If oil prices have hit bottom, the top may not be too far away
The top of the oil market may be closer than you think.
Daily
‘We’ve got the cash to fund Catcher and Kraken’ , insists Cairn Energy
Cairn Energy today insisted despite a depressed Brent price, the firm was in a “robust financial position” and able to push ahead with the North Sea’s Catcher and Kraken developments.
Question looming over Aubrey McClendon’s death crash may go unanswered
The question of whether shale pioneer Aubrey McClendon drove his car deliberately into a wall may never be answered, the Oklahoma City police said Monday.
North Sea must avoid early decomm “tragedy”, government warned
The UK Government has been warned a rush to early decommissioning in the North Sea could result in "tragedy" for the future development of carbon capture and storage (CCS) technology.
Brent oil extends drop as Iran spurns production freeze accord
Brentdropped for a second day as Russia signaled Iran won’t join major producers in freezing output to manage a global glut.
Tech Tuesday: Composite pipe dream becomes reality
There’s no doubt the oil and gas industry is facing tough times, but for many developers, the downturn has been a catalyst for change with an upsurge of interest in new and enhancing technology. It seems the quest to drive down costs and increase efficiency is pushing a traditionally risk-averse industry out of their comfort zone.
Energy Minister Andrea Leadsom hints at Budget
Energy Minister Andrea Leadsom last night hinted there will be support for the beleaguered oil and gas industry in tomorrow's Budget.
Maersk awards multi-million pound Flyndre contract
Danish oil firm Maersk has awarded a multi-million pound contract for a dive support campaign as it presses ahead with the development of the Flyndre field.
Budget 2016 Guest Editor: C’mon Osborne we need….
In yesterday’s article I set out the backdrop of a collapsing commodity price, high cost base, and tightening debt and equity markets for the oil and gas sector as the context of calls for fiscal change in the Budget tomorrow – today I explain the need for a low, simple and transparent tax rate.
Nobel Peace Laureates: Save the Arctic, Save the Climate
In a powerful call for international action on climate change, a group of Nobel Peace Prize laureates recently sent a letter to the Heads of State who comprise the Arctic Council, urging them to protect our climate and the Arctic from oil and gas exploration.
Emerson wins Culzean contract
Emerson has netted a contract for Maersk Oil's Culzean gas field development in the North Sea.
One dead, six injured after oil site blast in Gabon
One person has been killed and six other injured in an explosion at an oil site in Gabon, according to Sinopec.
History will mark Goliat project as a “success”,says Eni director
A director at Eni said its Goliat oilfield project could still be profitable even below $50 a barrel oil.
Aker Solutions to make 600 further job losses
Aker Solutions said it plans to make 600 further job losses from the company as it looks to streamline costs.
Brent swings near $40 as falling US rigs counter Iran output
Brent crude, the global benchmark, swung between gains and losses near $40 a barrel as a dwindling rig count in the U.S. countered Iran’s plans to expand production.
Budget 2016: Alex Kemp – Tax breaks pave way for major North Sea development boost
A leading oil and gas expert said last night that tax breaks could significantly boost new field development across the UK North Sea.
Budget 2016: Osborne could put an end to freelancer tax loophole
New measures to plug a tax loophole widely exploited in the public sector to disguise employees as freelancers could be used to tackle similar practice in the oil and gas industry.
Budget 2016: Call for new agency to rescue platforms from early decommissioning
Kezia Dugdale today called on the UK Government to “step in and share the risk” by setting up a new agency to rescue platforms from early decommissioning.
Trinity’s $20m sale falls through, firm looks to refinance
Trinity Exploration and Production has been forced begin talks with refinancing advisers after its $20million asset sale fell through.
Budget 2016: Cut North Sea tax, demands top Tory
This week is a vital one for the North Sea, and the thousands who depend on it for their jobs.
Oil and gas sector downturn continues after drop in orders
Oil and gas firms experienced a drop in orders last month as the downturn in the sector continues to hit Scotland’s economy. The Bank of Scotland recorded a decline in activity in February - the first in three months.
Eni confirms production start-up from Norwegian first
Eni confirmed it had successfully started production on its landmark Goliat oilfield, two years after its initial first oil target day.
Guest Editor: Derek Leith – The difference a year makes
As anticipated 2015 proved to be a difficult year for both oil and gas companies and the supply chain companies that make up the oilfield services sector. The average price of a barrel of Brent crude in 2015 was $52.35 dollars, less than half of the average price for the years 2011 to 2013, and a little over half the average price for 2014. The average to date for 2016 has fallen further to $30.70 per barrel, less than the average Brent price for each of the years 1979 to 1982 even in nominal terms!
Massive protest piles more pressure on Brazil’s president
Huge demonstrations across Brazil have heaped even more pressure on embattled president Dilma Rousseff as she heads into a fight against impeachment proceedings.
Swinney warns Chancellor against ‘unnecessarily stringent’ fiscal targets
Scotland’s Deputy First Minister has warned the Chancellor against continuing to pursue “unnecessarily stringent fiscal targets” ahead of the Budget on Wednesday. John Swinney urged George Osborne to instead use limited borrowing to stimulate economic growth, after the Chancellor paved the way for fresh spending cuts, stating that savings equivalent to 50p in every £100 the Government spends need to be found by 2020.