Europe’s oil giants came into 2020 promising shareholders they can “do it all” -- maintain generous dividends, keep the crude flowing and make a historic shift toward clean energy. Only one of them may succeed.
Oilfield services firm Subsea 7 has reported a pre-tax loss and revenue drop for the first quarter of 2020.
An oilfield services firm has been heavily criticised for rejecting a coronavirus furlough scheme as it plans scores of North Sea redundancies.
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.
Aberdeen-headquartered energy services firm Wood has confirmed that it plans to make almost 70 staff redundant across its UK onshore business.
Struggling North Sea firms need swift and long-lasting financial protection to weather an oil price and Covid-19 storm that has the potential to impact the industry “for years to come”.
A number of workers for an Aberdeen-headquartered oilfield equipment firm have been terminated following the company’s decision to furlough hundreds of staff.
Oil was anchored near $20 a barrel after closing at an 18-year low as concerns over virus-led demand destruction outweigh an agreement by the world’s biggest producers to curb supply.
An Inverness fuel supplier said yesterday it expected its income stream to be more steady in future after opening a fuel terminal at a Scottish port.
MPs are poised to add their voices to demands from the North Sea oil industry for urgent government action to help maintain vital exploration and development offshore.
The plummeting value of oil is making it even more dangerous for Scottish oil workers to ply their trade in Nigeria, a top intelligence firm warned last night.
SUBSEA 7 has confirmed that about 20 contractors are no longer working for the engineering and construction company in Aberdeen.
After reaching a record high of $147 in July, the price of North Sea Brent Blend plummeted to sub-$40 a few weeks ago, causing many industry players to reassess their cost structures and planned capital investments.