On February 14 Toshiba announced that it was no longer willing to take construction risk on the Moorside nuclear plants. This puts thousands of new nuclear jobs in the rural Cumbrian constituency at risk -anything but a Valentine's Day gift.
Next year we mark a significant milestone in the UK’s oil and gas industry, the 50th anniversary of our first commercial discovery on the UK Continental Shelf (UKCS) – the West Sole field.
Recent M&A activity as well as ongoing discussions within the UK North Sea Oil and Gas industry is shaking many traditionalists. The renewed interest from smaller operators in growing their presence in the region and the arrival of private equity businesses as the new owners of exploration and production companies will mean leaner operations, with shrinking workforces an inevitability.
The Scottish and Aberdeen economies have long been supported by the thriving North Sea oil and gas industry. Hailed Europe’s ‘Capital of Oil and Gas’, the industry has contributed to the wider economy in Aberdeen including local hospitality and property sectors, and of course employment.
Don't get your hopes up that the oil market's headed back to the future.
If the ill-informed hysteria surrounding the safety of fracking is anything to go by, I can imagine the headline above being used to describe a highly promising microbial enhanced oil recovery (MEOR) technique.
Decommissioning seems to be the word on everyone’s lips in the oil and gas sector. Shell’s announcement of plans to remove facilities in the Brent field was closely followed by Nicola Sturgeon’s announcement of a £5 million Scottish Government fund to support decommissioning projects.
As 2017 progresses, the Oil & Gas Authority (OGA) will have a lot on its plate as it clarifies expectations, identifies priorities and grows more confident in applying its powers.
Following Brexit and the continued stagnation of the oil and gas price, 2016 will long be remembered for all the wrong reasons. However, despite the rather gloomy past, 2017 is shaping up to be a far better year for the industry. With advancements in technology and testing, 2017 is set to see new, green shoots of growth return to the sector.
A lot has happened to Exxon Mobil Corp. in the past 12 months, not least ex-CEO Rex Tillerson leaving in order to become Secretary of State (he may be confirmed on Wednesday).
Since first gas flowed from the Southern North Sea (SNS) in the mid-1960s, the basin has developed and delivered strong gas production through a diverse network of offshore platforms, pipelines and onshore terminals. It has been well exploited and inevitably, the opportunity to identify and develop large “landmark” discoveries is increasingly limited.
A lot has happened to Exxon Mobil Corp. in the past 12 months, not least ex-CEO Rex Tillerson leaving in order to become Secretary of State (he may be confirmed on Wednesday).
The UK’s Nuclear Advanced Manufacturing Research Centre (NAMRC) is a partnership between the University of Sheffield and The University of Manchester, with Rolls-Royce, Areva, Westinghouse, Sheffield Forgemasters and Tata Steel as industrial partners.
Mid-January saw Norwegian analyst Rystad Energy publish a commentary about the collapse in the volumes of hydrocarbons discovered of late.
During my time as an MP, the oil and gas market has been incredibly challenging for service companies and operators working in the industry. When I was first elected in May 2015 the oil price was around $62 a barrel, then dropped to around $30 before rising back up to $52. The quick and sudden decline from the $100-a-barrel 2014 rates has really dented confidence and I know it has left some companies struggling to find capital finance.
Over the past five decades, North Sea production has established an industry that has generated over £330 billion in corporation taxes and petroleum duties, over and above income tax, VAT and other revenues. The industry currently supports almost 125,000 Scottish jobs.
I said on Monday in the House of Commons that I cautiously welcome the consultation on the UK Government’s Industrial Strategy and after questioning the Secretary of State for Business, Energy, and Industry, and that remains my reaction to this news.
OPEC's big drama may well be just a one-act light opera.
Anadarko Petroleum and Chevron have emerged as the top two employers in U.S. oil and gas, according to a survey conducted by the job site Indeed.
As we begin another year, I find myself in reflective mood - perhaps more so than usual.
While the energy in fossil fuels is valuable for society, burning them has well documented environmental consequences – global warming, smog and the effects of nitrous and sulphur oxides. Many think the time has come to stop burning them almost entirely. This led to the Guardian launching a campaign a couple of years ago to “keep it in the ground”, which attracted much support.
At GlobalData we see two themes emerging in 2017 for the North Sea. First is an increase in crude output from new projects achieving first oil and from fields which came online late last year reaching peak production levels. These fields will add 160,000 barrels per day (bd) from the area in 2017.
Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in U.S. shale production. For the better part of two months, optimism surrounding the OPEC deal has buoyed oil prices, but bullish sentiment from speculators are showing early signs of abating, raising the possibility that the oil rally is running out of steam.
For the world oil and gas upstream oil and gas sector, there is scope for guarded optimism in 2017.
Make no mistake, the public do not like Big Oil. It is in the eyes of most, a rapacious machine that will trample over anyone and anything to get what it wants.