The boss of defunct oil junior, Iona Energy, said he remained hopeful a buyer can be found for the Orlando oilfield in the North Sea, despite a deal that would have saved the company falling through at the last hurdle.
Perhaps the only thing more egregious than the prosecution of former BP engineer Kurt Mix was the way that prosecution ended: with a whimper so barely audible you may have missed it.
Oil firm Enquest has vowed to press ahead with the development of two North Sea oil fields as the oil price dipped below $40 a barrel before leveling back up. The Aberdeen-based firm said it has approved the development of a £83million Scolty and Crathes fields about 83 miles from St Fergus, near Peterhead, in the central UK North Sea.
As the price of Brent crude flirted with dropping below $40 a barrel yesterday, directors of leading North Sea operators were asked what they might like the industry to get from Father Christmas. The answers, delivered to a full house at an Oil and Gas UK business breakfast at the Aberdeen Exhibition and Conference Centre (AECC) yesterday was clear.
Cory Loegering, Apache’s regional VP and MD for the North Sea said it was possible to make money from the UK sector despite the current oil price.
The world’s biggest sovereign wealth fund says it has recovered from the losses it suffered in the second and third quarters thanks to a strategy of dumping bonds and buying up stocks and real estate.
Many fuel retailers are expected to cut the price of petrol to £1 a litre in time for the Christmas getaway. The RAC believes the tumbling oil price will lead to a 3p drop for petrol and 5p for diesel. This would take average prices to around 103p for petrol and 104p for diesel, but experts predict prices will be even lower at many forecourts.
In May 2014, the new deal Gazprom signed to supply 38 billion cubic meters (bcm), which is about the amount NY state uses annually, of natural gas to China each year for the next 30 years changed the world more than anyone may have anticipated. It’s not just because it took 10 years to negotiate or was estimated to be worth about $400 billion at the time, but it seems to be the catalyst that sparked the current global oil war. In the midst of economic slowdowns in Europe and Asia and new technologies catapulting the U.S. into a leading world oil producer, OPEC decided to stop supporting oil prices and maintain market share by increasing oil production.
The search continues for 23 people still missing after a fire ripped through a platform in Azerbaijan.
Enquest reached a major production milestone, delivering its first individual day's production total of more than 50,000 barrels.
OPEC has seemingly dropped any attempt at trying to fulfill its founding mission and manage the oil market, sending global benchmark Brent crude to a six-year low. For Saudi Arabia’s Ali al-Naimi, the most powerful and longest- serving of the group’s oil ministers, it may have seemed like history was repeating itself.
Seven of the most dangerous countries for travellers next year have been identified by an company that advises oil gas workers abroad.
On Friday, OPEC concluded its 168th Meeting of the Oil Production and Exporting Countries Conference, with members agreeing to effectively abandon the 30 million barrel per day (mmbbl/d) production limit which has been in place since 2011. Brent crude, the international standard benchmark, fell some 3.23% on Monday to the lowest front month futures price since late 2008.
Air travellers are used to captain’s warnings of the potential for turbulence – most are accustomed to considerable ups and downs, with crew and passengers remaining calm and arriving at their destination without the onset of panic. There are however times when one or two can’t take the rocky ride in their stride and scream, unsettling everyone. COP21, the Paris Climate Conference, is the result of considerable scientific research and debate, and a great deal of political posturing - some people are taking absolute positions, some people inducing panic and others even declaring the end is nigh.
Wood Group has won a brownfield contract with ConocoPhillips for its assets in Australia.
Robert Gordon University (RGU) has appointed two former industry leaders to its Oil and Gas Institute (OGI).
Independent Oil and Gas (IOG)secured the final £4.75million needed for its North Sea Skipper well.
Charter rates for North Sea supply boats and anchor handlers are now so low that most vessels are sailing at a loss and, in some instances, apparently with “insufficient crew and fuel” aboard. It means that the companies that own them are in danger of sinking into a mire of debt and default; even going bankrupt or being forced into mergers. It is claimed there are now so few British seafarers on the ships . . . they are being replaced by cheap, Third World labour . . . that they have become an “endangered species”, according to a leading North Sea trade unionist.
An outspoken critic of windfarms has called for the resignation of Energy Minister, Fergus Ewing, following a court's criticism of the Scottish Government's handling of a controversial planning application for one of the region's biggest schemes.
Growth in the economy of the north-east is set to hit reverse as the effects of the plummeting price of oil and gas is starting to “bite”, economists have warned.
An Aberdeen firm whose owner collapsed into administration is still going strong after winning a £1.5million contract in Nigeria.
Oil extended losses below $40 a barrel amid speculation a record global glut will be prolonged as OPEC abandoned its long-time strategy of limiting production to control prices.
High winds that have battered Scotland this winter have pushed its turbine power output up by two-fifths - providing more than enough electricity to fuel every domestic property, an environment charity has found.
OPEC looked on track to maintain the status quo after member states clashed over oil production policy at an unusual informal gathering before the group’s official meeting in Vienna today.
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