Oil futures rebound masks strain on plunging physical market
Oil futures advanced amid a broader bounce across financial markets while the price of actual crude plummeted to near $15 a barrel.
Insights
Young Professionals Green Energy Awards 2020 to go ahead online
Clean energy trade body Scottish Renewables has revealed the Young Professionals Green Energy Awards 2020 will go ahead, but in an online format.
Deal to save ‘thousands’ of North Sea jobs hammered out
A deal has been struck to protect hundreds, and potentially thousands, of North Sea jobs during the coronavirus outbreak.
No alarm over future for North Sea, oil boss says
Neptune Energy’s UK boss said on Tuesday that talk of the North Sea oil and gas industry being wiped out by a collapse in crude prices is premature.
Fatal Accident Inquiry into Sumburgh helicopter crash delayed due to coronavirus
The Fatal Accident Inquiry (FAI) into a North Sea helicopter crash in 2013 has been delayed due to the coronavirus outbreak.
Subsea 7 facing ‘significant headwinds’ and withdraws 2020 guidance
Subsea 7 has warned of “significant headwinds” from the dual impact of the coronavirus and plummet in oil price.
Petrol stations ‘will have to close due to impact of Covid-19’
Many petrol stations will be forced to close due to a lack of sales and their businesses becoming unprofitable, a trade association has warned.
Hunkering down for prolonged low prices, Neptune identifies cost cuts
Neptune Energy bosses insist the firm is “resilient enough to meet the challenges of today” as they hunker down for a prolonged period of low oil and gas prices.
Trump says world’s top oil producers to meet on market crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.
Oil’s apocalyptic April could reverberate for years to come
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.
Sasol to reduce refinery runs during lockdown
Sasol has set out plans to reduce throughput at some of its plants, as South Africa goes into lockdown, while ratings agencies have become more cautious on the company’s outlook.
‘Sleepless nights’ as new Covid-19 self-employment support leaves many North Sea workers in limbo
New UK Government measures to support the self-employed will cause “sleepless nights” for those North Sea workers who have been left in limbo, according to industry experts.
Bilfinger Salamis praised for halting job losses
The Unite trade union has applauded Bilfinger Salamis for stepping back from its earlier decision to make almost 100 workers redundant.
Stork sacks North Sea workers due to Covid-19 operational drop-off
An Aberdeen oil and gas contractor has sacked a number of North Sea workers due to a drop-off in demand related to the coronavirus outbreak.
BP CEO promises staff jobs are safe for at least three months
BP has promised its employees their jobs are safe over the next three months, while the oil major considers ways to cut costs with crude prices plunging.
Shell warns of major hit to cash flow from oil price plummet
Shell has warned that cash flow will take a major hit when the firm publishes its first quarter results next month.
‘Virtual’ remembrance service to be held for anniversary of 2009 Super Puma crash
A “virtual” remembrance service will be held tomorrow to mark 11 years since a fatal helicopter crash near Peterhead.
Oil price downturn could be prolonged, Westwood Global says
Oil prices plunged to an 18-year low yesterday as hopes of a production pact between Saudi and Russia faded
Pandemic postpones Africa E&P
The Africa E&P Summit, which had been due to be held on May 20-21, has been pushed back to October 21-22.
Production shut ins and negative pricing loom
Weak demand will drive production shut ins this quarter, IHS Markit’s vice president Aaron Brady told Energy Voice, as storage options are limited.
World oil output may fall by 10million barrels a day, IHS Says
IHS Markit expects as much as 10 million barrels a day of world oil production to be cut or shut-in from April through June as storage fills up and demand craters due to the Covid-19 pandemic.
Siccar Point delays approval for flagship Cambo field in West of Shetland
Siccar Point Energy has announced it will defer approval of its highly-anticipated Cambo development until the second half of next year due to the coronavirus outbreak.
‘Disgust’ as Bilfinger Salamis terminates workers without option for government’s coronavirus support scheme
Workers have said they have been “hung out to dry” and “abandoned” by Bilfinger Salamis after their jobs were cut without the option to use the government’s coronavirus support scheme.
North Sea operators move to reduce cabin sharing ‘wherever possible’
A series of North Sea operators are working to remove cabin sharing offshore “wherever possible” in order to prevent the spread of the coronavirus.
Aberdeen Airpark to close permanently after 17 years due to coronavirus impact
A family-run Aberdeen business is facing closure this week due to the effects of the coronavirus on air travel.