Brent crude was projected by Wall Street analysts to average as much as $116 a barrel by the end of the year. Now, with violence escalating in Iraq, how far the price will rise has become anyone’s guess.
China has extended its help to Iraq.
Energy companies surged on the highest crude prices in eight months as violence in Iraq spurred supply concerns. The yen dropped with India’s rupee while the UK pound strengthened a second day and metals rose.
Helicopter companies including the three main North Sea operators - Bond owners Avincis Group, Bristow Group and CHC - are joining forces to form a new international trade body for the offshore aviation transport sector.
Helicopter operators are preparing for further events that could ground the North Sea’s oil and gas industry’s main transport fleet, a conference heard yesterday.
The biggest asset of the new oil and gas regulator will be its ability to stimulate collaboration, believes Sir Ian Wood.
The UK Government is looking to ease off the tax regime for the oil and gas sector in the coming years to maximise investment and stimulate North Sea economic recovery, claims the Chief Secretary to the Treasury.
Al-Qaida-inspired militants have pushed deeper into Iraq’s Sunni heartland, conquering Saddam Hussein’s hometown of Tikrit as soldiers and security forces yielded ground once controlled by US forces.
As the North Sea enters the next phase of its life, we will make sure it continues to provide jobs and wealth throughout the UK. North Sea oil and gas can work alongside wind, solar, tidal and nuclear power to cut expensive foreign imports and help keep our lights on with British-produced energy. The broad shoulders of the United Kingdom is unlocking the power of Scotland to take its place as one of the world’s great energy hubs – generating energy and generating jobs.
Alex Salmond has told oil and gas leaders that the Scottish Government will part-fund a new offshore regulator in an independent Scotland.
Oil and gas representatives and government figures discussed the progress the sector has made towards putting the UK Continental Shelf (UKCS) activity back on track at the first Oil & Gas UK conference.
The UK Government's penny-pinching is costing the oil and gas industry "vast potential for the future", claims the Scottish First Minister.
Scotland’s oil industry can look forward to “a strong and stable future in an independent Scotland”, First Minister Alex Salmond will say today.
Fighters from a breakaway al-Qaeda group are in position to seize energy infrastructure after taking control of Mosul in a strike that highlights Prime Minister Nouri al-Maliki’s weakening grip on the country. Tribal gunmen allied to the group are close to capturing Baiji, north of Baghdad and home to Iraq’s biggest refinery, Al- Jazeera television said. Baiji has a refining capacity of 310,000 barrels a day, according to the Energy Information Administration.
Air accident investigators have made a number of fresh safety recommendations after finalising a joint report into two offshore helicopter ditchings in 2012.
The release of Sir Ian Wood’s report in February marked a seminal moment in the history of the UK Continental Shelf (UKCS).
Nexen Petroleum has become the latest supporter of a global student initiative looking to identify the energy leaders of the future.
The headline finding of today’s survey is that the Scottish independence referendum is impacting on the plans and investment proposals of 45% of firms in the oil and gas sector.
Industry body Oil and Gas UK (OGUK) stuck to its impartial line on independence in its response to the survey, while politicians on both sides of the debate claimed it supported their respective causes.
The Scottish independence referendum campaign is impacting on the plans of nearly half of the UK’s oil and gas industry, a study has found.
Oil & Gas UK last night welcomed a report by the Health and Safety Executive (HSE) on extending the use of North Sea assets that have exceeded their design life but are still in use.
The revival in Iraqi oil output has stalled. Again.
Expro has landed a major contract to test oil wells for an onshore field in Iraq.
The Treasury has claimed that Scotland is already spending its entire share of North Sea oil revenues – and would need enough immigrants to fill Edinburgh to plug a workforce gap after independence.
Doubts over the outcome of the independence referendum are stalling investment in the north-east of Scotland by English firms keen to develop their oil and gas portfolios, according to a leading lawyer. Richard Cockburn, a partner in the energy and natural resources team at legal firm Bond Dickinson, is involved in helping companies from both areas expand and, where appropriate, work together. The firm has offices in Aberdeen, Newcastle and Teesside. He said more and more supply chain companies from the north-east of England are keen to become involved in the opportunities which the current buoyancy, combined with a skills shortage, has created. However, they are increasingly concerned about what will happen after September 18.