While algorithmic CTAs add much-needed liquidity to the market, their trading strategies can amplify daily swings to an extreme. In 2022, when CTA trading volumes rapidly expanded, New York oil futures posted a more-than $2 daily move 242 times.
As of the end of October, outstanding receivables had reached $170mn, of which $139mn was overdue.
Waldorf Production dismissed suggestions the company is for sale, outlining a rise in production and cash flow amid an ‘improving’ outlook for North Sea M&A.
Analysts have pointed to balance sheet concerns as a potential driver for Petrofac (LON: PFC) seeing its share price plummet 50% in the last month.
Ithaca Energy has completed its acquisition of Shell’s remaining 30% stake in the Cambo field, as it now looks to bring in a new venture partner ahead of investment sanction.
Reuters reported interim CEO Murray Auchincloss had privately indicated he would like to take the top job. Auchincloss was formerly BP CFO.
“The ultimate goal is to get off gas and move to hydrogen,” Lewis said. He noted that Europe’s gas demand remains uncertain in the short term.
iNPIPE PRODUCTS has hosted prime minister Rishi Sunak at its base in North Yorkshire as the firm looks to expand.
Occidental Petroleum is in talks to buy shale driller CrownRock LP, according to the Wall Street Journal, as the consolidation wave in North America’s most prolific oil field gathers momentum.
Ashtead Technology has acquired fellow north-east energy services firm ACE Winches in a multi-million-pound deal.
Sixteen Just Stop Oil protesters have been arrested following a demonstration outside the Prime Minister's west London home calling for a halt on fossil fuel exploration in the UK.
The North Sea’s regulator said the approval of seven developments this year, worth a combined £4 billion, represented “strong votes of confidence” in the basin.
“Chappal Energies is a committed Nigerian-owned energy company with the ambition to develop the assets further, contributing to the Nigerian economy for years to come.”
“If nothing is done … ONEP will use all legal means, including a strike”, officials said.
Subsea specialist Sulmara has opened a new north-east office after a period of sustained success saw it outgrow its existing city centre premises.
Safety inspectors have ordered Dana Petroleum to improve practices on its Western Isles vessel over concerns control room staff are not suitably trained to work unsupervised.
Over 80 Odfjell Technology drillers have settled a dispute over pay and conditions on TAQA installations after securing a new deal.
The head of global climate change talks starting in Dubai this week has strongly denied using his position to advance the United Arab Emirates’ commercial interests.
"At COP 28, governments should make them stop drilling and start paying for the damage their operations cause.”
Wood (LON: WOOD) has secured a two-year extension to a contract with Equinor for work on the Mariner field in the UK North Sea.
The company said it would carry out work with its FDS2, Constellation and Castorone vessels. It will carry out work from its Port of Georgetown base.
Harbour Energy, the North Sea's largest producer, has said start-up is "underway " at its new Tolmount East project.
An exodus of workers seeking other opportunities is the “number one challenge” facing safety in North Sea decommissioning, according to the industry watchdog.
Ten northern European countries agreed to deploy vessels and planes across the Baltic Sea region to protect critical undersea infrastructure in response to last month’s suspected acts of sabotage.
Hughes Subsea has secured a contract to deliver daughter-craft diving services to the Anasuria FPSO off the coast of Aberdeen.