North Sea welcomes Health Protection Scotland guidance on preventing Covid-19 offshore
The UK's oil and gas industry has welcomed the publication of fresh guidance on managing Covid-19 cases offshore.
Insights
Oil buoyed by optimism on demand recovery and output cuts
Oil rallied for a second day as global production cuts deepened and signs of a recovery in physical markets emerge.
Call for Scottish Government to engage Westminster over lack of clarity on North Sea furlough scheme
A north-east MSP has called for the Scottish Government to engage Westminster and provide clarity to North Sea firms over who qualifies for the Covid-19 furlough scheme.
Norway’s rare tax changes to save oil industry would be ‘very welcome’ in UK, says expert
Norway has outlined plans for “extremely rare” changes to its tax regime to save the crisis-hit oil industry which would be “very welcome” for UK firms, according to an expert.
Shell boss says headcount reductions ‘probable’ in time, while projects also at risk
Shell’s boss has said the firm will “probably” have to reduce its headcount and “resize” parts of the organisation the longer the oil price slump lasts.
Transocean doubles losses amid oil price crisis
Rig operator Transocean has seen its pre-tax losses more than double year-on-year as it tackles the effects of Covid-19 and the oil price crash.
Impairments sink Valaris to a £2.5billion loss
Rig operator Valaris fell to a £2.5billion pre-tax loss for the first quarter of 2020 due to write-downs on its oil and gas assets.
RockRose Energy slashes spending and cuts number of North Sea wells for 2020
RockRose Energy has slashed spending for 2020 by more than £80m in response to the Covid-19 outbreak and cut the number of UK wells it will participate in.
Updated: Shell cuts dividend for first time since 1940s in ‘prudent’ move to bolster finances
Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty.
Valaris sets out plans to cut up to 332 jobs
Drilling firm Valaris has set out plans to cut up to 332 jobs across its offshore rig fleet as contracts are cancelled amid the Covid-19 pandemic.
Norway will cut production by 250,000 barrels per day to lift prices
Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices fell to new depths.
Crude Intentions: Collaboration will assure the oil markets recovery
Production cuts may not be enough to rebalance the market now, but they can help its recovery in the second half of 2020 according to Boris Ivanov, Founder and Managing Director of GPB Global Resources.
Gas: a strategic role in the UK energy transition
According to the International Energy Agency, natural gas currently accounts for 23% of global primary energy demand and nearly a quarter of electricity generation.
COVID-19 and the Crown Preference conundrum
The UK government has in the past month or so adopted a number of extraordinary measures designed to support UK businesses throughout the COVID-19 storm.
Global E&P revenues to fall by $1 trillion in 2020, Rystad says
The devastating effect of the Covid-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020.
Impairments lead Ithaca Energy into the red while virus delays future projects
Impairments led North Sea operator Ithaca Energy to a £111.4m pre-tax loss in 2019, while the Covid-19 outbreak threatens delays to future projects.
EnQuest to axe hundreds of UK roles
The struggling UK oil and gas sector was dealt another blow on Tuesday as EnQuest confirmed it expected to cut 530 positions.
Sturgeon says impact of Covid-19 outbreak on oil and gas industry of ‘big concern’
The First Minister has said the impact of the Covid-19 outbreak on the oil and gas industry is a “big concern” but failed to outline the specific measures discussed to help support the sector.
North Sea firms ‘misunderstood the world’ and have ‘been caught out’ by Covid-19 crisis, Greenpeace boss claims
North Sea oil and gas firms “misunderstood the world” and have now “been caught out” by the Covid-19 crisis, according to the UK boss of climate activist group Greenpeace.
BP using ‘lessons’ from Deepwater Horizon to weather Covid-19 crisis
Energy giant BP has told investors it is using business lessons from the aftermath of the Deepwater Horizon disaster to weather the current Covid-19 crisis.
Job security ‘is a major concern’ says BP chief, but gives no answer on potential cuts
The chief executive of BP has said “job security is going to be a major concern” amid the Covid-19 pandemic but gave no answers on any potential cuts the energy giant might make.
North-east politicians call for sector deal in wake of oil and gas job loss prediction
A number of prominent north-east politicians have called for the UK Government to fast-track a long awaited oil and gas sector deal following a new report by representative body Oil and Gas UK (OGUK) that claimed the industry could see tens of thousands of job losses due to Covid-19.
Is the small fuel cell electric vehicle going to be a Betamax?
By decarbonising industrial and domestic heating, I am convinced that hydrogen has a significant role towards achieving net zero. However, the role of hydrogen in the passenger car sector is much less clear. I find it difficult to see how a hydrogen powered fuel cell electric vehicle (FCEV) can compete with a battery electric vehicle (BEV). That conclusion was reinforced by two recent reports from BloombergNEF and Volkswagen.
Archer finances ‘robust’ after completing debt refinancing
Drilling contractor Archer has said a newly-completed debt refinancing will help it withstand a “meaningful drop in activity”.
SSEN to ‘connect’ with north-east elderly customers during coronavirus crisis
Members of SSEN’s Connections teams are joining colleagues from across the business to offer a ‘friendly ear’ to over-75s on the Priority Services Register (PSR).