The oil price decline of 2014 forced the global oil and gas industry to take a large step back and look at many of the ways it operated – nowhere more so than in one of the world’s most mature basins: the UK Continental Shelf (UKCS).
A majority of creditors of failed shipping firm Harkand and linked companies are likely to see a return of some of their money, it emerged yesterday.
The oil and gas supply chain may have gone through a challenging few years, but the industry is on the cusp of another period of substantial change – one we’ve already seen take hold in other sectors. Digital transformation is opening up huge opportunities to operators, service companies, and suppliers – but it’s a double-edged sword.
A key behaviour change in the oil and gas industry that it is hoped will underpin the future fortunes of the North Sea has so far proved easier said that done, a report has found.
Premier Oil has completed a tender process selecting Ernst & Young as its new auditor from next year.
BP will ask its shareholders to approve the appointment of Deloitte as the company’s auditor for the financial year 2018 at its AGM.
Exploration and production companies merging and acquiring one another usually grab the headlines and sit front of mind against the backdrop of a low oil price environment.
New analysis suggests the North Sea collaboration is on the rise.
Harkand was launched in 2013 with the aim of becoming a major global player in the Inspection Repair and Maintenance sector by 2018, but instead it has become the latest victim of the devastating downturn in oil and gas activity.
The adminstrator responsible for winding up failed oilfield services company Harkand Group has confirmed 148 jobs are to go in Aberdeen, 50 more than had previously been indicated.
A team of former Harkand executives have agreed a management buyout of the defunct oilfield services firm's US and African businesses - giving hope that 100 jobs can be saved.
Harkand Group, the oilfield services and inspection repair and maintenance (IRM) company has gone bust with the loss of 171 jobs in London and Aberdeen.
Moves to restructure infrastructure ownership in the North Sea were in the spotlight at an Oil and Gas UK (OGUK) business breakfast in Aberdeen.
Collaboration: what does it mean to you?
Roughly a third of oil producers are at high risk of slipping into bankruptcy this year as low commodity prices crimp their access to cash and ability to cut debt, according to a study by Deloitte, the auditing and consulting firm.
Oil and gas firms are struggling to work together better in order to maximise recovery in the North Sea, a new report has found. Deloitte’s survey of oil and gas operators and oilfield services companies revealed that a lack of effective supply chain collaboration means companies are missing out on maximising the potential value from the region. While 74% of respondents said collaboration was an “integral” part of their day-to-day business, only 27% reported that their efforts have resulted in a successful outcome, the report found.
The North Sea has continued to make headlines over the summer; mostly for the wrong reasons. But amid the doom and gloom of media reports lamenting the terminal influence of a low oil price, there have been glimmers of good news.
Exploration in the North Sea has continued to plummet due to ever spiralling costs and firms taking a “wait and see” approach to new regulation and taxes, new research has found.