Will Covid-19 kill the oil industry?
As Coronavirus lockdowns continue to spread around the world, the oil industry faces more disruption to demand and supply chains, with many margins and prices already collapsing.
Covid-19
Halliburton falls to $1billion loss and ‘expects further decline’ due to Covid-19
Oilfield services giant Halliburton fell to a $1billion (£804.5m) net loss in the first quarter of the year, warning it “expects a further decline in revenue and profitability” as 2020 goes on.
Aberdeen energy conference five months away decides to ‘go virtual’
Aberdeen event organisers have offered little sign of normality resuming after deciding an event five months away should be held virtually.
Asia Pacific M&A shake-up on the horizon
More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.
Schlumberger’s $7.4bn loss sets stage for ‘most uncertain’ future
Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse.
Moray East offshore wind project ‘on track’ despite Covid-19 delays, director claims
Delays to onshore work should not affect the schedule of Scotland’s largest planned offshore wind farm and will be “full steam ahead” after Covid-19 restrictions lift, according to the project boss.
Employment lawyers call out ‘grey areas’ of coronavirus furlough scheme for oil and gas
Employment lawyers have criticised a lack of clarity in the government’s coronavirus jobs retention scheme, highlighting it is unlikely to prevent “difficult decisions” for the oil and gas sector.
Sparrows furloughs hundreds of workers, axes others
A number of workers for an Aberdeen-headquartered oilfield equipment firm have been terminated following the company’s decision to furlough hundreds of staff.
Pinsent Masons: Furlough scheme ‘unlikely’ to halt difficult decisions in energy sector
The furlough scheme is certainly helpful to energy sector employers and employees but there are some grey areas which mean businesses and individuals may not benefit as was intended.
Ledingham Chalmers: There is ‘real confusion’ on government’s coronavirus jobs scheme
Since the introduction of the job retention scheme on 20 March 2020 we have all had to rely on government guidance as to how the scheme will operate.
Canada’s Keystone XL pipeline faces coronavirus delay
Construction work on Canada’s major Keystone XL pipeline looks poised to stall mere weeks after the controversial project was given the green light by TransCanada (TC) Energy.
Updated: ‘Disgrace’ as Worley sacks Sullom Voe Terminal workers without furlough
Worley has been branded a “disgrace” by union bosses after terminating workers without furlough at a Shetland oil and gas terminal.
Goodbye ‘Cluff Natural Resources’, hello ‘Deltic Energy’
A company named after one of the pioneers of North Sea oil and gas exploration is planning to change its name.
Messaging clear over North Sea Covid-19 testing protocol but ‘takes time’, OGUK director says
An oil and gas representative body said it has been “very clear” on the messaging over Covid-19 offshore testing, but that it “takes time” after one oil major sent workers offshore prior to receiving their results.
Looking after employee mental wellbeing
The North Sea offshore oil and gas industry isn’t immune from the effects of COVID-19, which are wide reaching and present significant challenges.
Planning for the upturn is crucial for oil firms, PwC says
A professional services giant will warn the oil industry that sweeping redundancies could ruin companies’ chances of cashing in when market conditions start to recover.
North Sea can show ‘resilience’ amid 25-year low for oil demand, says academic
An Aberdeen energy expert has said the North Sea has an opportunity to demonstrate its “resilience” as global oil demand reaches a 25-year low.
UK Government extends eligibility date for coronavirus furlough scheme to help ‘200,000’ workers
The UK Government has extended the cut-off date for workers to be eligible for its coronavirus jobs retention scheme, expected to benefit 200,000 people.
Archer crew made redundant as Apache scales back drilling operations
Drilling contractor Archer is understood to have laid off another 60 offshore workers following a client’s decision to cut activity levels.
North Sea protective gear providers shift focus to supply essential PPE to NHS staff
A number of companies more commonly known for supplying personal protective equipment (PPE) to the North Sea oil and gas sector have shifted their focus to provide much needed face masks, visors and respirators for key UK NHS staff fighting the Covid-19 outbreak.
Virtual virus health checks more critical than ever
The oil and gas industry has been battered by a perfect hurricane of the three Cs: coronavirus, climate concern and a collapse in crude prices. But a fourth big C, a perennial threat to the health of the sector, lurks in the background and could cause even greater damage than usual in today’s fraught operating environment.
Oil demand to fall to a ‘staggering’ 25-year low in April, says IEA
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
Energy transition can be ‘crucial pathway out of the downturn’ says OGA chief
New investment in the energy transition can be a “crucial pathway” out of the latest downturn for North Sea firms, according to the head of the Oil and Gas Authority (OGA).
‘Uncharted waters’ for North Sea, but downturn could be ‘catalyst for change’
A senior audit and assurance partner at Deloitte said the downturn could be a “catalyst” for change, but oil firms are first taking steps to survive the “uncharted waters”.
Borr Drilling urged to reconsider redundancy plans for 230 North Sea workers
An offshore drilling firm has been urged to reconsider its plans to make 230 North Sea employees redundant.