Equinor plunges into the red as CEO warns of persistent Covid-19 ‘uncertainty’
Norwegian energy giant Equinor warned of the continued considerable "uncertainty" caused by Covid-19 as it plunged into the red in the first-half of 2020.
Insights
The oil market continues its cautious rally but more uncertainty lies ahead
For the oil markets, the first half of the year saw extraordinary swings in supply and demand, culminating in what is now thought to have been a staggering 22mbbpd of oversupply in April as OECD economies headed into lockdown and OPEC+ cuts dissolved. Demand fell to 78mmbpd and Saudi Arabia pumped an additional 1.6mmbpd, driving Brent down to under $10/bbl on April 21st and briefly pushing the WTI futures contract into negative territory.
Policy vacuum risks blowing Scotland’s net zero carbon drive off course
Scotland will struggle to reach its net zero carbon targets unless Holyrood takes a swift and stronger grip on planning policy surrounding the deployment of taller turbine models, as well as a permissive approach to repowering of first-generation onshore windfarms with the latest technology.
How smaller firms could adapt to survive challenging energy industry times
The future of the energy industry landscape has long been up for debate, and the effect of COVID-19, combined with the dramatic global oil price crash and its detrimental impact, has brought this to an unparalleled level.
North Sea bringing Covid ‘under control’ with just 10 workers contracting virus offshore
The North Sea is bringing the risk of Covid "under control" with just 10 cases of people contracting it while at work offshore in the UK .
Baker Hughes slumps to pre-tax loss of £13bn in first half
US energy service firm Baker Hughes slumped to pre-tax losses of £13 billion ($16.5bn) in the first half of 2020, highlighting the severe impact of the Covid-19 pandemic and crude price drop.
Cairn-India arbitration ruling expected soon despite Covid disruption
Scottish oil firm Cairn Energy said today that Covid-19 should not significantly delay the long-awaited outcome of its £1.1 billion ($1.4bn) arbitration claim against India.
US judge orders pipeline closure as shale struggles badly
Earlier this month, a federal judge stunned the U.S. energy sector with an order to shut down the Dakota Access pipeline. Environmentalists hailed it as the first time a fully operating system had been forced to close by a legal challenge.
Concerns growing over firth’s rig system
There has long been an easy way to monitor the health of the offshore oil industry. If the Cromarty Firth is hosting no drilling rigs, or only a few, then it’s in good shape.
Heartened by new opportunities
In recent times, trading conditions have been exceptionally difficult for many of us, especially in the upstream offshore construction sector. The word “unprecedented” may be over-used but it remains relevant and accurate in describing the turbulent world in which we operate writes Aidan Thirsk, sales engineer at Zupt.
Neil Gordon: Let’s have some serious conversations about value
In between the Teams and Zoom calls, which now fill our days, and the odd webinar or two, it’s becoming increasingly evident that the oil and gas industry needs to have some serious conversations about value.
Will fortune favour the brave in Nigeria’s marginal bid round?
Nigeria’s federal government launched its long-awaited marginal field bid round on June 1, a welcome development but one that faces serious challenges, writes Mariah Lucciano-Gabriel, the head of commercial and business development at Asharami Energy.
OGTC facing delay or cancellation for dozens of projects due to Covid-19
Dozens of projects ran by the Oil and Gas Technology Centre (OGTC) are facing delays or cancellation due to the Covid-19 pandemic.
Opec+ chiefs insist easing of oil output cuts will ‘barely’ be felt
Oil markets will “barely feel” the impact of additional production by Opec and its allies as demand ramps up across the world, Saudi Arabia’s energy minister said on Wednesday.
Fiscal relief for upstream oil companies: what should governments consider?
The current collapse in the price of crude oil is the most extreme so far this century. It has already had significant impact on the oil industry, leading to some declarations of force majeure (examples include licenses and contracts in Iraq and the Gulf of Thailand). The question we address here is: what will the impact be on upstream producing countries? And more specifically, how should upstream countries react if companies approach them for fiscal concessions, citing marginal economics?
Green hydrogen is tomorrow’s oil
The German government has recently adopted a National Hydrogen Strategy as part of its commitment to become both a global leader in the energy transition and a market leader in technologies that support the wider ambition to achieve carbon neutrality.
WATCH: Shell plant manager explains post-Covid oil economics with sketches
Teresa Waddington, Shell's plant manager for the Fife NGL Plant, has used her animation skills to create a short video about the economics of oil and gas as society comes out of the Covid-19 lockdown. Check it out above.
Sentinel Subsea: Innovating amid Covid-19 ‘roadblock’
When lockdown was first announced, Sentinel Subsea didn’t envisage that 15 weeks later, we would have developed and secured a field trial for our second well integrity monitoring system.
Using drones to mitigate pollution losses
The development of drone technology is beginning to touch on a wide range of industries, sectors and aspects of life. Significant media attention has been dedicated both to beneficial uses of drones, such as unmanned aerial vehicle ("UAV") military reconnaissance missions, as well as the disruption which the misuse of drones can cause, such as the closure of Gatwick airport.
Covid-19 surge in the US creates dilemma for oil producers
A Covid-19 surge in the US creates a dilemma for oil producers going into crunch talks today and tomorrow.
Oil down as Opec+ prepares to lower output quotas
Oil edged lower ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world.
‘Use time wisely’ for IR35, says former Worley project manager
There has been a lot of discussion over the last 12 months about how the changes to Off-Payroll rules will impact the UK Private sector, and I have read with great interest some of the comments and foresight on what IR35 is and what it will mean to the UK contracting workforce.
Key countries agree to help bring home 200,000 seafarers stuck on ships
More than a dozen countries with crucial global shipping hubs agreed to ease port and border restrictions for seafarers to help the more than 200,000 workers still stranded on vessels return home.
Joined up thinking evident in Crown Estate Scotland’s plans
I’m intrigued. Crown Estate Scotland (CES) investing in a business park where it is claimed the accent will be on green energy.
CCS technologies are in place ‘but business case is not’ – Tom Baxter
Here is a quote from The Global CCS Institute “CCS is a proven and well understood technology”.