Emissions measures can boost growth
A raft of measures that boost economic growth can be used to bring down “dangerous” levels of greenhouse gas emissions, an international report has said.
Greece crisis sees stocks dip, oil price down 8%
Stocks in the US have fallen broadly following drops in overseas markets as Greeks voted to reject creditor conditions for more loans, but the losses were not as steep as many had feared. With time running out for Greece to strike a new deal and its banks desperately short of cash, a wave of selling that started in Asia early Monday spread to Europe, then the US. By the end of the day, nine of the 10 industry groups in the Standard and Poor’s 500 index were down. But the index itself had fallen a modest 0.4%. Still, many investors were clearly nervous, putting money into assets considered safe bets in turbulent times such as US government bonds. A rout in the stocks of oil drillers and other energy companies fed the selling as the price oil plunged nearly 8%. In a Sunday referendum on creditor demands for spending cuts and tax hikes in exchange for more bailout money, 61% of Greeks voted “no”, a much higher proportion than anticipated.
North Sea workers at risk as Technip cuts 6,000 jobs
A major offshore firm which employs 1,000 people in the North Sea announced it was axeing 6,000 jobs worldwide. Technip said the move was part of plans to slash costs by £600million amid the “prolonged” and “harsh” oil slowdown. The company said it was too early to say exactly where the cuts would be made, but they represent about 16% of its global workforce. But it also insisted it remained committed to investing in new technology and projects across all over the world.
Dana Petroleum’s Western Isles project is all about the ‘long game’
Dana Petroleum has said it is playing “the long game” on its flagship Western Isles project after confirming cost overruns had reached $400million. First oil on the project has been pushed back until 2017 after it emerged the project price tag has reached $2billion. A spokesman for the firm stressed the majority of the costs could be attributed to ensuring safety standards are met in the development of the project’s FPSO.
GMB and Unite urge government to help bring oil jobs to Stornoway
Unions have called on the Scottish Government to support a manufacturing yard in Stornoway at risk of being mothballed. The GMB and Unite have written to First Minister Nicola Sturgeon asking for support to attract contracts to the Arnish yard. The fabrication yard is operated by Burntisland Fabrications (BiFab), which also operates two yards in Fife.
Baker Hughes Norway wins £119million Johan Sverdrup contract
Statoil has awarded Baker Hughes Norway a £119million (NOK1.5billion) contract for its Johan Sverdrup development.
Dana’s Western Isles project two years late and busts its $1.6bn budget
Dana Petroleum’s flagship Western Isles oilfield development is running late and is now not expected onstream until the second half of 2017. That’s two years later than originally billed when the project was approved by the Department of Energy & Climate Change in December 2012. It should have been onstream late Q3/early Q4 this year, based on the original timescale. Energy understands too that the project is massively over the original and apparently very aggressive $1.6million sanction budget and may come in at around $3billion.
Wind power output doubles in June
June was an “astonishing” month for wind power in Scotland as output more than doubled compared to the same period last year, according to environmentalists. Wind turbines north of the border provided enough electricity last month to supply power equivalent to the average electrical needs of 1.7 million homes, WWF Scotland said. In its analysis of wind and solar data provided by WeatherEnergy for June, the organisation said wind power generated the equivalent of 33% of Scotland’s entire electricity needs for the month.
Osborne Budget: likely to be a statement of intent
Back in March when George Osborne delivered his final pre-election Budget, the key question was whether voters would reward him for the up-turn in the UK economy. The answer, at least south of the Border, was quite clear as the Conservatives secured a surprising majority victory on 7 May. Elsewhere here in the North East of Scotland, people would be forgiven for wondering what might be in store for them following the cold that the oil and gas industry has caught over the past year. Last month, Treasury minister Damian Hinds pledged that the new UK Government would continue to support the oil and gas sector, and industry chiefs will be looking for the Conservatives to build on a number of tax breaks announced in the March Budget.
History on side of renewable energy
The National Trust is to invest £30million in renewable energy schemes at dozens of its properties as part of efforts to cut carbon and fuel bills. More than 40 projects will be rolled out at some of the hundreds of castles, stately homes and countryside properties the Trust looks after, including a heating project using a lake, a hydro power scheme with historic links and biomass boilers to cut oil use. The move comes after a £3.5million pilot, launched with renewable energy company Good Energy in 2013, which saw five schemes installed, including a biomass boiler at the Italianate Ickworth estate in Suffolk that was formally switched on today.
