Delek Group’s reliance on restructuring its debt and selling its assets in order to cover its liabilities has led it to note some concerns that it would able to continue as a going concern in its annual report.
How can energy supply chain companies weather the perfect storm of the oil and gas price crash, Covid-19 lockdown and social distancing, pressure to fully decarbonise and, of course, Brexit?
Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over as production cuts start to take effect.
The Wood Group has teamed up with cancer charity Maggie’s to provide thousands of face masks to health workers in Aberdeen.
Petrofac has deferred an £11million decommissioning contract for Aberdeen-headquartered Awilco Drilling.
A North Sea operator has said it is increasing food stocks on its flagship production asset “in case supply becomes limited” due to the Covid-19 outbreak.
More than 500 jobs are at risk at Aberdeen-based energy services firm Bilfinger Salamis, which has started a redundancy consultation with its workforce.
North Sea industry is facing an “existential threat” and will need quicker, simpler support from governments to overcome the price rout, an investment expert has said.
BP will put its Clair South project on hold due to the impact of the Covid-19 pandemic, the company confirmed today.
An Aberdeen MSP has written to a clutch of North Sea firms calling on them to reconsider their decision to terminate hundreds of staff rather than use a UK Government-backed furlough scheme.
Coach Sir Dave Brailsford is widely credited with turning around the fortunes of Britain’s cyclists using the “marginal gains” philosophy.
With Covid-19 causing significant cashflow issues for most companies trading in the UK, we recommend you carefully consider whether you are undertaking research and development (R&D) work. If you are, it means you can boost your cashflow by making a claim for R&D tax relief.
2020 arrived with a much-needed feeling of optimism and positivity throughout the industry. The long anticipated, planned Forties Pipeline Shutdown (FPS) presented the optimum opportunity for many Operators to align their summer shutdown campaigns and engineering project scopes to coincide.
International oil and gas companies operating in the Gulf are well-versed in dealing with fluctuating oil prices.
In the ’80s, well before my time in industry, there was allegedly a popular bumper sticker in oil towns.
Dana Petroleum has delayed the sanction of a new North Sea project due to the ongoing Covid-19 crisis.
Energy companies are used to weathering disruption of all kinds. And during this incredibly challenging time, we are now more than ever relying on them for the safe access and delivery of power, gas, water and other essential services. As governments around the world enact drastic measures to slow down transmission of the COVID-19 outbreak, energy companies are facing multiple challenges: from the health and well-being of employees to disruption in the supply chain and from working capital shortages to complete closure of operations. They have also been squeezed by a big drop in demand for both oil and natural gas, which has led to lockdowns, a collapse in industrial activity and travel bans all over the world. Oil prices have been sent crashing to their lowest level since 2001, while gas demand has fallen by as much as 20% in some cases.
As an industry, as businesses and, most importantly, as people – this is an incredibly tough time. No matter where you are in the world, or what you do, we have all been impacted by the coronavirus in some way.
Energy services firm EnerMech has begun to cut its staff headcount despite furloughing scores of staff just weeks ago.
The private equity backer of Aberdeen-headquartered Enermech and operator Neptune Energy posted a first quarter loss of almost half a billion pounds.
As entire industrialized countries remain in lockdown amid the COVID-19 pandemic, global oil demand continues to fall at an unprecedented rate and the International Energy Agency has warned that demand for fuel could drop to lows not seen since 1995.
Coronavirus looks set to have a continued impact on energy demand beyond the near term and supply chains must become more adaptable in order to navigate the uncertain future, writes Andy Laven, COO of Sahara Energy Resources DMCC
Oil headed for its first weekly gain in a month as global production cuts began to take effect, while early signs the coronavirus-driven plunge in demand might be starting to bottom out also aided sentiment.
Shell cut its dividend for the first time since World War Two yesterday in an move that further highlights the severity of the latest oil sector downturn.
The UK oil and gas sector can’t “jump the gun” on the removal of minimum manning across the North Sea, according to a safety chief.