Oil major BP’s profits in the third quarter of the year have dropped by 40%.
The company, which announced its third quarter results today, said its underlying profits came in at $1.8billion compared with more than $3billion a year ago.
The lower results, BP said, were primarily due to the effect of lower oil and gas prices.
In its downstream business the operator continued to see a strong performance which saw an increase in profit from $1.5billion last year to $2.3billion.
A freedom of information request (FOI) by environmental group Greenpeace has shown the amount of investment by energy companies at some UK universities topping more than £20million.
Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipbuilder, posted its second straight quarterly loss as a slump in oil prices increased costs for its offshore operations.
The third-quarter loss was 1.35 trillion won ($1.2 billion), compared with a 35.5 billion-won profit a year earlier, the company said in a regulatory filing Tuesday. That’s wider than the average 95.2 billion-won loss of eight analyst estimates compiled by Bloomberg. In the second quarter, Daewoo Shipbuilding posted a loss of 2.3 trillion won, its biggest ever.
Customers increasingly are asking global shipyards to delay delivery of ships and offshore rigs as weaker economic growth and sluggish oil prices make it difficult for them to pay for the projects.
A pipeline to America’s largest crude-oil hub is about to find itself in an unfamiliar position: not full.
One of the main pipelines that carries crude to Cushing, Oklahoma, will run at less than capacity in December for the first time in nearly two and a half years. The drop in supply coincides with the opening of a pipeline to Quebec, giving shippers the option of diverting some oil from the middle of the U.S.
“There will be less light sweet crude available to make its way to Cushing,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston. “There’s going to be some significant rebalancing of where oil flows in North America.”
Wood Group PSN (WGPSN) is in consultation with its staff over a move to three on, three off rotation on Shell assets in the North Sea.
The company said it was working with employees who would be affected by the changes as well as the oil major and unions.
Earlier this year Shell revealed it would be moving to a three on, three off shift pattern in January next year.
Before the Energy Transitions Commission was even launched here in Houston a few weeks ago, environmentalists had already dismissed it as a public relations ploy by major oil companies and other peddlers of fossil fuels.
They immediately questioned the climate change credentials of companies like Shell, which is one of the leaders of the initiative to help meet the energy needs of growing world population without damaging the environment beyond repair.
Just a few weeks ago, activists from the environmental community took to their kayaks and posed for pictures in front of Shell’s Polar Pioneer rig moored in Seattle. Paddles raised in defiance, they decried the company’s plans to drill in the Arctic.
Europa Oil & Gas said an independent assessment carried out on three prospects has estimated an un-risked net present value (NPV) of around $7billion.
The company said the estimate was made on three prospects on the Frontier exploration licence in the Porcupine basin, offshore Ireland.
It was also found on a risked NPV basis, there was a 100% working interest of $1.1billion.
Floating wind turbine technology is well placed to help oil and gas operators reduce the cost of recovery from reservoirs using water injection, according to an industry expert.
A new joint industry project - Win Win - being led by DNV GL, has brought together oil majors including ExxonMobil, ENI, Statoil, Nexen and VNG to share knowledge and pursue water injection in subsea reservoirs delivered by wind-power rather than traditional gas turbines.
The technology is seen as being cost-efficient, able to reduce an oil platform's carbon footprint and offers opportunities for one turbine to be used on multiple wells.
A Nigerian court declared the election of a governor in one of the country’s oil hubs as invalid due to irregularities.
A fresh vote has been called for within three months in the Rivers State region as concern is raised it could lead to tension.
It comes after former militants in the southern region said they might resume a fight for a greater share of oil revenues if President Muhammadu Buhari ends an amnesty due to expire in December.
Hibiscus Petroleum has spudded the Sea Lion well after the project was delayed.
The company’s subsidiary, Carnarvon Hibiscus, said the West Telestro drilling rig arrived at the site last week following a 196-mile tow from its original location.
The planned total depth of the well is 1,800metres with the exploration well expected to take up to 30 days.
Woodside Petroleum Ltd. Chief Executive Officer Peter Coleman sees more time, not money, as the key to securing a takeover of Oil Search Ltd.
“You don’t always have to sweeten deals,” Coleman said in an interview with Bloomberg TV’s Angie Lau on Monday. “What happens is that over time, expectations come together. You’re starting to see some M&A activity in Australia post the approach we made to Oil Search and you can see that peoples’ view of the world is starting to get a little closer.”
