Oil slips as Japan data triggers fresh worries
Oil prices fell today after weak Japanese data sounded alarm bells over the prospects for global growth, outweighing the bullish impact of a bigger-than-expected decline in US crude oil stocks.
Atlas Knowledge forges transatlantic partnership
Atlas Knowledge Group, the Aberdeen-based energy industry skills specialist, has announced a new partnership with the University of Texas (UT) at Austin.
Hansa completes farm-out for potentially huge gas prospect in Dutch waters
Hansa Hydrocarbons said today it had completed a farm-out with GDF SUEZ E&P Nederland – part of the Engie group – in respect of a 30% stake in its 4Quads licences in the Dutch North Sea.
Nigerian investors get the jitters over energy debt
Nigerian financial and energy companies are finding it increasingly hard to get hold of foreign currency due to central bank restrictions and may struggle to repay their debts.
Amec Foster Wheeler checks waste from Hadron Collider
Amec Foster Wheeler (AFW) has announced the award of a series of contracts from CERN, the European Organisation for Nuclear Research, to carry out radiochemical testing.
Video: Statoil hails world-first gas plant as technology of the future
Statoil and partners have put the first subsea gas compression facility in the world on line at Åsgard in the Norwegian Sea.
Atlas weighs up joint ventures amid “prudent” cost-cutting
Africa-focused energy service company Atlas Development said today it had been approached by “a number of parties” about potential joint ventures.
Harkand toasts first contract in Ghana
Subsea services firm Harkand is celebrating its first contract win in Ghana and its Aberdeen-based survey division team will be responsible for managing the work.
Oil and gas firms guilty of overspending, KPMG says
A KPMG audit of UK oil and gas industry contracts has revealed widespread overbilling at the same time as firms are trying to slash costs. The professional services firm said 70% of the 10,000 deals it looked at were not properly complied with, leading to regular overcharging. KPMG put the cost of unnecessary spending at between 1% and 5% of “high-risk” investments, meaning a significant level of unnecessary spending on a supply chain worth up to £35billion a year.
Full speed ahead for Hurricane’s Lancaster plans
Hurricane Energy is cracking on with plans to extract oil from 4,000 feet beneath the seabed after its North Sea Lancaster asset was officially designated as an oilfield. The Surrey-based company was founded in 2005 by chief executive Robert Trice to discover and develop oil from naturally fractured “basement” reservoirs in rock that was formed more than 2billion years ago. It has just achieved official oilfield status for Lancaster, located west of Shetland, from the Oil and Gas Authority (OGA).
UK Government policy hitting windfarm investment
New research has shown for the first time that recent announcements from Whitehall are having a significant impact on investor confidence and their ability to lend to onshore wind farm developers. Green-energy body Scottish Renewables (SR) is today publishing survey findings it says shows for the first time how UK Government policy is scaring off potential windfarm investors.
It’s time to address the gender imbalance, lawyer says
An Aberdeen lawyer says there has never been a better time to address a gender imbalance in the UK oil and gas industry. Offshore employment expert Kate Williams, an Aberdeen-based partner in legal firm Pinsent Masons, wants to see a greater effort to recruit more women, and insists the law can be used to boost their numbers. The proportion of women in the industry is reported to be 23%, compared to a 47% national average. The imbalance worsens when narrowed to offshore workers, with just 3.6% of them women.
Oil slides more than 2% after Goldman Sachs cuts forecasts
Oil prices fell more than 2% today after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
Acquisitive Proserv posts big jump in turnover
New figures showing a big jump in annual turnover capped an eventful week for north-east energy service firm Proserv.
Stirling aims to reduce “shocking” road death figures
Stirling Group aims to help reduce the single largest cause of fatalities in the global oil and gas industry through its newly accredited advanced and defensive driver training scheme.
Services group builds new hub in energy capital
Lloyd’s Register (LR) group, the global provider of independent assurance and expert advice, has started work on its new energy division headquarters in Aberdeen. Located at the Prime Four business park in Kingswells, the 100,000sq ft office complex is being built to LR’s specifications by park developer Drum Property Group. It is expected to be operational in the third quarter of 2017 and will have room for up to 900 staff.
Venture capital firm backs roll-out of small community wind-energy schemes
A venture capital firm specialising in investments in innovative, high-growth technology companies is backing the roll-out of small community wind-energy schemes across the Highlands and islands. Scottish Equity Partners (SEP) said yesterday the £9million investment from its Environment Capital Fund into newly formed business Hamsin Wind aimed to deliver single units at about 200 high wind speed locations in the north. Working with development partners Mistral Energy and ABG Corporate Finance, Hamsin has appointed Ayrshire company Kingspan Wind as its turbine supply partner.
Skilled staff in pipeline as Score Group opens news training hub
Global engineering firm Score Group has opened a new oil, gas and engineering training centre of excellence as part of a major investment in its Aberdeenshire operations. As well as the commitment to developing skills among the next generation of offshore engineers, Peterhead-based Score Group plans to regenerate other parts of the site by creating new storage facilities and a visitor attraction. The firm’s show of faith in the future of the global oil and gas industry is a boost to a sector grappling with the impact of lower oil prices. It has invested about £750,000 in the training centre after buying the six-acre site, previously home to Peterhead Prison, last year. The company’s skills subsidiary will start running courses from the new premises next week.
Bibby eyes up £50billion market removing subsea structures
Aberdeenshire firm Bibby Offshore is eyeing a £50billion-plus North Sea decommissioning market for further opportunities after completing two major projects this year. Multimillion-pound deals with Endeavour Energy and Tullow Oil SK have given the offshore services company an appetite for more of the kind of projects that will only increase in number as the basin reaches maturity. Endeavour appointed Westhill-based Bibby to carry out work on the Renee and Rubie fields, located in blocks 15/27 and 15/28 of the central North Sea, about 72 miles east of Aberdeen, in a contract lasting 60 days. The project, completed during the past few weeks, saw dive support vessel (DSV) Bibby Sapphire and a construction support ship, the Olympic Ares, recover a variety of subsea equipment.
Escape Business Technologies under Norwegian ownership
Escape Business Technologies is under new ownership today after a Norwegian takeover of the Aberdeen-based information technology company. It is the second multimillion-pound acquisition of a business in or near the Granite City in as many days, following Proserv’s move to buy Nautronix on Monday. Cegal, headquartered in Stavanger, will announce its swoop on Escape to the Norwegian stock exchange this morning.
Ramboll’s Aberdeen arm expanding on the back of new contracts
Global engineering consultancy Ramboll Oil and Gas (ROG) plans to expand its workforce in Aberdeen by up to one-third after securing £1.3million-worth of work since the start of 2015.
Global firm scores an impressive hat-trick
Aberdeen-based oil service company Global SCS yesterday achieved a notable first in Scotland's energy industry.
Cars running on whisky? Well almost
Celtic Renewables is celebrating an £11million cash boost for its plan to produce transport fuel from the residues of whisky-making
Shell boss says BG takeover is still worth it
Royal Dutch Shell’s £47billion takeover of BG Group is undervalued in the City, according to Shell boss Ben van Beurden.
FrontRow pours cash into new company Well-SENSE Technology
Oil and gas investors have ploughed £600,000 into new company Well-SENSE Technology, which has set up shop in an incubator unit in Dyce, Aberdeen.