British Gas cutting 500 jobs in efficiency shake up
British Gas is to axe 500 jobs, hitting its loft and cavity wall insulation business, as part of the company’s efficiencies programme.
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Offshore union warns of long-term damage to oil and gas industry
Offshore union RMT has warned of long-term damage to Britain’s energy industry after BP posted its largest annual loss for 20 years and revealed another 3,000 job losses as it continued to hack back on budgets in the face of global turmoil.
Opinion: What you need to know about the IP of subsea technology
Innovation has always been key to the oil & gas industry and recent years have seen some exciting developments, particularly in subsea technology. For example, autonomous underwater vehicles (AUVs) . . . independent robotic, programmable vehicles . . . have highly advanced capabilities so they may be more cost effective than alternatives, or allow access to previously unreachable areas.
Opinion: You can fool all the people some of the time!
Our national broadcaster ran a headline recently that said “UK car manufacturing hits 10-year high in 2015”. Other outlets said similar things and one included some comment about the fact that Jaguar Land Rover was now outperforming Nissan.
BP hit with $2.2billion loss, job losses to total 7,000 by end of 2017
Oil major BP posted a loss of $2.2billion in the fourth quarter of last year after being hit by restructuring charges and writedowns amid the lower oil price.
Emerging stocks drop as oil sinks energy shares
Emerging-market stocks headed for their first decline in five days as energy producers dropped with oil and concern grew over the outlook for the global economy. The Malaysian ringgit paced losses for developing-nation currencies. The MSCI Emerging Markets Index decreased the most in a week, with nearly two shares falling for each one that gained. PetroChina Co. and Cnooc Ltd., China’s largest listed oil producers, slid for a second day in Hong Kong.
Texas shale drillers lure $2 billion in new equity to Permian
Oil producers in West Texas, defying expectations they would fall victim to OPEC’s price war, are instead selling investors on the idea that they can still profit with prices below $35 a barrel. Drillers in the Permian Basin, the biggest US shale field, have raised at least $2 billion from share sales over the past eight weeks. And more issuances are on the way as producers try to avoid piling on additional debt.
Morgan Stanley: This is what a world without oil looks like
Much ink has been spilt over the leakage of collapsing crude prices into wider markets. A new note from Morgan Stanley analysts led by Chief Cross-Asset Strategist Andrew Sheets demonstrates the degree to which the fortunes of the energy sector are currently driving stocks and bonds, but emphasizes the correlation is overdone.
First Minister says ‘every reason’ to be optimistic about Aberdeen’s future
The first minister said yesterday there was “every reason” to be optimistic about Aberdeen’s future despite the current challenges facing the region.
Sturgeon calls for detailed tax action plan from Westminster
First Minister Nicola Sturgeon has said a “detailed action” plan will be presented to the Treasury before next month’s budget, including calls for further tax measures.
Opinion: A real need for step change and efficiency
The announcement last week that £504million of public sector money will be invested in support of the Aberdeen City Region Deal is very welcome news for the north-east of Scotland.
Aberdeen seminar will open the door to Iran
North-east firms will be urged to get into Iran at a seminar in Aberdeen later this week.
GE: In Subsea “simple” is king
Technology and simplification are the critical factors to recovery, according to GE leader Neil Saunders.
Tech Tuesday: Expro wellhead surveillance technology aims to optimise production
Expro are currently collecting real-time data to support production optimisation from brownfield wells using their non-intrusive wellhead surveillance technology.
Easyjet plans could see passengers served water from hydrogen batteries
Passengers with a low-cost airline could be served water created as a waste product from hydrogen batteries under plans for a zero emissions fuel system.
Aker Solutions lands two ConocoPhillips North Sea contracts
Aker Solutions' maintenance, modifications and operations (MMO) business in Norway secured two contracts for work at North Sea fields operated by ConocoPhillips.
Gazprom plans record exports to Europe as it briefs investors
Gazprom PJSC, the Russian natural gas producer preparing to meet investors in New York and London this week, seeks to increase supplies to Europe to record levels.
Chevron’s Wheatstone LNG project cost seen rising to $33 billion
The cost of Chevron Corp.’s Wheatstone liquefied natural gas project in Australia with partners including Woodside Petroleum Ltd. may rise about 14 percent to $33 billion after its start date was delayed by about six months, according to Macquarie Group Ltd.
Opinion: 2016 – A year of immense pain for Subsea
The oil price collapse is dominating the current news cycle, with Brent dropping below $28 a barrel for the first time in over 12 years. This continuous dramatic fall spanning 18 months has raised concerns over the future development of many offshore oil & gas fields.
Polarcus makes further job losses
Polarcus has made further headcount reductions including some of its senior management team. The company said it would make further headcount reductions amid the continued low oil price.
Mosman Oil and Gas pulls out of deal with Origin Energy
Mosman Oil and Gas has pulled out of a planned acquisition for the South Taranaki Energy Project (STEP) in New Zealand.
Production edges closer on Kilwani North-1 well
Aminex said the Kilwani North-1 well is undergoing final testing ahead of first production.
Subsea Expo 2016: Chief exec calls for simplification
“The problem that the UK had was realised before we had this oil price crash,” Gordon said. “Our costs were spiralling out of control; the writing was on the wall, but we didn’t do much about it as an industry. The drop amplified and compounded those problems.”
Premier Oil’s shares to resume on London Stock Exchange
Premier Oil’s shares will resume trading on the London Stock Exchange after reaching a deal with E.ON for its North Sea assets.
Statoil makes first entry into Uruguay
Norwegian operator Statoil has agreed with Total to acquire a 15% working interest in an offshore exploration block in Uruguay.