Windfall tax changes to ‘hasten demise’ of North Sea
North Sea observers decry "utter economic insanity" as UK government confirms windfall tax increase and extension to March 2030.
Ashley Kelty
Perenco swipes left on Etinde
Bowleven CEO Eli Chahin said the termination of the deal was “unfortunate as we believed it could have represented an opportunity to accelerate development progress at Etinde”.
Stay away from KRG producers, analyst warns investors
“We have cut all non-essential activity and significantly reduced spend, while developing a new source of income through domestic sales,” said Weir.
Energy costs ‘wildcard’ and an upcoming election
While the past year has been one of highs and lows, the next twelve months look set to offer more of the same.
Shifting Netherlands debt ‘positive update’ for Kistos amid Shetland Gas Plant shutdown
Kistos (KIST.L) has paid its outstanding bond debt in the Netherlands, creating an opportunity for the firm to return more cash to shareholders, said an industry analyst.
Tullow cuts production hopes, boosts bond buybacks
“The wider refinancing continues, and while the overall cost of the debt has increased, the maturity of the debt has been extended, which takes pressure off the balance sheet in the near term,” Kelty said.
Analysts: Laggan-Tormore, Clair Ridge among potential targets for Viaro
A handful of West of Shetland assets have been highlighted by industry experts as potential acquisition targets for Viaro Energy.
Oil buoys Seplat, but pipelines and politics pose problems
Last year, theft on the Nembe Creek Trunk Line (NCTL) and Trans Niger Pipeline ranged from 30% to 90%.
Wood shares soar on takeover approach from US private-equity firm
Aberdeen-headquartered Wood Group (LON: WG) has knocked back three takeover attempts by an American private-equity firm.
North Sea firms ‘concerned’ over further windfall tax changes under Labour
Already reeling from the impact of the windfall tax levy, some North Sea firms are reportedly adjusting plans in expectation of losing investment incentives under a Labour government.
Amid faltering TEN expansion, Tullow accelerates Jubilee SE
Tullow Oil expects to begin drilling wells on Jubilee South East this quarter, with the aim of boosting production beyond 100,000 barrels per day in 2025.
Jersey making ‘great progress’ in finding partner for GBA redevelopment
Jersey Oil and Gas is making “great progress” in its quest to find a partner for the Greater Buchan Area (GBA) redevelopment.
The FPSO is away, but will the BP Foinaven field be redeveloped?
A permanent feature of the West of Shetland for many years, the Foinaven vessel recently left the namesake BP field for the last time.
From windfall tax to transition deal: Johnson’s energy record as PM heads for the door
Like much of his tenure as Prime Minister, Boris Johnson’s relationship with the energy sector has been somewhat rocky.
Savannah signs second Nigerian gas sales deal this year
Savannah Energy has signed a second gas sales agreement this year via its Accugas subsidiary.
Windfall tax: What is the Treasury’s so-called ‘normal’ oil price?
As industry grapples with the newly-imposed windfall tax, questions linger on the government's view of a so-called "normal" price for oil and gas.
BP, Shell to count cost of Russian exit but record cash flow set to continue
Next week will see supermajors BP and Shell publish results for one of the most turbulent quarters in recent memory, as they each look to reconcile continued bumper cash flows with the write-down of Russian investments.
With the Cambo licence due to expire soon, what options are open to Siccar Point?
While the future of the Cambo project remains on hold, Siccar Point Energy’s intentions for the scheme could soon become clearer.
Analyst: Cambo decision means Shell likely sees UKCS as a ‘difficult place to invest’
Shell’s shock decision to back out of the contentious Cambo field caps a tough few months for the oil giant, as far as the North Sea goes.
Jackdaw rejection likely a ‘politically driven decision’, claims analyst
The UK regulator’s decision not to approve Shell’s Jackdaw plan could have been impacted by the ongoing Cambo storm, an analyst has claimed.
‘Another twitch in the death throes’ for Hurricane Energy
A major downgrade in reserves, a written-off discovery and warnings of a shareholder wipeout are a “real blow to investors and debt holders” of Hurricane Energy, an analyst has said.
CEO exit a ‘big blow’ for Hurricane
Robert Trice’s exit from Hurricane Energy is “disappointing news” and a “big blow” for the company, an analyst has said.
More than a dozen North Sea projects face red light due to oil price plummet
More than a dozen UK North Sea projects are facing deferral in light of the oil price drop, an analyst has predicted.
Halliburton-TechnipFMC deal: ‘Creating another giant’ comes with uncertainty, experts claim
North Sea job losses could be a potential outcome of “creating another giant” in the oilfield services sector, a top energy consultant said yesterday,
‘Knee-jerk reaction’ from investors led to Hurricane Energy’s 20% share price slide
A “knee-jerk” reaction from investors to a combination of factors including recent results, Brexit and the coronavirus have been blamed for a 20% slide in Hurricane Energy’s share price.