A decade ago, oil&gas production in the UK stood at 4.5million barrels oil equivalent per day. Last year, that figure was 2.5mmboed. The UK Continental Shelf (UKCS) is in decline, but the UK oil&gas industry is most certainly not.
This will be a critical year for the UK sector of the North Sea (UKCS). Output is currently declining at worrying rates. The latest statistics from the Department of Energy and Climate Change (DECC) show UKCS oil production falling at an annual rate of minus 5% and gas production at a massive minus 16%.
PETROCHINA, the world's largest oil company by market value, intends to invest a minimum of $60billion in acquisitions outside China between now and 2020, according to its chairman, Jiang Jiemin.
EXHIBITORS at this week's Australasian Oil and Gas Exhibition and Conference in Perth, Western Australia, include some familiar names in the north and north-east.
Dana Petroleum announced an expansion of its Norwegian interests yesterday.
Taqa, the Abu Dhabi national energy company, reported a first-quarter slump in profits yesterday as it was hit by lower oil and gas prices and weaker foreign-exchange rates.
THE grounding of two models of Super Puma affects just over half the fleets of leading North Sea helicopter firms.
The grounding of two models of Super Puma affects just over half the fleets of leading North Sea helicopter firms.
Royal Dutch Shell reported pre-tax losses of more than £300million yesterday in the final quarter of last year because of the impact of falling oil prices.
SUBSEA 7 has confirmed that about 20 contractors are no longer working for the engineering and construction company in Aberdeen.
NEW field projects and actions to increase oil&gas production are expected to add 600,000 barrels oil equivalent per day to StatoilHydro's production from the Norwegian Continental Shelf (NCS) by 2015, according to Hege Marie Norheim, the group's head of reserves and business development on the NCS.
EWEA is sticking to the target it set in 2003 of 180,000MW by 2020 and 300,000MW by 2030, 40% of which is expected to be offshore wind. It should be borne in mind that the European Parliament has, for many years, been calling for a mandatory 25% target for renewable energy by 2020, though the current firm commitment is 20% (equivalent to 30% of the community's entire electricity requirements).
Alex Salmond has called for more incentives to encourage oil and gas production off the Scottish coast.
Dana Petroleum shares rebounded yesterday after it reported new records for reserves, production, revenue, and profits in 2007.
Thousands of offshore workers will begin shutting down production on 30 North Sea oil platforms today after last night's closure of Scotland's only refinery because of a strike by 1,200 staff.