Suicide and trauma: The disastrous health impact of the oil and gas slump in Aberdeen
Thousands of jobs were lost in the 2014-16 downturn, bringing misery and pain to those that worked in the north and north-east's key industry.
oil downturn
‘Economic fallout’ in Aberdeen laid bare
A leading Scottish economist has said the greater exposure to the “economic fallout” of the Covid-19 crisis suffered by Aberdeen and wider north-east, compared with other parts of the country, must not be forgotten in post-pandemic rebuilding efforts.
Scottish Government urged to back Aberdeen in budget as oil job cuts plague region
Calls have been made for the Scottish Government not to “ignore” the concerns that face Aberdeen and the Highlands during Thursday’s budget announcement, after an oil and gas downturn and thousands of job losses have plagued the region.
Exxon signals historic fourth consecutive loss on demand hit
Exxon Mobil Corp., which is struggling to maintain a $15 billion-a-year dividend program, indicated it incurred a fourth straight quarterly loss.
North Sea firms warn further job losses on the horizon, confidence falls to lowest level since 2015
Around a fifth of North Sea oil and gas contractors have warned they expect to make further job cuts in 2021 as they continue to deal with ongoing turmoil in the sector.
Taqa takes £339million write-down on value of North Sea assets
Taqa has taken a £339million write-down in the value of its North Sea assets as a result of Covid-19 and the oil downturn.
OGA plans year-long trial to tackle ‘bugbear’ late payments for North Sea suppliers
The Oil and Gas Authority (OGA) is planning a year-long trial to tackle the “bugbear” of late payments for North Sea suppliers.
Baker Hughes ‘intensely focussed on improving’ as firm stays deep in the red
Baker Hughes has said it remains “intensely focussed" on improving its "margin and return profile" as it stayed deep in the red in the third quarter.
Schlumberger completes plan to axe 21,000 jobs
Schlumberger has completed its plan to cut 21,000 jobs in response to the oil downturn, according to its latest accounts.
Investors going ‘bargain hunting’ for BP and Shell shares
Investors are going “bargain hunting” for shares in Shell and BP after their stock values each hit 25-year lows.
Bilfinger reveals more than 2,500 job cuts since start of 2020
Bilfinger has revealed it has shed nearly 2,600 jobs globally since the start of 2020.
Cromarty Firth boss counters oil rig complaints: ‘Residents chose to live by industrial port’
A Cromarty Firth boss has replied to rising oil rig noise complaints, saying residents “have chosen to live on the shores of a busy, industrial port”.
Repsol Sinopec CEO: Strong results don’t reflect ‘extremely challenging environment’
Repsol Sinopec Resources UK’s (RSRUK) new CEO has tempered the company’s latest set of “strong” results by saying they “do not reflect” their current challenges.
Oil and gas drilling set for ‘staggering’ 20-year low – Rystad
Oil and gas drilling is on course for a "staggering" 20-year low, according to consultancy Rystad Energy.
Cromarty Firth oil rig complaints spike as downturn puts vessels out of work
Complaints of the “blight” of oil rigs in the Cromarty Firth spiked over the last month as the industry downturn forced vessels out of work.
Stena Drilling confirms job cuts across offshore vessels
Stena Drilling has confirmed it is making redundancies on four of its offshore drilling vessels, along with cuts to a number of roles onshore.
Repsol Sinopec to decommission Balmoral-related fields
Repsol Sinopec Resources UK (RSRUK) has confirmed it will decommission a pair of North Sea fields after Premier Oil called time on its Balmoral Area.
Premier Oil decides to end production early at Balmoral Area
Premier Oil has decided to end production at its Balmoral Area earlier than expected due to the Covid-19 pandemic and global downturn.
Weak gas prices dent profits at North Sea’s new top dog Chrysaor
Weak gas prices saw profits slip at Chrysaor last year, who recently became the largest net producer in the UK North Sea.
Neptune Energy to cut 400 jobs from global workforce
Private equity-backed operator Neptune Energy has announced proposals to cut 400 jobs globally, representing around a fifth of its workforce.
North Sea facing ‘most challenging moments ever’ 45 years since first oil
The North Sea energy industry is facing some of its “most difficult and most testing challenges” ever as it today marks 45 years since first oil was landed in the UK.
‘Wave of idle iron’ predicted as oil firms defer decommissioning and rush shutdowns
Widespread decommissioning deferrals could lead to a “wave of idle iron” in the UK and globally as companies rush to preserve cash and potentially shut down uneconomic oil platforms, according to new analysis.
Worley cuts another 1,900 jobs due to Covid-19
Engineering giant Worley has cut another 1,900 jobs globally in response to the Covid-19 crisis.
North-east economy to be worst-hit in Scotland due to oil price and pandemic, says KPMG
The north-east economy is expected to be the worst hit region in Scotland by the Covid crisis according to a new report by KPMG.
‘Disgust’ as Bilfinger cuts 180 Aberdeen and offshore jobs hours after announcing £350m contract wins
Workers have expressed “disgust” after industrial services giant Bilfinger announced 180 job cuts in Aberdeen and offshore, just hours after touting contract wins worth £350million.