Big Oil and the energy transition
The energy world is riven by many contradictions that are making the climate change-driven transition to a low-carbon world difficult.
oil and gas
Archer cutting 12-15% of global workforce and pays millions for UK redundancies
Drilling contractor Archer is to cut between 12-15% of its global workforce of 5,000 as a result of the oil price crash and Covid-19 pandemic.
Next round for ECITB oil and gas mentoring programme
An annual mentoring programme for project managers in the UK oil and gas industry has launched for a sixth consecutive year.
Former Amec Foster Wheeler building to be demolished
A warrant to demolish the former Amec Foster Wheeler building in the south of Aberdeen has been approved.
Maersk Drilling plans 170 onshore job cuts
Maersk Drilling has announced it plans to make up to 170 onshore job cuts as it adapts to the Covid-19 outbreak and oil price crash.
FM admits ‘long way to go’ before home testing for North Sea offshore workers will pass muster
Nicola Sturgeon has admitted there is “a long way to go” before the standard of home testing for offshore workers meets expectations.
DNO making job cuts ‘in all locations’
DNO, the Oslo-listed exploration firm which took over Aberdeen's Faroe Petroleum, has announced it is reducing staff “in all locations” in response to Covid-19 outbreak and oil price crash.
Halliburton lays off 1,000 workers at Houston headquarters
Houston oil field services company Halliburton has laid off 1,000 employees at its headquarters as low crude prices take their toll on demand for the products and services to company sells to energy producers.
Equinor’s profits crash by 98% due to oil price slump
Norway’s Equinor saw its profits slide by 98% - a drop of £3.8billion – year-on-year as the Covid-19 pandemic and oil price crash took effect.
Oil workers facing redundancy urged to seek financial advice
Workers facing redundancy are being urged to seek independent financial advice to plot the best road ahead.
Petrofac safeguards almost 200 jobs with £81m contract renewals
Energy services firm Petrofac has said it has safeguarded nearly 200 jobs with a pair of contract renewals.
UK oil firms ‘grappling’ between redundancies and furlough scheme
Oil and gas firms are “grappling” between putting workers on the government’s coronavirus furlough scheme or going straight to redundancies, according to experts.
Jersey Oil and Gas eyes GBA farm-out later this year despite Covid-19
Jersey Oil and Gas has said it plans to launch a farm-out process later this year for its Greater Buchan Area in the North Sea, despite the Covid-19 and oil price crises.
Your legal rights in a redundancy process
As the UK oil and gas sector predicts up to 30,000 job losses over the next 12-18 months, Catriona Ramsay of Aberdein Considine sets out workers' legal rights.
Congo hit by oil explorer’s bid to enforce $619 million award
A South African oil-exploration company has turned to U.S. courts in a bid to enforce a $619 million arbitration award against the Democratic Republic of Congo.
Occidental Petroleum takes $1.4 billion writedown, cuts budget on oil rout
Occidental Petroleum Corp. took a $1.4 billion writedown related to an investment in a pipeline affiliate, cut capital spending and withdrew its guidance for the year after a historic collapse in oil prices.
A knee-jerk reaction ‘will be damaging’ for oil sector, says recruitment firm
The UK’s Job Retention Scheme has proved a lifeline for many employers and a way to ensure employment is protected while oil and gas firms deal with the double hit of Covid-19 and the drastic fall in oil price. The uptake figures demonstrate the need for the scheme, with over nine million people in the UK expected to be furloughed, yet the decisions to furlough staff have often been made quickly with little planning for the scheme ending.
Asian NOCs eye once-in-a lifetime overseas M&A opportunities
Cashed-up Asian NOCs are actively screening international assets and companies for once-in-a lifetime acquisition opportunities amidst the global downturn.
Disappointment for Eni and Cairn off Mexico
Italy’s Eni and Scottish firm Cairn Energy have reported disappointment offshore Mexico after an exploration well came up dry.
More than 500 Bilfinger Salamis jobs at risk
More than 500 jobs are at risk at Aberdeen-based energy services firm Bilfinger Salamis, which has started a redundancy consultation with its workforce.
Aberdeenshire firm Orca plans to double headcount after £1.7m contract wins
An Aberdeenshire company is planning to more than double its headcount after a trio of contract wins worth £1.75m.
Controlled fire at Shell refinery blackens Houston sky
A controlled fire at Royal Dutch Shell Plc’s refinery near Houston cast a plume of black smoke over the city’s industrial suburbs.
Private equity backer of EnerMech and Neptune Energy posts first quarter loss
The private equity backer of Aberdeen-headquartered Enermech and operator Neptune Energy posted a first quarter loss of almost half a billion pounds.
Norway’s rare tax changes to save oil industry would be ‘very welcome’ in UK, says expert
Norway has outlined plans for “extremely rare” changes to its tax regime to save the crisis-hit oil industry which would be “very welcome” for UK firms, according to an expert.
Transocean doubles losses amid oil price crisis
Rig operator Transocean has seen its pre-tax losses more than double year-on-year as it tackles the effects of Covid-19 and the oil price crash.