US energy firm - oil and gas explorer BPZ Resources - is filing for Chapter 11 bankruptcy protection, citing the plunge in oil prices and its inability to find financing. Houston-based BPZ said it wanted to stay in business as it revealed it was filing its petition for bankruptcy reorganization in the US Bankruptcy Court for the Southern District of Texas.
In the current economic climate, operators know they need to realise their reserves more efficiently than ever before within new budget boundaries. They need to change the way they have traditionally worked.
The biggest slowdown in oil drilling on record is showing signs of reining in the US shale boom. American shale oil output is expected to post the slowest growth in more than four years in April, the country's Energy Information Administration (EIA) said.
Barclays energy analyst Miswin Mahesh sees a “huge risk” of oil production in Nigeria being disrupted by political instability arising from elections scheduled for March 28. The vote is set to be the most closely contested since the end of military rule in 1999.
A second Bangladeshi has been named from among a group of foreign workers taken hostage last week by the Islamic State militant group in an attack on a Libyan oilfield. As many as 10 people are missing after the attack on the Al-Ghani oilfield south of the city of Sirte, Czech and Libyan officials have said.
Subsea construction firm Ocean Installer said today it had secured more work for Norwegian oil giant Statoil on the Visund and Troll B fields. The work on Visund includes the load out and transportation of new umbilical riser and the installation of a new umbilical riser system and other equipment.
Aberdeen-based specialist container and tank rental firm Conserve Oilfield Services (COS) is investing more than £1.5million in new equipment to support international growth. COS, part of Centurion Group, rents out offshore containers, tanks, cargo carrying units and associated equipment and services for the global offshore oil and gas industry.
A Venezuela-bound tanker has spilled an unknown amount of petrol additive MTBE into the Houston ship channel after a crash with another vessel, shutting down a portion of the waterway and a container terminal. The Carla Maersk, a 45,000-deadweight tonne tanker, was heading out of the ship channel and had set course for Amuay Bay in Venezuela at the time of the collision with the MV Conti Peridot, a 57,000-deadweight tonne bulk carrier that was traveling into the channel, according to vessel tracking data.
There is no denying that the UK oil and gas industry is in the throes of a difficult year. The sudden and unexpected drop in oil prices has resulted in very difficult times for all UK continental shelf (UKCS)-related projects, creating uncertainty for North Sea operators, service companies and all those who work in the supply chain.
Global marine technology company Kongsberg Maritime reports a large increase in the number of people taking part in its training courses. Trainee numbers rose by 26% last year, boosted by a 36% increase for courses at the firm's training centre in Westhill, near Aberdeen.
US data group Verisk Analytics has agreed to buy Scottish oil and gas research specialist Wood Mackenzie (WoodMac) for £1.85billion. The falling price of a barrel of oil is thought to have led to a boom in consultancy services such as that provided by Wood Mac, as energy companies seek to trim operating costs and take a more strategic look at investments.
RWE, Germany’s largest electricity generator, today reported a 45% decline in full-year profits following a slump in power prices. Recurrent net income, the measure used to calculate dividends, dropped to£915.4million in 2014, from £1.65billion a year earlier, the Essen-based company said. Sales fell 7.5% to £34.7billion.
Premier Oil today announced the start-up of gas production from the Pelikan field offshore of Indonesia. It follows first gas from the Naga field in the same Natuna Sea block in November.
Africa-focused Sterling Energy today announced the departure date for Phil Frank, who it had previously said was to step down from the board. He will leave the alternative investment market-listed firm's boardroom team on Friday.
UK shale gas explorer IGas Energy said today it has signed a farm-out and purchase agreement with Grangemouth refinery operator INEOS. On completion of the deal, INEOS will acquire an interest in licences in north-west England and the East Midlands, as well as an operated stake in acreage held under a licence in Scotland.
Policymakers responsible for oil and gas industry taxation and regulation should be relocated from London to Aberdeen, a think-tank has said. Business organisation N-56 has set out a five-point action plan for the North Sea oil and gas industry in a letter to First Minister Nicola Sturgeon and UK Chancellor George Osborne.
Scottish explorer Cairn Energy says its UK North Sea Catcher and Kraken developments are on track for first oil from 2017. The Edinburgh-based company is targeted peak net production to Cairn of 22,500 barrels of oil equivalent per day.
Claxton Engineering Services has been awarded a contract with Statoil to supply conductor and internal centralizers to a minimum of 14 wells on the Gina Krog development offshore of Norway. First delivery under the deal, which was for an undisclosed sum, is scheduled for March 2015.
Western Canada-focused oil and gas company Bellatrix Exploration said yesterday 2014 was another successful and profitable growth year for the company. The Calgary firm said it benefited from the largest capital programme in its history, which provided 18% growth in proved plus probable reserves to a total of 250million barrels of oil equivalent (boe).
Solar Impulse, an ultralight plane powered only by the sun’s rays, took off from Abu Dhabi yesterday in an attempt to fly around the world without using fuel. Swiss pilot Andre Borschberg, the project’s founder, is at the controls of the single-seat aircraft for the first leg of the journey spanning 250 miles to Muscat in Oman, estimated to take about 12 hours.
The Organisation of Petroleum Exporting Countries (Opec) won’t change policy at its next meeting unless other producers cut first, according to a former Qatar energy minister. Producers' cartel Opec is scheduled to next meet in Vienna in June, seven months after deciding to maintain output levels and protect market share.
Hungarian oil and gas company MOL Group is seeking applications from three-member teams for its ninth international online student competition, Freshhh. Starting today, teams from around the world can sign up to prove their metal in oil and gas-industry-related tasks developed by MOL.
A £60million boost for community-scale renewables led by the Green Investment Bank, has hit the spot, says environmental specialist Atmos Consulting. The firm said that by focusing on upfront build and operation costs, rather than subsidising generation, the bank was removing barriers to development, and so offering access to long-term subsidy income for rural communities.
Dune Energy has filed for bankruptcy protection in Austin, Texas, becoming the latest oil and gas industry victim of low oil prices. The Houston-based energy company cited between £66.2million and £331million in debt and assets.
Inspection, Maintenance and Repair (IMR) specialist N-Sea said today it had used the world’s first "wet repair habitat" to complete a subsea cable repair. The habitat has been developed by Moyle Interconnector for a 500 megawatt cable in the Irish Sea.