Oil swung between gains and losses near the lowest closing price in almost four weeks as investors weighed a slowing pace of U.S. drilling-rig reductions against an interest rate cut in China.
Futures in New York rose as much as 0.5 percent and fell as much as 0.4 percent. The number of active machines targeting oil dropped by 1 through Oct. 23 after declining by 45 over the prior three weeks, according to Baker Hughes Inc. China, the world’s second-biggest crude consumer, stepped up monetary easing with its sixth interest-rate cut in a year on Friday to combat deflationary pressures and a slowing economy.
Oil is failing to sustain a rally earlier this month above $50 a barrel as surging U.S. inventories bolstered speculation that a global glut will be prolonged. World crude supplies will remain ample until at least the middle of 2016 while investments in the industry is set to shrink further, International Energy Agency Executive Director Fatih Birol said in Singapore on Monday.
North Sea helicopter operator CHC is leading the way with innovative new technology offshore.
The company has replaced paper documents to create an Electronic Flight Bag (EFB).
It combines pilot logs, flight procedures and other documents in the field onto one tablet device which pilots can use when flying to different North Sea destinations.
Fracking could have a detrimental impact on the North-east oil and gas industry, an Aberdeen academic has warned.
The onshore fracking process has led to huge public protests over the potential environmental impact of blasting gas from shale rock using water and sand, including a major demonstration at Barton Moss in Greater Manchester.
Professor of petroleum accounting at Robert Gordon University, Alex Russell, has said fracking could have a hugely detrimental impact on Aberdeen’s position as Europe’s oil and gas capital.
A busy Offshore Europe event delivered “staggering” occupancy levels for Aberdeen hotels, but failed to reverse an ongoing decline due to the oil price crash, new figures show.
In what is the first report on the Granite city’s hotel trade for the key month of September 2015, LJ Research found that room occupancy fell 12.8% despite reaching 99% capacity halfway through oil week.
The report also found that hotel room yields in the month were down 13.8% on September 2013 – the last time Aberdeen hosted the biennial oil and gas event.
The UK treasury made a multimillion-pound loss on North Sea oil and gas for the first time in 40 years.
Thanks to the plummeting oil price, dipping government revenues were outweighed by repayments to producers in the first six months of this financial year.
It is thought to be the first loss recorded over a six-month period since the industry was established.
Scottish energy minister Fergus Ewing insisted that oil and gas could proposer for decades in the North Sea – but opposition parties suggested the revelation reflected the benefits of being part of the UK.
With oil prices still wobbling around $50, Norway is in danger of a recession that could drive its benchmark interest rates, already at a record low, to zero.
That’s what economists at Svenska Handelsbanken AB in Oslo say as they warn that “recessionary risks are significant.” The central bank in September cut rates to 0.75 percent and signaled more than a 50 percent chance for a third reduction since the drop in oil prices accelerated, about a year ago. Handelsbanken sees three cuts next year, bringing the benchmark to zero by the end of 2016.
“The Norwegian economy will now experience a deeper downturn than during the financial crisis, with output expected to stay below its potential for longer than it did last time,” Kari Due-Andresen and Knut Anton Mork, economists at Handelsbanken, wrote in their latest report.
The grandchildren of a British man who reportedly faces 350 lashes for breaking the law in Saudi Arabia have appealed directly to David Cameron as “his only hope”.
Karl Andree, who has battled cancer and suffers from asthma, was arrested in Jeddah in August last year for breaching the country’s strict anti-alcohol laws after he was caught with home-made wine.
The 74 year old has served his time in jail but is still locked up as Saudi officials wait to carry out the lashings, according to his son Simon Andree.
Petrobras has cancelled an ongoing tender for heavy and medium helicopters used in its offshore operations.
Era Group said Aeroleo Taxi Aero, its Brazilian joint venture, had received notification after Petrobras has carried out a review of its aviation needs.
It was concluded no additional contract was needed amid the challenges of the current marketplace.
Trade union members from Unite have voted in favour of strike action.
The catering and auxillary staff have been in dispute with COTA (Catering Offshore Trade Association) over a pay freeze.
The next move will be determined shortly, Unite said, in a short statement.
