Nigeria and Angola face oil price squeeze
Nigeria and Angola face particular pressures as a result of the oil price crash, a new report from Verisk Maplecroft has warned.
Coronavirus
Norway’s rare tax changes to save oil industry would be ‘very welcome’ in UK, says expert
Norway has outlined plans for “extremely rare” changes to its tax regime to save the crisis-hit oil industry which would be “very welcome” for UK firms, according to an expert.
RockRose Energy slashes spending and cuts number of North Sea wells for 2020
RockRose Energy has slashed spending for 2020 by more than £80m in response to the Covid-19 outbreak and cut the number of UK wells it will participate in.
Updated: Shell cuts dividend for first time since 1940s in ‘prudent’ move to bolster finances
Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty.
Ithaca still eyeing Captain EOR project in 2020 but new infrastructure firm ‘on ice’
Ithaca Energy is still planning to move ahead with a project to boost production from one of its flagship North Sea fields this year, despite deferrals and slashed spending.
Valaris sets out plans to cut up to 332 jobs
Drilling firm Valaris has set out plans to cut up to 332 jobs across its offshore rig fleet as contracts are cancelled amid the Covid-19 pandemic.
Oil price rises amid output cuts and early signs of demand recovery
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Room to run for Renergen
Renergen’s Virginia project in South Africa has some of the hallmarks of a classic small-scale gas production plan, but with the added wrinkle of a shift to helium.
Crude Intentions: Collaboration will assure the oil markets recovery
Production cuts may not be enough to rebalance the market now, but they can help its recovery in the second half of 2020 according to Boris Ivanov, Founder and Managing Director of GPB Global Resources.
COVID-19 and the Crown Preference conundrum
The UK government has in the past month or so adopted a number of extraordinary measures designed to support UK businesses throughout the COVID-19 storm.
Vattenfall shoots to Q1 profit despite impact of Covid-19
Swedish renewable energy firm Vattenfall has announced healthy Q1 profits despite the overarching impact of the coronavirus outbreak.
ReconAfrica delays Namibia drill plans
Reconnaissance Energy Africa has pushed back plans to drill in Namibia until the second half of this year.
Impairments lead Ithaca Energy into the red while virus delays future projects
Impairments led North Sea operator Ithaca Energy to a £111.4m pre-tax loss in 2019, while the Covid-19 outbreak threatens delays to future projects.
EnQuest to axe hundreds of UK roles
The struggling UK oil and gas sector was dealt another blow on Tuesday as EnQuest confirmed it expected to cut 530 positions.
BP using ‘lessons’ from Deepwater Horizon to weather Covid-19 crisis
Energy giant BP has told investors it is using business lessons from the aftermath of the Deepwater Horizon disaster to weather the current Covid-19 crisis.
Job security ‘is a major concern’ says BP chief, but gives no answer on potential cuts
The chief executive of BP has said “job security is going to be a major concern” amid the Covid-19 pandemic but gave no answers on any potential cuts the energy giant might make.
Archer finances ‘robust’ after completing debt refinancing
Drilling contractor Archer has said a newly-completed debt refinancing will help it withstand a “meaningful drop in activity”.
Coronavirus strikes Total in Congo
Total has reported 14 cases of coronavirus at its sites in Congo Brazzaville, including two employees of Total E&P Congo.
Up to 30k oil jobs could be lost as Covid-19 energy sector impact deepens, OGUK report warns
Up to 30,000 oil jobs are predicted to go, along with billions of pounds in investment, due to Covid-19 and a 20-year low in oil prices.
BP sinks to £3.6bn pre-tax loss as Covid-19 and oil price plummet take effect
Energy giant BP fell to a £3.6billion pre-tax loss in the first quarter of 2020 as the coronavirus and oil price slump made its impact on the business.
Infected Hurricane Energy worker recovers from Covid-19
An offshore worker who was evacuated from an installation west of Shetland in a “life and death situation” has now recovered after contracting the coronavirus.
Serpentina struck with multiple coronavirus cases
Equatorial Guinea recorded 30 cases of coronavirus at ExxonMobil's Serpentina floating production, storage and offloading (FPSO) facility over the weekend.
Offshore unions claim 3,500 UK workers ‘could be displaced by September’
Offshore unions have claimed more than 3,500 UK workers "could be displaced by September" amid the oil price crisis and called for an urgent summit with Westminster politicians.
FTSE 100 on the rise but Brent crude starts week in reverse
European markets started the week in positive territory, with all the leading financial indices enjoying gains yesterday.
Forced sales, mergers and consolidations on the cards for offshore vessel owners, says analyst
Forced vessel sales, mergers and consolidations are on the cards for the offshore industry as assets decline in value, according to a consultancy.