Occidental Petroleum Corp. took a $1.4 billion writedown related to an investment in a pipeline affiliate, cut capital spending and withdrew its guidance for the year after a historic collapse in oil prices.
The UK’s Job Retention Scheme has proved a lifeline for many employers and a way to ensure employment is protected while oil and gas firms deal with the double hit of Covid-19 and the drastic fall in oil price. The uptake figures demonstrate the need for the scheme, with over nine million people in the UK expected to be furloughed, yet the decisions to furlough staff have often been made quickly with little planning for the scheme ending.
Around 200 North Sea workers have been evacuated with suspected Covid-19 symptoms over the last six weeks as the sector has attempted to manage the spread of the virus.
Total barely managed to stay in profit for the start of 2020 as oil prices took a nosedive due to the Covid-19 outbreak.
Neptune Energy is “assessing the impact” Covid-19 will have on the delivery of its 50million barrel Seagull development in the UK North Sea.
More than 650 workers have completed a transfer to a brand new consortium in Aberdeenshire for the start of a five-year contract with Total.
Cashed-up Asian NOCs are actively screening international assets and companies for once-in-a lifetime acquisition opportunities amidst the global downturn.
Ensuring measures to boost economies after the pandemic are "green" will create more jobs and better financial returns, as well as tackle climate change, experts have said.
How can energy supply chain companies weather the perfect storm of the oil and gas price crash, Covid-19 lockdown and social distancing, pressure to fully decarbonise and, of course, Brexit?
Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over as production cuts start to take effect.
The Wood Group has teamed up with cancer charity Maggie’s to provide thousands of face masks to health workers in Aberdeen.
Petrofac has deferred an £11million decommissioning contract for Aberdeen-headquartered Awilco Drilling.
A North Sea operator has said it is increasing food stocks on its flagship production asset “in case supply becomes limited” due to the Covid-19 outbreak.
More than 500 jobs are at risk at Aberdeen-based energy services firm Bilfinger Salamis, which has started a redundancy consultation with its workforce.
North Sea industry is facing an “existential threat” and will need quicker, simpler support from governments to overcome the price rout, an investment expert has said.
An Aberdeen MSP has written to a clutch of North Sea firms calling on them to reconsider their decision to terminate hundreds of staff rather than use a UK Government-backed furlough scheme.
2020 arrived with a much-needed feeling of optimism and positivity throughout the industry. The long anticipated, planned Forties Pipeline Shutdown (FPS) presented the optimum opportunity for many Operators to align their summer shutdown campaigns and engineering project scopes to coincide.
As an industry, as businesses and, most importantly, as people – this is an incredibly tough time. No matter where you are in the world, or what you do, we have all been impacted by the coronavirus in some way.
The private equity backer of Aberdeen-headquartered Enermech and operator Neptune Energy posted a first quarter loss of almost half a billion pounds.
The UK oil and gas sector can’t “jump the gun” on the removal of minimum manning across the North Sea, according to a safety chief.
The UK's oil and gas industry has welcomed the publication of fresh guidance on managing Covid-19 cases offshore.
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.
Rig operator Transocean has seen its pre-tax losses more than double year-on-year as it tackles the effects of Covid-19 and the oil price crash.
Oilfield services firm Subsea 7 has reported a pre-tax loss and revenue drop for the first quarter of 2020.
Rig operator Valaris fell to a £2.5billion pre-tax loss for the first quarter of 2020 due to write-downs on its oil and gas assets.