Help at hand for making tough decisions amid volatile markets
The double whammy of the Covid-19 pandemic and the effects of the Opec+ price war is presenting what is rapidly becoming the upstream oil and gas sector’s biggest challenge to date.
Insights
Covid-19 and cap scrap put our industry under threat
A toxic cocktail of the Covid-19 outbreak and an act of self-sabotage by two of the world’s biggest oil nations has created unprecedented and overwhelming currents for the oil and gas industry to swim against.
Pain won’t last forever
While some predicted it, most of us never saw it coming. The uncertainty and pace of change in the upstream sector over the past month has been spectacular and has turned businesses and our lives upside down.
WATCH: Dril-Quip bosses claim Aberdeen has ‘whinge and whine culture’
Bosses at US oilfield equipment firm Dril-Quip have claimed Aberdeen has a "whinge and whine culture" in a shocking, leaked video.
OPEC+ poker game on Monday: Russia holds better cards than Saudi Arabia
A month after the last unproductive OPEC+ meeting and with Covid-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. Russia and Saudi Arabia will be back to the negotiating tele-table on 6 April 2020 to discuss the output cuts of at least 10 million barrels per day (bpd), first announced by US President Donald Trump on Twitter on 2 April 2020.
Updated: North Sea oil worker with suspected coronavirus symptoms dies
An oil worker with suspected coronavirus symptoms has died at home after being airlifted from a North Sea platform earlier this week.
The current challenges for the UK and Norway in the face of Covid-19
The world has been transformed in the past month since the COVID-19 pandemic took hold. The dramatic impact of COVID-19 on global oil demand and has been compounded by Saudi Arabia and Russia failing to agree production cuts to stabilise oil prices. With Brent trading well below US$30/bbl the resilience of the sector is once again being pushed to its limit. What does this mean for the UK and Norway upstream sectors?
Update: Oil surges as producers eye 10m barrel a day output cut
Oil jumped more than 11% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed.
WATCH: Serica Energy workers Clap for Carers on Bruce Platform
https://www.youtube.com/watch?v=-cnA0PURvuA
North Sea fields facing swifter end to production due to oil price drop
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
Temperature checks and social distancing ‘do work’ for North Sea helicopter travel, OGUK director claims
Oil and Gas UK (OGUK) has insisted temperature checks and social distancing “do work” as a Covid-19 safety measure for offshore helicopter flights, despite concerns from workers and unions over the practices.
Extremely challenging conditions for North Sea emphasises the need for sector deal, says EY
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil and Gas: Holding your nerve?
Investing in capital markets is, speculators aside, a long- term play. When times are good investors can relax and take pleasure in their investment prowess; when times are bad investors need to remind themselves, they are in for the long term, and play to the fundamentals.
Coronavirus testing kits for North Sea workers ‘at long last becoming available’, union boss says
Tests to help safeguard North Sea oil and gas workers against the outbreak of Covid-19 are “at long last becoming available”, according to a trade union boss.
OTC 2020 cancelled due to coronavirus
The annual Offshore Technology Conference (OTC) in Houston has been cancelled due to the Covid-19 pandemic.
Oil soars after Trump says Saudi Arabia, Russia to cut supply
Oil soared after U.S. President Trump said that he expects Saudi Arabia and Russia to cut production back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman on Thursday.
Several BP Gulf of Mexico workers test positive for coronavirus
BP is adjusting the company's offshore procedures after several workers who had previously been aboard a production platform in the Gulf of Mexico tested positive for the coronavirus.
Wood says ‘employee reductions are being made’ in response to coronavirus
Aberdeen-headquartered energy services firm Wood has said “employee reductions are being made” in order to tackle the effect of the coronavirus outbreak.
TechnipFMC announces plan to cut spending by a third due to coronavirus
Energy services firm TechnipFMC has announced a reduction in spending of more than 30% in response to the coronavirus outbreak.
COP26 climate summit in Glasgow postponed over coronavirus
A key climate summit in Glasgow has been postponed until next year due to the coronavirus outbreak.
Covid-19 crisis a ‘moment to reassess’ for smaller North Sea firms overlooking energy transition, top analyst says
The uncertainty surrounding the coronavirus pandemic could be a “moment to reassess” for many smaller North Sea oil and gas firms overlooking the energy transition, a top energy analyst has said.
North Sea helicopter flights to reduce by up to 30% due to Covid-19 outbreak
North Sea helicopter flights are expected to reduce by up to 30% over the next two weeks due to the effect of the coronavirus outbreak.
Bilfinger UK decides to offer coronavirus furlough scheme days after cutting jobs without support
Bilfinger UK has said it will offer the option for the government’s coronavirus furlough scheme, days after terminating onshore workers without support.
Aker Solutions anticipates revenue hit due to ‘considerably’ reduced activity
Offshore engineering firm Aker Solutions expects revenues to decline thanks to "considerably" reduced activity from operations due to the Covid-19 pandemic fallout.
BP announces 25% spending cut in response to coronavirus
Energy giant BP has announced a 25% cut in spending in response to the coronavirus outbreak.