NEO Energy on the rise after losses on oil price and Western Isles impairment
NEO Energy has said it has “rapidly expanded” since the oil price crash brought it down to losses in its first full year of trading.
oil price crash
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.
Shell plans up to 9,000 job cuts worldwide
Shell has announced plans for between 7,000 – 9,000 job cuts from its global workforce by the end of 2022.
‘Disrespectful’ to send letters to suppliers demanding cost cuts, BP procurement chief says
A global procurement chief at BP has said sending letters to suppliers demanding price reductions is “disrespectful” and “absolutely the wrong thing to do" for the oil and gas industry.
Producers may need to kill their old, loss-making FPSO’s in this downturn – Rystad
The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11.10 per barrel, a Rystad Energy impact analysis reveals.
Survey shows North Sea workers’ dismay at Covid-19 response
A new survey had laid bare the depths of the Covid-19 crisis afflicting the North Sea oil and gas industry, the RMT trade union said.
How the oil crisis gave Norway’s giant field a $10 billion boost
Right before Norway’s biggest oil project in decades got the go-ahead in 2015, crude prices fell off a cliff. That turned out to be perfect timing.
Independent Scotland could be more “proactive” in helping North Sea says Brown
Cabinet secretary for the economy Keith Brown has said an independent Scotland could be more "proactive" in helping the struggling North Sea oil and gas industry.
Sub $50: Out-of-work oil workers hatch plan for new firm over lunch, land partnership
A trio of Aberdeen-based engineers with more than 70 years experience between them have set up their own business after finding themselves victims of the oil price crash.
Sub $50: Laid off oil worker taking his job search to the streets
Visitors to OTC in Houston earlier this month may well have caught the incongruous sight of a well dressed man touting a placard on a busy street corner that read: Hiring? Take my resume.
Updated: Benefit claims soar in Aberdeen as region hit by oil crash
The number of people claiming out-of-work benefits has soared in the north-east in the wake of the plummeting oil price, new research shows.
Statoil sees oil slump as opportunity to cut costs
Norwegian oil producer Statoil sees the crude price downturn as a chance to slash costs and become more efficient, with a senior executive calling it a "great opportunity" to improve operations.
As Aberdeen reels from oil crash, Dundee proves a city can change
With its core industries of jute, jam and journalism, Dundee was one of the most globalized cities in the world in the early 20th century.
We should all fear “oilmageddon” says Citi
Markets are currently in a well-oiled "death spiral," according to Citigroup analysts.
Wood Mac says loss making oilfields unlikely to be shut willingly
Even as millions of barrels of oil are pumped at a loss at current prices, only a fraction of the production has been shut, industry research group Wood Mackenzie said.
Petronas set to cut spending by $11.4billion over four years
Malaysia's Petronas plans to cut expenses by as much as $11.4billion over the next four years and defer some projects, according to reports.
Opinion: Controlling your own destiny will be critical in the lower-for-longer scenario
Friday’s OPEC meeting in Vienna confirmed what the global oil and gas industry was already resigned to – no curb to production, the supply overhang extending and more pain for the upstream industry as a whole.