ConocoPhillips could be set to make headcount reductions to its North Sea operations. The company announced last month that it had already reduced staffing numbers by 1,000 positions since the decline in oil price. The amount equates 5% of its global workforce across its operations.
Asset integrity specialist Stork said market conditions in the UK would remain challenging following the restructuring of its operations in Aberdeen to reflect the downturn in the North Sea.
UK exploration firm Zennor Petroleum (previously named MPX) could receive up $400million in funding from a private equity firm
The threat of North Sea job losses is clouding the cockpit, according to the latest findings from the British Airline Pilots’ Association (BALPA).
Statoil's mammoth Mariner jacket has left its base in Spain.
A strong North Sea performance saw Premier Oil’s cash flow rise for the first half of the year.
Never was the transition from one industrial age to another more starkly illustrated than in this edition of the north-east of Scotland’s best-selling newspaper in April 1970.
The North Sea is still a good return on investment, according to an industry boss. Enquest’s president for the North Sea, Neil McCulloch, said the sector was still very much open for business. The company leader spoke to Energy Voice as it confirmed a 20% slide in earnings. Despite the dip, Enquest’s North Sea assets posted a strong return with its Kittiwake Area (GKW) increasing production efficiency by 87% in the first half of the year.
Oil giant Chevron today confirmed that it would move to a new combination shift pattern of three on, three off and two weeks on and four weeks off. The move which breaks away from the traditional two on, three off will give the workers the chance to supplement the equal time rota with additional field breaks. Workers will be able to utilise the new two weeks on, four weeks off shift pattern three times a year.
A 50% drop in oil price has seen Enquest take a 20% financial hit.
Energy Voice has launched an event aimed at ensuring the next generation of industry innovators don’t get lost in translation amid a market downturn. One of the first ports of call should be looking at what companies are spending and where they’re spending it during a crunch. The last economic recession in 2009 led to the slashing of budgets allocated for workplace training within companies. A survey undertaken at the time found that in the private and public sector, 33% and 34% of respondents reported reduced training funding.
Lower oil prices have blown a £100million-plus “impairment” hole in Apache North Sea (ANS)’s latest accounts.
With just weeks to go until Offshore Europe time is running out to have your say and take part in Energy Voice’s last leg of research. Participants will have the chance to win a Breitling Superocean 42 courtesy of Finnies the Jewellers by taking part. The latest survey has now gone live just weeks ahead of our own event ahead of Offshore Europe.
The cost of North Sea oil and gas decommissioning is expected to double to £2billion within three years as oil and gas firms call time on some of their ageing assets, a new report says. Industry intelligence specialist DecomWorld puts the value of decommissioning costs during 2014 at £1billion, or 4% of total UK continental shelf (UKCS) expenditure. The market is expected to be worth more than £58billion a year by 2050 following a big jump in activity by the end of this decade, DecomWorld says in its North Sea Decommissioning Strategy Report 2015.
The Dutch government is looking at ways to boost its production of gas from the North Sea, including offering larger tax breaks for companies that explore or produce gas, it said on Wednesday. The government is formulating a new policy on energy after two major setbacks: Curtailing production at Europe's largest gas field Groningen due to safety concerns and a June court order to speed up emissions reductions to meet international norms. In a statement, Economic Affairs Minister Henk Kamp said his department was "investigating, together with the companies involved...whether new measures are needed" to ensure and potentially increase North Sea production.
Operators have been urged to sell ageing oil and gas assets but retain decommissioning liabilities worth billions in order to avoid the threat of early shut downs in the North Sea. Analysts at KPMG have warned that oil and gas operators as well as the new Oil and Gas Autority (OGA) need to approach decommissioning in a new way or risk failing to “maximise economic recovery” as recommended by industry veteran, Sir Ian Wood. In the report, KPMG said many North Sea firms lacked the capability to undertake decommissioning or were “poorly suited” to managing late life assets. This would only be worsened by the possibility of a “ large wave” of decomissioning projects going ahead by 2020, driving up costs and increasing the burden on skills.
Oil and gas companies will need to find a way to harness skills learnt in the last 50 years in order to benefit the future workforce, according to a leading HR expert. Kate Butterworth, global HR leader for multinational businesses Hydratight & Viking Sea Tech, said focus needs to be placed on mentoring those moving into the sector. The words of advice come after Energy Voice unveiled the final tranche of its research project which will focus on the next generation and the future of the North Sea.
Norway's hard pressed oil and gas sector can weather the storm created by $50 oil, if the industry continues to work towards reducing costs and adapts to the new price levels.
Energy Voice wants you to take part in the last leg of our research aimed at building the industry’s next generation of innovators and have the chance to win a Breitling Superocean 42, courtesy of Finnies the Jewellers. The latest survey has now gone live, just weeks ahead of our Offshore Europe event where the findings will be revealed. To mark the final part of the research, we’ve teamed up with Finnies the Jewellers to offer this fantastic prize to one lucky participant.
North Sea oil production will rise to its highest level so far this year in September, up 5.6 percent on August at 1.988 million barrels per day (bpd), according to loading schedules. These large volumes are likely to pressure North Sea price differentials and weigh on Brent crude futures LCOc1, which are trading below $50 a barrel due to a global supply glut Refinery turnarounds also loom, with plants using less crude due to maintenance work. "It's a lot of oil for the time of year when refiners prepare to go offline for seasonal maintenance," said Abhishek Deshpande, an oil analyst at Natixis in London.
Chevron North Sea is currently in talks about offloading its 50% share in Britannia Operator Ltd. A spokesman from the firm confirmed the oil major is having discussions with joint venture partner ConocoPhillips about transferring its half in the business. The move wouldn’t affect its stake in the Britannia field.
Energy Voice has called on the global energy sector to participate in the final part of its landmark research launched to mark 50 years in oil and gas exploration in the North Sea. The latest survey has now gone live, just weeks ahead of its Offshore Europe event where the findings will be revealed. Take part here. The final tranche will look at how to fuel the conversation and encourage the next generation of industry leaders and look at the future of the North Sea. The project was launched in response to falling oil prices, which placed the UK and wider global energy marker under pressure.
Each week Energy Voice pulls together the Friday Five. Click below to see the site’s most read and engaged with copy of the week.
Bondholders have agreed to a proposed restructuring of Iona Energy after unveiling the plans earlier this year. The next step following the approval will allow Nordic Trustee, which is acting as trustee to holders of the bonds, is to negotiate final documentation to implement the restructuring. It is expected to be completed by the end of September this year.
More industry leaders have come forward in support of an event aimed at ensuring the next generation of industry innovators move into the oil and gas sector. Earlier this week it was revealed industry giant Sir Ian Wood would be joining an Energy Voice panel next month alongside Offshore Europe co-chairman Michael Engell-Jensen and Derek Leith, office managing partner at EY Aberdeen and the firm’s UK head of oil and gas taxation. The move has been backed by the likes of UK Energy Minister Andrea Leadsom and Deirdre Michie. The managing director at Craig Group, Douglas Craig, said it was imperative that more young people understood the significance of the energy industry.