Colombia is importing crude for the first time in more than two years as South America’s third-largest crude producer capitalizes on an abundance of higher-quality light grades on the global market.
Crude halted its advance as investors weighed data that showed U.S. payrolls rose less than projected against signs that U.S. production may slow.
The Forth rail bridge has been voted Scotland’s favourite example of engineering.
Oil and gas firms are struggling to work together better in order to maximise recovery in the North Sea, a new report has found. Deloitte’s survey of oil and gas operators and oilfield services companies revealed that a lack of effective supply chain collaboration means companies are missing out on maximising the potential value from the region. While 74% of respondents said collaboration was an “integral” part of their day-to-day business, only 27% reported that their efforts have resulted in a successful outcome, the report found.
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When Atlantis Resources finally completes its world beating tidal energy development in the North of Scotland, don’t expect exciting photo opportunities to mark the occasion - there’ll be nothing to see. Atlantis’ huge MeyGen project in the Pentland firth will be the world’s biggest tidal project: up to 269 turbines providing almost 400MW - enough electricity for 175,000 Scottish homes. But all that power and infrastructure won’t be visible from the nearby Caithness and Orkney shorelines because all the action takes place below the waves.
President Muhammadu Buhari’s decision to control Nigeria’s oil industry emphasises the significance that the sector has for the country.
The North Sea has continued to make headlines over the summer; mostly for the wrong reasons. But amid the doom and gloom of media reports lamenting the terminal influence of a low oil price, there have been glimmers of good news.
Technip has been awarded a contract from Shell Offshore for the development of subsea infrastructure for the Stones project in the Gulf of Mexico. The company said included in the service are two subsea production tie-backs to the Floating Production, Storage and Offloading (FPSO) vessel. The Stones field is located in the Walker Ridge area in the US Gulf of Mexico at a water depth of 2,930metres along the pipelay route.
Oil’s holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound’s round the corner. The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, China’s imports have slowed and US crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, US benchmark prices have held steady for more than four weeks since plunging to a six- year low at the end of August.
Over 100 jobs could be at risk in Aberdeen due to proposed cuts to the feed-in tariff for solar energy projects, a trade body has warned. The Solar Trade Association warned the jobs of up to 27,000 people employed in the solar energy sector and its supply chain are under threat around the UK, with as many as 2,400 of the 3,000 solar jobs in Scotland at risk. The Department of Energy and Climate Change (Decc) proposed at the end of August to cut the tariff paid for electricity generated by solar rooftop panels by 87% - from 12.4p to 1.6p.
Tag Oil said its chief operating officer has resigned from his post. Frank Jacobs said he was standing down from the role to pursue other opportunities elsewhere.
Otto Energy has made a final payment of $7million to Great Bear Petroleum to earn entry into two area of the Alaskan North Slope acreage. The company’s payment will see it take an 8% share and 10.8% working interest in the assets. Otto said the decision to make the final investment follows extensive due diligence and field trips to the Alaskan North Slope by the company.
ExxonMobil has been fined $2.63million for spilling crude oil in an Arkansas residential area two years ago. The company was hit with the cash penalty by the US pipeline safety office, the regulator said yesterday.
Repsol plans to reduce its headcount by 1,500 position over the next three years in a bid to streamline costs. The move comes in the same week oil major Shell said it would be cutting 1,300 jobs over the next two years in Malaysia.
Shares in Tullow Oil closed 9.6% higher last night after the London-listed firm said that its credit facilities remain unchanged following an asset assessment. The company said that it demonstrates the continued support of its lending banks during this period of low oil prices.
Somewhere amid the maze of wells that Murphy Oil Corp. has scattered across Texas’s sprawling Eagle Ford shale formation, Brett Pennington is carrying out a little experiment.
Oil rose amid signs of stabilisation in China, the world’s second-biggest user, and as US and OPEC production slowed.
Statoil’s latest North Sea wildcat well has come back dry.
$45 oil has been good to the Serica Energy chairman.
The U.S. energy industry missed an opportunity to help shape the Obama Administration’s climate change policy. Big producers like Exxon Mobil and Chevron have largely shunned efforts by their European counterparts to develop a common stance on climate change that could influence policy.
Well it is official, summer is over, autumn is here and winter is coming.
Helen Dickson, a corporate transactional lawyer with Burness Paull, explains how the offshore contracting industry is being hit by a perfect storm of lower margins, higher risk and squeezed staff numbers.
Wall Street stocks rose across the board following big gains in Asia and Europe, a buoyant end to the worst quarter for the market in four years.
The hunt is on for potential winners of the 2016 Offshore Achievement Awards (OAAs) in a timely reminder of “great success stories” still happening in the energy industry despite its woes.