RockRose Energy slashes spending and cuts number of North Sea wells for 2020
RockRose Energy has slashed spending for 2020 by more than £80m in response to the Covid-19 outbreak and cut the number of UK wells it will participate in.
oil and gas
Ithaca Energy plans redundancies by end of 2020, CEO confirms
North Sea operator Ithaca Energy intends to make redundancies from its onshore workforce by the end of 2020, its chief executive has confirmed.
Ithaca still eyeing Captain EOR project in 2020 but new infrastructure firm ‘on ice’
Ithaca Energy is still planning to move ahead with a project to boost production from one of its flagship North Sea fields this year, despite deferrals and slashed spending.
Impairments lead Ithaca Energy into the red while virus delays future projects
Impairments led North Sea operator Ithaca Energy to a £111.4m pre-tax loss in 2019, while the Covid-19 outbreak threatens delays to future projects.
North Sea firms ‘misunderstood the world’ and have ‘been caught out’ by Covid-19 crisis, Greenpeace boss claims
North Sea oil and gas firms “misunderstood the world” and have now “been caught out” by the Covid-19 crisis, according to the UK boss of climate activist group Greenpeace.
Job security ‘is a major concern’ says BP chief, but gives no answer on potential cuts
The chief executive of BP has said “job security is going to be a major concern” amid the Covid-19 pandemic but gave no answers on any potential cuts the energy giant might make.
Worley cuts 3,000 jobs in response to Covid-19 crisis
Energy services giant Worley has revealed it has cut 3,000 jobs in response to the coronavirus pandemic and oil price crash.
BP sinks to £3.6bn pre-tax loss as Covid-19 and oil price plummet take effect
Energy giant BP fell to a £3.6billion pre-tax loss in the first quarter of 2020 as the coronavirus and oil price slump made its impact on the business.
Forced sales, mergers and consolidations on the cards for offshore vessel owners, says analyst
Forced vessel sales, mergers and consolidations are on the cards for the offshore industry as assets decline in value, according to a consultancy.
Diamond Offshore files for Chapter 11 bankruptcy amid historic oil price crash
Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea.
House of Lords calls for ‘complete rethink’ of ‘flawed and unfair’ IR35 legislation
A House of Lords committee has called on the government to “completely rethink” a controversial tax reform which will have sweeping implications for North Sea contractors.
Captaining a North Sea emergency vessel during Covid-19 lockdown
The work of emergency response and rescue vessels (ERRVs) is just as essential now as it was prior to the covid-19 outbreak, according to the captain of one such ship.
Serica Energy’s 13m barrel Columbus project ‘likely’ to be delayed due to virus
Serica Energy’s 13million barrel Columbus gas project in the North Sea is facing potential delays due to the Covid-19 outbreak.
Serica Energy hails ‘extremely good year’ as pre-tax profits nearly triple
Serica Energy has hailed “exceptional” results after nearly tripling its pre-tax profits in its first full year of operatorship for its Bruce, Keith and Rhum (BKR) assets in the North Sea.
UK North Sea platforms ‘face production shut-ins’ as oil storage fills up
Offshore platforms in the UK North Sea “face the risk of production shut-ins” due to oil storage constraints, according to leading analysts.
Saipem’s ‘outlook good’ but sinks to red as offshore drilling assets take £228m write-down
Italian energy services firm Saipem said its outlook is “good” but the recent deterioration of the oil market sunk the company to a loss in the first quarter of the year.
Sturgeon says she will consider action to help oil industry amid pandemic
Nicola Sturgeon pledged to discuss extra support for the North Sea oil industry but failed to outline specific measures when asked about the impact of the plummeting oil price.
International benchmark Brent oil drops to 21-year low
Oil in London tumbled to the lowest in almost 21 years as the global benchmark was sucked into the rout that sent U.S. futures below zero for the first time ever this week.
Aberdeen’s global oil hub status could reduce as firms protect against Covid-19 restrictions
Aberdeen’s importance as a global oil hub may reduce as firms take steps to protect against multiple waves of Covid-19, according to an energy consultancy.
WATCH: Footage shows pod of whales near North Sea oil platform
Incredible footage has been captured of a pod of whales near a North Sea oil platform.
Halliburton falls to $1billion loss and ‘expects further decline’ due to Covid-19
Oilfield services giant Halliburton fell to a $1billion (£804.5m) net loss in the first quarter of the year, warning it “expects a further decline in revenue and profitability” as 2020 goes on.
Aberdeen energy conference five months away decides to ‘go virtual’
Aberdeen event organisers have offered little sign of normality resuming after deciding an event five months away should be held virtually.
Employment lawyers call out ‘grey areas’ of coronavirus furlough scheme for oil and gas
Employment lawyers have criticised a lack of clarity in the government’s coronavirus jobs retention scheme, highlighting it is unlikely to prevent “difficult decisions” for the oil and gas sector.
Singapore oil trader is said to have hidden $800million losses
The son of the legendary founder of Hin Leong said the Singapore oil trader hid about $800 million in losses racked up in futures trading, suggesting a much bigger hole in the company’s finances than thought, according to people with knowledge of the matter.
Pinsent Masons: Furlough scheme ‘unlikely’ to halt difficult decisions in energy sector
The furlough scheme is certainly helpful to energy sector employers and employees but there are some grey areas which mean businesses and individuals may not benefit as was intended.