Amec Foster Wheeler to target cost savings of $180million by 2017
Amec Foster Wheeler said it plans to increase its cost savings target to $180million in the next two years.
Daily
Search continues for pilots after helicopter crashes offshore India
A helicopter has crashed into the Arabian Sea shortly after take-off from an offshore installation owned by ONGC (Oil & Natural Gas Corporation). Two pilots are said to be missing after the helicopter,owned by India’s Pawan Hans,crashed. An Indian defence spokesman said debris has now been recovered including what appears to be the aircraft's door and some other debris.
Transocean’s revenues fall by 29%
Transocean’s revenues have fallen 29% in the third quarter of the year as the company continues to be challenged by the decline in oil price. The oil driller said fleet utilisation was down to 70% compared with 75% in the previous quarter and the year-ago period. The company has already reduced its number of rigs taking a number out of service as well as scrapping others.
Apache discoveries a “morale boost” for the North Sea
Apache’s further oil discoveries in the North Sea are a real “morale boost” for the sector, according to the chief executive of Oil & Gas UK. Deirdre Michie spoke to Energy Voice on the back of last month’s announcement of up to 70million barrels of recoverable oil in the North Sea. US-based Apache Corporation announced finds on two exploration wells in the Beryl area and a “large” discovery at its Seagull prospect about 50 miles south of its huge Forties Field.
Opinion: It’s good to talk about data security
Although the recent data breach of four million customers has placed Talk Talk in the media limelight, it’s by no means the only organisation to have had its security compromised in 2015. Every second of everyday a hacker is trying to infiltrate company networks and, with alarming regularity, we are seeing them succeed. Despite this, it’s not all doom and gloom. The Talk Talk, Ashley Madison and Barclays breaches have generated more than just concern and panic. They have generated awareness. The more businesses know what to look out for and know how to protect themselves, the less likely a hacker is to succeed. Knowledge is power, as they say, and in this case it couldn’t be truer. Simple precautions can help, and everyone can benefit from straightforward advice.
Experts lower their expectation for Scottish growth on lower oil price
An ailing oil and gas industry has forced experts to lower their expectations for economic growth across the whole of Scotland during 2015. Brian Ashcroft, emeritus professor of economics at Strathclyde University said yesterday the downturn offshore was stifling onshore service businesses throughout the country. He was speaking after the university’s Fraser of Allander Institute – an economic think-tank – delivered its latest commentary on the state of Scotland’s finances.
OGUK calls for positive approach at Share Fair, reveals new initiatives
The head of Oil and Gas UK (OGUK) yesterday urged companies to drop “cynicism” and embrace the new way of working after the trade body unveiled a number of new initiatives at an annual business event. OGUK’s Share Fair aims to stoke collaboration and drum up business by giving supply chain companies a rare chance to have one-to-one interviews with operators’ decision makers throughout the day, in a format not dissimilar to speed-dating. OGUK chief executive Deirdre Michie said that while the attendance was down slightly on previous years, a turnout of 900 plus was still very good and showed the industry is trying to improve the difficult situation it finds itself in.
RMT warning for Oil and Gas Authority
The Oil and Gas Authority (OGA) will struggle to revitalise exploration if the industry continues to haemorrhage jobs and skills, the RMT union warned yesterday. RMT also said the new regulator – launched earlier this year – could be hampered in its attempts to stimulate investment in the sector by firms undermining collective bargaining deals. And it urged the OGA to “get an early grip” on growing maintenance backlogs which threatened safety and the long-term future of North Sea production.
Exclusive: Chevron considers 140 job losses across its North Sea operations
Oil major Chevron is reviewing up to 140 positions across its North Sea operations as it looks to streamline costs.
Opinion: Slashing apprentices can be a false economy
At a time where oil and gas companies across the globe are being affected by the commodity price downturn, many have developed and implemented contingency plans which have seen the selling off of low-profit subsidiary companies, enforced wage cuts, the loss of experienced personnel, a reduction in marketing budgets, and even the cutting of apprenticeship and graduate programmes. It’s a bit of an understatement to say that there’s a huge cloud over the whole industry right now as chief executives worry about keeping their businesses afloat but it’s that last example, the loss of the next generation of oil and gas workers that we need to put higher up the industry’s priority list if we are to ensure the sector has a sustainable future. In order to secure the future of the North Sea oil and gas industry, we need to continue empowering and encouraging a steady pipeline of talent to come through even in challenging times. Past experience has shown us that ignoring this can lead to bigger and more costly issues in the long term.
Opinion: Oil services cut out the fat in 2015 but can’t avoid muscle next year
The year 2015 has been extremely tough for the oil and gas service and supply industry, its companies and people.
Billionaire Roekke’s Det Norske widens loss amid crude collapse
Det Norske Oljeselskap ASA, the oil company controlled by Norwegian billionaire Kjell Inge Roekke, deepened losses in the third quarter after booking an impairment due to lower crude-price assumptions.
Petrobras output cut as oil workers strike against austerity
Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike for the third day to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses, the country’s main oil union said Tuesday.
Video: Statoil sets its sight on global wind market in Japan and US
Statoil's flagship Hywind project could be replicated in regions such as the US and Japan, according to the company's head of asset management.
North Sea fields face more job cuts as slump impairs viability, says Sir Ian Wood
The UK’s North Sea oil industry is suffering more than any other from the slump in crude, according to Ian Wood, whose family founded oil-services group Wood Group Plc.
Shell appoints new director as part of upstream reshuffle
Shell has appointed Maarten Wetselaar integrated gas director as part of a wider upstream reorganisation.
Rig ‘Graveyard’ looms as Statoil cuts North Sea drillers loose
The pressure is building on North Sea drillers starved of contracts as Statoil ASA deepens cuts in investment to cope with a collapse in crude prices.
Statoil makes final investment decision for North Sea first
Statoil has made the final investment decision for its Hywind pilot park in the North Sea.
Shell fails to clean four Nigeria oil spill sites, Amnesty says
Royal Dutch Shell Plc has failed to clean up four oil-spill sites in the crude-producing Niger River delta, three of which an under-resourced Nigerian regulator dealing with leakages said had been decontaminated, Amnesty International said in a report on Tuesday.
Video: The Queen switches flow of oil from Forties field
Oil major BP celebrated a milestone for the fledgling North Sea oil and gas industry 40 years ago today as The Queen opened the operation of the UK's first oil pipeline. This video captures footage of Aberdeen as the city transcended from the fishing industry to energy. The 130-mile pipeline from Cruden Bay to Grangemouth was built by BP serving the Forties oilfield 110 miles east of Aberdeen.
First Hose sold in £6million deal
An Aberdeen-based supplier of hoses to the offshore oil and gas industry has been sold to a Swedish industrial firm in a deal worth up to £6million.
OPEC seen staying put on output by oil guru who called 2014 rout
OPEC will probably hold production steady at its meeting next month as the gap between supply and demand for oil closes, according to the analyst who correctly predicted last year’s rout in prices.
Shell divests major downstream assets
Shell has sold off parts of its global downstream portfolio in the wake of disappointing financial results.
Akastor confirms further job losses
Akastor confirmed it would continue to cut employee numbers, reaching an overall reduction of 33%.
Industry plagued by “optimism bias” on big project start-ups
A continued "optimism bias" on projects is challenging the industry to deliver on time, according to leading major projects experts.