Indian takeover for Aberdeen subsidiary of collapsed subsea firm
An Aberdeen firm whose parent collapsed into administration amid the growing oil and gas crisis is under new Indian ownership.
Daily
Bosses in show of confidence over future oilfield service industry
A survey of 200 senior bosses of firms with operations or investments in the UK oilfield service industry has delivered a huge show of faith in its prospects.
Complaints about energy firms rose 23% last year
Customer complaints about energy firms leapt by almost a quarter last year, the Energy Ombudsman has said.
Aberdeen technology firm leaves investors £70million out of pocket
Technology firm Gas2 has left investors £70million out of pocket after going bust.
The Saudi debt secret that US treasury has kept for 41 years
It’s a secret of the vast U.S. Treasury market, a holdover from an age of oil shortages and mighty petrodollars: Just how much of America’s debt does Saudi Arabia own?
Saudi Aramco may open IPO to foreigners as it keeps output high
Saudi Arabian Oil Co. is pumping at high levels as it sees demand growing, and the state-run company may open a possible share offering to international investors.
North Dakota murder-for-hire trial due to start
The trial for an oil truck operator charged with masterminding the murders of an employee and business partner in North Dakota’s Bakken basin is due to start tomorrow.
Shareholders expected to seal BG, Shell deal this week
The biggest oil and gas deal in a decade is expected to get the nod of approval from shareholders this week.
Kuwait plans $100bn sovereign wealth fund, Al-Anba says
Kuwait plans a new state-owned fund to manage as much as $100 billion in local assets with the goal of selling them to private investors in five to seven years, Al- Anba newspaper reported.
Former oil worker launches petition for banker style bailout package
A former oil worker has started a petition calling for a rescue package for the UK oil and gas industry. Uchenna Nnamani, 36, worked in the sector until last year, when he was made redundant.
In pictures: Black-and-white images show America’s coal mining past
The University of Louisiana has been displaying dozens of black-and-white images taken more than 40 years ago documenting the living and working conditions of coal miners.
Video: Incredible time-lapse of Dana Petroleum’s Western Isles FPSO
This time-lapse footage shows the process and flare system modules being lifted onto the Western Isles development FPSO (floating production, storage and offloading vessel) which is being built by Cosco in China. (Operator Dana Petroleum 77% and CIECO 23%). The project is developing two oil fields called Harris and Barra in the Northern North Sea, 160km east of the Shetlands and 12km west of Tern field. It involves a subsea development of five production and four water injection wells tied back to a new Dana owned FPSO with oil export using shuttle tankers. First oil is expected in late 2017. (Video courtesy of Cosco).
Schlumberger cuts further 10,000 jobs, reports $1bn loss
Schlumberger said it cut a further 10,000 jobs while also reporting a loss of $1billion during the final quarter of last year. The oil field services company said its workforce has been reduced by more than 25%.
Ithaca Energy terminates contract for BW Athena FPSO
BW Offshore and Ithaca Energy said they have agreed on a termination of the FPSO, BW Athena.
Aberdeen’s City Region Deal ‘almost sealed’
The long-awaited City Region Deal for the north-east has been announced – and could be finalised within days. Scottish Secretary David Mundell said last night the “full details” of the investment would be revealed “shortly”.
North Sea drilling at record low spells end to region’s revival
The pace of drilling in the North Sea, the center of UK oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers to abandon costly projects. Just 63 percent of oil and gas rigs in the UK North Sea were being used as of Jan. 19, according to data provider RigLogix. That’s the lowest since the Houston-based company started tracking their operation in 2000. In the Norwegian North Sea, the 71 percent rate is also the worst on record.
Oil is ‘trade of the year’ for Citigroup after Iran export surge
Stick with oil, it’s could be the “trade of the year,” according to Citigroup Inc. The outlook for crude isn’t all bad, even as prices head for the worst start to a year since 1991 and there are dire warnings of the world drowning in supply. Forecasters from UBS Group AG to Societe Generale SA are predicting a rebound in the second half and Citigroup says the market just needs to weather a surge of exports from Iran after the removal of sanctions.
Opinion: An Aramco IPO won’t be oil market’s powerball jackpot
Saudi Arabia may not have the grip over oil prices that it once did, but it still knows how the prime the market. Earlier this month, Saudi’s deputy crown prince, Muhammad bin Salman, floated the idea to The Economist of a stock offering for Saudi Aramco, the state company that controls Saudi Arabia’s massive oil reserves.
Oil and gas women in the spotlight at Davos
Oil and gas firms are missing out on the benefits of diversity, with participation of women in the workforce lagging behind other major industries, a report says.
OPEC splits show at Davos as Nigeria debates with Saudi Arabia
Less than two months after OPEC nations sparred over oil policy in Vienna, they resumed the debate at Davos.
Schlumberger posts loss as oil rout forces deeper cuts
Schlumberger Ltd. posted a fourth-quarter loss as the company cut another 10,000 jobs and took a $1.46 a share charge to account for restructuring as the oil market downturn deepened.
Rowan wins BP contract, stacks two rigs
Rowan Companies has won a contract with oil major BP for one of its jackup rigs to be used in Trinidad.
BP’s Bob Dudley: This will be a year of halves for oil price
BP’s Bob Dudley said 2016 will be a year of halves for oil price.
Opinion: ‘I’m a lumberjack and I’m okay’
A North Sea skit as imagined by Professors Alex Russell and Peter Strachan of Robert Gordon University on behalf of the North Sea oil industry.
Rents down and less houses being sold, but Aberdeen bearing up in downturn
The Aberdeen property market is bearing up surprisingly well in the oil downturn, despite more houses sitting on the market and rents dropping by over £100 per month, say property experts.