Opinion: Derek Leith – The three thorns in the Budget’s side
Despite the oil price being slightly more stable over the past three months, it is still significantly lower than the highs seen over the past few years. There is still a great deal of uncertainty as to the future price and the UK oil and gas sector is facing the challenge of re-basing costs and improving efficiencies to make the UKCS viable at a $60 oil price.
EV Insights: Interactive map – Gulf states big winners in BP payout
The bulk of the money from BP Plc’s record settlement will go to the five states along the Gulf of Mexico whose shores were blackened in the 2010 oil spill.
Petroceltic and Worldview’s war of words dealt latest blow
Petroceltic has hit back at Worldview Capital, after the majority shareholder accused it of squandering the "company's crown jewel".
Video: Statoil installs subsea first in North Sea
Statoil has installed worlds’ first subsea wet gas compressor at the Gullfaks C platform in the North Sea. The compressor will add 22 million barrels of oil equivalent and extend the platform’s life by two years.
Prince of Wales calls for “profound changes”
The Prince of Wales has called for “profound changes” to the global economy to avoid catastrophic climate change, warning that an “unprecedented level of co-operation and integration” would be needed to secure the well-being of the planet. Charles, a passionate environmentalist, said that the “irresistible power of ’business as usual’ has so far defeated every attempt to ’rewire’ our economic system in ways that will deliver what we so urgently need”.
Video: 60ft below a California oil rig
Just in time for a Friday tea break here’s a video shot 60ft below an oil rig in Long Beach, California with Ocean Safari and Asante dive boat.
Subsea 7 lands deal with Chevron
Subsea 7 has landed contracts with Chevron Australia and INPEX Operations Australia.
Mexico’s Loudres Melgar reveals country’s five year exploration plans
Mexico’s Deputy Energy Minister Loudres Melgar revealed plans to auction 914 onshore and offshore prospects over the next five years.
Opinion: Oil and gas – What comes after the cuts?
Cost cutting has become the new orthodoxy in the oil and gas industry since the price per barrel plummeted from $115 in June 2104 to $45 in January this year. Every conversation I have had in recent months about the industry, whether it is across a boardroom table or over a pint, pretty quickly came round to the same theme. The days of plenty are over. We must all tighten our belts. And continue tightening. Even the seagulls in Aberdeen knew that costs within the industry were too high and had to come down, maybe by as much as 40%. There are different guesstimates as to how long the price will stay at the current level. History suggests that a low oil price cycle typically lasts for 2-3 years. This month marks the first anniversary of the start of the downwards slide.
Shell awards contracts for its $40bn Browse project
Shell has awarded the Technip Samsung Consortium two contracts for its $40billion natural gas project in Australia. Shell's Browse project covers the installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin.
Opinion: The Energy Minister’s take on the North Sea
UK oil and gas is a vital part of our economy and one of our great industrial success stories over the past 50 years.
UK’s Solar Independence Day sees solar make up 15% of energy mix
Solar power is set to supply 15% of the UK’s electricity needs early this afternoon, the industry said as its annual open day scheme begins. As the UK basks in a heatwave, solar-powered homes, commercial rooftop schemes and solar farms will be open to the public today and tomorrow as part of “solar independence day”. Locations ranging from a housing estate in Northumberland, a stately home in Aberdeenshire, a community-owned solar farm and a waste facility in Berkshire will be showing off their clean power installations. The solar industry, whose analysis predicts the technology will be supplying 15% of UK power demand at 2pm today, has set out how it believes the Government can double the amount of solar and make it as cheap as fossil fuel electricity by 2020.
Wind farm planning branded ‘whitewash’
A review of wind farm planning was branded "a whitewash" by campaigners last night. The two-year investigation by consultants commissioned by the Scottish Government found that guidelines were not consistently followed in the development of major turbine schemes. They focussed on 10 sites - three in the north and northeast - to consider visual impact, and the noise and "shadow flicker" of turbines.
Billionaire makes ready-made oil powerhouse
Billionaire John Fredriksen has created a ready-made market leader after merging his two oil tanker firms.
Truss ‘held back’ on fracking risk
The Environment Secretary has been urged to apologise to communities facing fracking for “holding back” evidence of the risks of shale exploration in rural areas. And campaigners have called for fracking to be put on hold in the UK while a “genuinely independent, qualified body” reviews all the risks associated with the controversial process of extracting gas and oil. A draft report from the Environment Department (Defra) said fracking could reduce house prices, increase traffic, produce deafening noise for residents and damage the landscape in rural communities.