In the first 7 days of 2016, the S&P GSCI Crude Oil Excess Return lost 17.8%, making it the worst start for oil in history. Now the index has recorded a new maximum drawdown of 92.8% since its peak on July 3, 2008.
Bank of England policymakers are expected to keep interest rates at record lows today, in the wake of the increasing likelihood that the UK economy will be shown to have slowed down last year.
Exploration and appraisal drilling in the UK North Sea went down in 2015, new figures show. A dozen exploration wells were drilled in the North Sea last year, one fewer than in 2014, according to UK Government statistics published this week. Offshore appraisal drilling decreased from 14 two years ago to 12 in 2015.
It’s hard to believe that four years ago, I stepped into the role here at Step Change in Safety. Like my New Year’s resolutions, my hopes and the reality didn’t always align. Since day one, there have been many successes and Step Change’s strategic priorities have evolved. But, sadly, there have been tragic and stark reminders of just how much is still to be done.
Premier Oil this morning confirmed its shares had been suspended from the London Stock Exchange ahead of a potential takeover.
Independent Oil and Gas (IOG) today confirmed oil skimming the $30 mark has forced it to delay drilling the appraisal well for its North Sea Skipper licence.
Nicola Sturgeon has admitted the oil industry in the north-east is now in crisis – despite one of her own MSPs claiming it was “booming” just days ago.
The world mostly ignored Ed Morse 11 months ago when the head of commodities research at Citigroup said oil could drop as low as $20.
There is little doubt that the ongoing period of low global prices poses significant challenges for the oil and gas sector and our thoughts remain with the workers, such as those facing redundancy at BP, who have been affected.
Job losses could continue throughout much of the year, as more projects are postponed amid the continued low oil price, according to a leading petroleum economist. Professor Alex Kemp of the University of Aberdeen, said the current oil price combined with strong supplies in Saudi Arabia and Russia, was likely to create more pressures on the North Sea.
A shut down of a North Sea platform has moved into its eighteenth day after a suspected gas leak. Production was suspended on Boxing Day while a “comprehensive” investigation continues into the incident. The platform normally produces 21,000boepd – with an estimated 378,000 barrels on hold until operations have resumed.
An oil worker has used one of the most iconic films to create an alternate world offshore. Craig Mann used some of the most notable characters from the films and photo shopped them on to oil rigs docked up in Cromarty Firth.
Oil major BP has today informed staff members of plans to slash its North Sea headcount by 20% amid “toughening market conditions”. About 600 of the 3,000 staff members and agency contractors tied to the company’s North Sea operations will be made redundant, a spokesman for the company said. Of the 3,000 staff members, 1,800 work in Aberdeen, 500 are employed offshore, 200 are based at Sullom Voe on Shetland, 200 are in the Grangemouth area, while a further 250 are in South Korea on contracts linked to BP’s Quad 204 and Claire Ridge developments.
Ithaca today confirmed the start-up of its Greater Stella Development would be delayed until the third quarter of this year.
Faroe Petroleum today confirmed it had kick-started its drilling campaign in the Norwegian Barents Sea.
Norwegian boutique shipping and offshore specialist law firm Wikborg Rein warns in a commentary that Chinese yards that grabbed a stack of drilling rig orders prior to the current oil price crash now face terrible times.
Gadeco was forced to forfeit 800 barrels of oil after an “error” led the firm to drill in the wrong place.
The Scottish economy slowed in the final quarter of 2015 with confidence in international markets and a drop in the oil industry constraining growth, according to economic researchers.
Oil extended declines from the lowest close in more than 12 years before U.S. government data forecast to show crude supplies expanded, exacerbating a global glut.
The Offshore Contractors Association and the oil and gas industry breathed a sigh of relief on Friday, when the long awaited outcome of the trade union ballot on the latest and what was reported to be final offer on terms and conditions of employment for offshore workers, was finally approved.
The shortlist for a leading offshore industry awards scheme has been selected from a record number of applicants. Around 100 hopefuls submitted entries for the 2016 Offshore Achievement Awards (OAA), a record since the awards were re-launched in 2011 by the Society of Petroleum Engineers (SPE) Aberdeen Section.
Here's a birds eye view of what it's like to take off from a North Sea platform.
A professor claims the creation of man-made ‘energy islands’ which would be anchored in the North Sea and the English Channel could help the world meet increasing power demands. University of Portsmouth Professor Carl Ross said the floating islands would be attached to the sea by tubular pillars with vacuum chambers in their bases, similar to offshore drilling rigs. The ocean engineer estimated around 120 islands could be dotted on around the UK and would sit around five miles out from the coast line.
Norwegian Energy Company ASA (Noreco) today confirmed it was forced to exit the North Sea’s Huntington field, after its licence partners served up a final notice.