2016 may prove a year in which the theoretical underpinnings of the old adage that "the best cure for low prices is low prices" is challenged, according to Morgan Stanley.
Almost 3,000 rescuers have been dispatched to the southern Chinese city of Shenzhen to search for survivors of the Sunday landslide that’s left dozens missing at a local industrial park.
Maersk Oil confirmed in August that it would invest $4.5billion in its high pressure, high temperature Culzean field in the UK Central North Sea. Technically challenging, Culzean will be a flagship development for the North Sea in years to come.
Noreco Norway today confirmed it had entered into a sale for all of its exploration licence interests, organisation and management systems.
Brent crude slumped to the lowest level since 2004 amid speculation suppliers from the Middle East to the U.S. will exacerbate a record glut as they continue fighting for market share.
We talk about “managing the survivors” when we talk about those left behind post redundancies.
In the movie musical Grease it was Olivia Newton John who said it best: “You better shape up”.
US defence giant Lockheed Martin has been commissioned to investigate how technology developed at NASA can unlock £1billion of savings in maintaining aging oil and gas assets.
Multi-national firms including a number of oil and gas companies have been allocated ministerial “buddies” to allow improved access to government.
Scottish entrepreneur Stuart MacBride follows a distinct set of rules.
Who would have thought in the summer of 2014 that the industry would long for the oil price to recover to $61 per barrel?
UKOG (UK Oil & Gas) said it has received final regulatory consent from the OGA (Oil and Gas Authority) to acquire a further 10% interest in the Weald Basin licence PEDL143. The company will make the move via a farm-in with Warwick Energy Exploration and Production Limited previously announce last month.
Sensor technology inspired by Bottlenose Dolphins could help extend the life of oil and gas pipelines by using ROV's (Remotely Operated Vehicles) to detect blockages, according to new research. The initiative, carried out by Heriot-Watt's University's Ocean Systems Laboratory, Hydrasun Solutions and CENSIS, will develop an enhanced wide-band sonar system based on the principles of the marine mammal's detection capabilities.
Cameron said its shareholders have approved a bid by oil services giant Schlumberger to take over the company in a deal worth $12.7billion. The transaction is expected to be completed by next year.
OMV has awarded DOF Subsea a contract to complete a mooring upgrade on its FPSO (Floating, Storage, Offloading and Production) vessel in the Maari oilfield. The upgrade work at the Maari system, off New Zealand is expected to cost around $60million in total. It is expected to be carried out between February and April next year and will help future proof the mooring system for the next decade.
Transocean said the stock exchange in Switzerland has approved the company's application to delist its shares. The company, which yesterday announced a contract win with Faroe Petroleum, said the SIX delisting will come into affect from the end of March next year.
Oil firm Total will appear in court next week charged in connection with a major gas leak on one of its North Sea installations. In March 2012, all 238 workers on board the Elgin platform had to be evacuated as gas started spewing out of the G4 well at the rate of two tonnes an hour. At one point, about seven million cubic feet of gas was leaking from the platform every day.
Vattenfall is in the midst of a restructuring after being hit by massive write-downs in the value of its traditional generation business as well as a fall in energy prices. The utility, which is wholly owned by the Swedish state, was affected by £3billion write-downs on its coal and gas-fired assets in Europe in 2013.
Despite the oil price scrapping new lows, Hilcorp Energy is handing all of its employees $100,000 bonuses this Christmas.
Atlantis Resources has struck a deal to acquire two projects from Scottish Power Renewables UK for its tidal development company. The deal for Tidal Power Scotland (TPSL) is estimated to be around £6.6million, or 3,859,703 shares, which equates to around 6% of the issued share capital. Atlantis said as part of the transaction, TPSL will acquire Scottish Power Renewables entire tidal portfolio, comprising the 10MW Sound of Islay site and the 100MW Ness of Dunscaby site.
Faroe Petroleum said it has struck a deal with Transocean for the lease of the company’s semi-submersible Arctic drilling rig as well as revealing production has resumed from the Enoch field in the North Sea. The company said the deal will see the rig used on the Brasse exploration well in the Norwegian North Sea in which it has a 50% stake. The deal comes as production from the Enoch field recommences following an extended period of shut-in for repair and maintenance.
This footage shows a huge waves hitting a North Sea platform during harsh weather.
Aberdeen councillors have given unanimous backing to a new vision for the north-east economy for the next 20 years. Members agreed the Regional Economic Strategy at a meeting of the full council yesterday. The plan has been drawn up during a downturn in the North Sea offshore industry and amid tumbling global oil prices.
Donald Trump last night instructed his lawyers to take his fight against an offshore windfarm to the European Court of Justice. The Supreme Court in London – the highest court in the land – yesterday announced it had rejected the US businessman’s appeal against the Scottish Government’s approval of the 11-turbine project at Aberdeen Bay. Vattenfall and Aberdeen Renewable Energy Group (AREG), partners of Aberdeen Offshore Wind Farm Ltd (AOWFL), welcomed the decision and reaffirmed their commitment to the project – with campaigners also hailing the victory for renewable energy.
The international community must take concerted action to “choke off” funding to Islamic State (IS), Britain has warned. Chancellor George Osborne and Foreign Secretary Philip Hammond said it was essential that jihadists - who have seized control of vast oilfields in Syria and Iraq - were isolated from the international financial system. Writing in The Daily Telegraph ahead of a meeting of United Nations Security Council finance ministers in New York to discuss action against IS, they said weaknesses in IS’ funding network must be exploited.