholder returns among Europe's oil majors if crude prices remain weak, in order to maintain its current credit rating, Fitch said today.
Halliburton in the red as global oil and gas woes go on
Energy service giant Halliburton today announced hefty losses and a large slump in revenue during 2015 as the woes of the oil and gas industry continued to wreak havoc on company balance sheets.
Oil down 3% after Iraq reports record output
Oil prices are down by 3% after Iraq announced record-high production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.
Indian takeover for Aberdeen subsidiary of collapsed subsea firm
An Aberdeen firm whose parent collapsed into administration amid the growing oil and gas crisis is under new Indian ownership.
Bosses in show of confidence over future oilfield service industry
A survey of 200 senior bosses of firms with operations or investments in the UK oilfield service industry has delivered a huge show of faith in its prospects.