Oil market faces bigger surplus even as China reopens
Global oil markets face a bigger surplus this quarter than previously expected, with demand still constrained despite China’s bid to reopen its economy from Covid lockdowns.
Covid
Welligence: recovering from the ‘Covid low’ and dealing with EPL
The UK North Sea saw little bounce back in activity following the 2020-21 ‘Covid low’, with only the M&A space staying buoyant.
Oil steadies as China’s covid wave counters lower US stockpiles
Oil steadied after a three-day gain as concerns that near-term Chinese demand may decline amid a surge in Covid cases offset support from lower US inventories and a weaker dollar.
Staying well this winter
Now that COVID restrictions have eased and people are returning to the workplace or to leisure activities in larger numbers – and with the possibility that even those who have preferred to remain working from home may now choose to work from the office as fuel costs rise – what could be the consequences for our health as we move into winter?
Exclusive: Deirdre Michie to step down as CEO of trade body OEUK
Industry leader Deirdre Michie is to step down as CEO of the trade body Offshore Energies UK (OEUK) after nearly a decade at the helm.
OEUK winding down Covid task group as virus enters ‘endemic’ stage
Offshore Energies UK (OEUK) plans to wind down its Covid task group, the trade body's HSE boss has said.
China’s virus lockdowns cast a pall over oil demand growth
China’s worst Covid-19 outbreak since the inaugural flareup in Wuhan is blunting oil demand growth in the world’s largest crude importer, although most major population centers remain unaffected so far.
Oil and gas dealmakers row against the tide
As the curtain falls on 2021, a year largely dominated by the three Cs – Covid, COP26 and Cambo – we’re seeing strong energy market fundamentals underpinned by high commodity prices which would usually signal greater optimism for the year ahead.
Omicron yet to curb driving across most of Asia in boon for oil
The rapid spread of omicron has yet to dampen road traffic across most of Asia even as it leads to restrictions in parts of Europe, suggesting energy demand in the region may be spared a significant hit.
Petrofac warns of further Covid disruption as projects take a hit
Petrofac (LON: PFC) has warned that its financial results for 2021 will be impacted by Covid-19 as project schedules and costs take a hit.
UK oil and gas companies raise £1.1bn, up 307% in a year as commodities boom
Oil & gas and mining companies raised £1.1 billion in new equity in the openings months of 2021, new research has found.
Former offshore installation manager dies of Covid despite having two jabs and the booster
Alex Sibbald of Aberdeen, a retired offshore installation manager, and accomplished sportsman, has died aged 58.
Equinor enjoys oil price profits surge but renewables revenue dips
Equinor enjoyed a boost to profits in the third quarter driven by higher oil prices, while seasonally lower winds dented revenues from renewables.
Major investment a sign of commitment to north-east recovery, says McIntosh Heavy Logistics
A north-east transport firm is playing its part in the region’s recovery from the pandemic after announcing a £750,000 investment.
ECITB in net zero jobs warning over ‘sluggish’ growth figures
Findings from the ECITB’s new Workforce Census suggest the engineering construction industry headcount is on course to return to pre-Covid levels by 2023. But the scale of recovery may not be enough to deliver the volume of engineers needed for net zero and prevent future labour shortages.
Shell weighing up ‘jab or job’ policy for employees: Reports
Energy giant Shell is considering making vaccines mandatory for certain workers, including those working offshore, according to news reports.
Covid threatens to derail Shell’s oil and gas output in Brunei
Brunei Shell Petroleum has rolled out measures in an attempt to ward off disruptions to oil and gas production in Brunei following a significant number of Covid-19 infections detected at offshore platforms in the Champion field, the country’s biggest source of hydrocarbons.
Indonesia’s traffic snarls return while Vietnamese roads empty affecting oil demand
From congested streets to deserted highways, traffic conditions across Asia are shedding light on each nation’s battle to contain Covid-19 and maintain economic activity, which in turn affects oil consumption.
Ithaca makes first UK North Sea find of 2021 at Fotla
Ithaca Energy’s oil find at Fotla has been described as a “ray of light” for UK exploration, in what has otherwise been a tough year.
Oil workers ‘effectively banned from Norway’ due to Scotland Covid-app delay, MSP claims
The Scottish Government’s digital vaccine passport delay is jeopardising the livelihoods of oil and gas workers, a north-east MSP has said.
Perenco UK takes losses of £102million but SHARP project beckons
North Sea operator Perenco UK took losses of £101.7million as the impacts of Covid and the drop in oil and gas prices took effect.
Shell triggers action plan amid growing Covid cluster offshore Brunei
Brunei Shell Petroleum has implemented a business continuity plan (BCP) to help limit the spread of Covid-19 in Brunei and maintain upstream production in the Southeast Asian nation.
Shell hit by Covid-19 clusters in Brunei
Brunei’s oil and gas sector has been reporting an increasing number of Covid-19 cases following 22 new infections that were linked to the Shell-operated Champion 7 offshore oilfield cluster.
Oil slumps to lowest since May after fed signals taper this year
Oil slumped below $65 a barrel to the lowest level since May as the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and supporting the dollar.
35,000 jobs lost as Covid and volatile prices hit UK oil and gas sector
Nearly 35,000 UK jobs supported by the oil and gas industry have been lost in the last year as Covid and volatile prices struck, according to a landmark new report.