International oilfield services firm Expro yesterday announced the appointment of a new chief executive to replace Charles Woodburn, who will leave in April. Aberdeen and Reading-based Expro has promoted Mike Jardon, 46, from within its own ranks to fill the void created by Mr Woodburn’s departure. Mr Jardon, who joined Expro in 2011 as chief operating officer, is expected to remain in Houston in his new job.
Sembcorp Marine Ltd., which posted its first loss in more than a decade in the fourth quarter, saw its shares jump by the most in nearly a month amid talk that the company could be taken private.
UK Oil & Gas said it has had significant flow rates from its Horse Hill discovery.
Saudi Arabia’s oil minister plans to meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. Ali al-Naimi, the most senior oil official of the world’s biggest crude exporter, will speak with Russia’s Alexander Novak in the Qatari capital, according to the person, who asked not to be identified because the talks are private.
Cash-strapped oil executives are using expensive watches, jewellery and even cars as collateral for short-term loans as the “posh pawn” market takes off in Aberdeen. Business is so good in the north-east just now that one Scottish company specialising in high-end secured loans plans to set up shop in Europe’s energy capital.
We all know the tough times facing the north-east. The continuing slump in the oil price is presenting this area with perhaps its biggest challenge since drilling began 40 years ago. The truth is that we are at a crossroads, and I think it can now go one of two ways.
None of the 13 members of OPEC want the oil price to continue at its current level for longer than is necessary. For some OPEC members, the situation is becoming critical. Even Saudi Arabia, whose lifting costs are well below the current price, is running a budget deficit and taking action to reduce the rate at which it is using up its foreign currency reserves.
Staff working for offshore ship owner Olympic in Norway have agreed to a 6% pay cut in a bid to save workers’ jobs.
IS (Islamic State) are said to have reduced the salaries of fighters – because of the low oil price.
Shell has completed its $68.2billion merger with BG Group which will now be delisted from the London Stock Exchange.
Union Jack Oil said it has commenced drilling operations at the Laughton-1 well in the East Midlands.
Oil major BP and its partners Oman Oil have agreed to develop a second phase of the Khazzan natural gas field bringing investment in the project to an estimated $16billlion.
Nigerian President Muhammadu Buhari’s 2016 budget proposals are riddled with errors and provisions that may undermine his anti-graft war, civic groups say. In some instances, the same purchase of vehicles, computers and furniture are replicated 24 times, totaling 46.5 billion naira ($234 million), 795 million naira is set aside to update the website of one ministry, while no purpose is assigned to a 10 billion naira provision in the education ministry’s spending plan, according to Oluseun Onigbinde, partner and co-founder of BudgIT, a Nigerian group that campaigns for transparency in public spending.
Oil resumed its decline below $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended and Chinese crude imports dropped from a record.
Scottish Secretary David Mundell will today meet Mozambique’s minister of industry and commerce as he embarks on a drive to push forward a trading partnership with Aberdeen.
Paragon Offshore said it will filed for bankruptcy after it became the first US energy-related firm to seek court protection from creditors.
Production at newly-opened gas fields in Shetland could meet all of Scotland's average demand, it has been claimed.
Ministers are understood to be considering a "big" tax cut to help the North Sea oil and gas industry.
The value of cash and assets held by leading oil and gas companies has fallen by more than £10billion in the past year, according to new research. A report said firms were “burning through” cash piles at a record pace as weak oil prices continue to “wreak havoc” in the sector.
North Sea newcomer Nobel Upstream has cash to spend on further acquisitions, the firm’s chief executive has said.
Expro chief executive Charles Woodburn is reportedly about to be unveiled as the new chief operating officer and potentially the next CEO at defence giant BAE Systems.
John Swinney has called on Chancellor George Osborne to slash tax for offshore companies amid fears the North Sea industry could be finished without emergency measures.
Aberdeen company Oceanscan has snapped up a Staffordshire firm for an undisclosed sum.
Oil and gas companies need to look beyond short-term issues such as tumbling oil prices and prepare for even greater uncertainty in the future, a new PwC report says.
Sempra Energy temporarily plugged a leak near Los Angeles on Thursday from a broken well that had been spewing natural gas for months and is now estimated to cost the utility owner at least $250 million excluding potential fines.