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.
Covid-19
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.
Fugro to reduce workforce by 10%
Dutch geo-data services firm Fugro said this morning that it would reduce its headcount by up to 10% in response to the “deterioration in market circumstances”.
Ithaca Energy plans redundancies by end of 2020, CEO confirms
North Sea operator Ithaca Energy intends to make redundancies from its onshore workforce by the end of 2020, its chief executive has confirmed.
Updated: Halliburton rejects furlough scheme as it plans scores of North Sea redundancies
An oilfield services firm has been heavily criticised for rejecting a coronavirus furlough scheme as it plans scores of North Sea redundancies.
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.
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.
Orsted ‘on track’ as it posts increased Q1 profits amid decline in revenues
Danish offshore wind giant Orsted has had a "very good start to the year" as the firm reported an increase in Q1 profits despite a downturn in revenues across the business.
Global E&P revenues to fall by $1 trillion in 2020, Rystad says
The devastating effect of the Covid-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020.
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”.
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.
Worley cuts 3,000 jobs in response to Covid-19 crisis
Energy services giant Worley has revealed it has cut 3,000 jobs in response to the coronavirus pandemic and oil price crash.
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.
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.
Private equity firms slam ‘inaccessible and worthless’ Covid-19 loan schemes
Energy investment experts have branded the UK Government’s Covid-19 business loan schemes “virtually inaccessible” and “worthless” to oilfield service firms.
‘Hard to take’: ONS 2020 cancelled
A popular energy sector conference and exhibition in Stavanger, Norway, has been cancelled this year due to the Covid-19 outbreak.
Global Energy workers stage walk out after Covid-19 temperature checks ‘all over the place’
Workers at a Highland company Global Energy Group site staged a walkout yesterday after Covid-19 temperature checks resulted in incorrect readings.
Next generation’s enthusiasm is best hope for achieving energy transition
Oil prices have plunged to record lows this past week. While one particular benchmark, West Texas Intermediate, went below minus $40 per barrel a week ago, that is headline grabbing but not the primary concern.