Halliburton slumps to pre-tax losses of £2.4bn for 2020
Halliburton’s chief executive has praised “swift and decisive cost actions” after the firm delivered “strong margins and cash flow” at the back end of last year.
oil price slump
OPEC oil revenue plunges $438billion to 10-year low
OPEC said its oil revenue plunged by $438billion to a 10-year low last year, as an increase in export volumes failed to compensate for the collapse in prices.
Subsea 7 to cut headcount by a further 1,200, 430 jobs at risk in UK
Subsea 7 is to cut its global workforce by another 1,200 and has confirmed up 430 jobs will go in the UK as part of the company’s global resizing and cost reduction measures.
North Sea transition skills fund “still valuable”
An oil industry leader has said Scottish Government plans to funnel jobless oil and gas workers into teaching could be “very valuable”.
Global upstream investment slashed by $1trillion since oil price fall says Wood Mac
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie.
Brexit highly likely to damage Scotland’s economy, forecast warns
It is highly likely that Scotland’s economy will be damaged if the UK votes to leave the EU, according to independent forecasters.
As oil hits $60 the shale guys are jumping back in
Crude’s advance of more than 90% from a 12-year low earlier this year has US shale producers starting to return to their drilling rigs, threatening to slow further gains.
Subsea UK leads industry delegation to press Westminster for support
Industry body Subsea UK is leading a delegation of high profile subsea leaders from companies across the country’s supply chain to Westminster on Wednesday to urge MPs to do all they can to protect the £9billion subsea industry.
Redundant oil workers who retrain as teachers guaranteed a job
Redundant North Sea workers who retrain as teachers will be guaranteed employment for four years under a Scottish Government scheme.
Looking for a new job? Don’t tell anyone you work in the oil industry
Job hunters are being advised not to tell prospective employers they work in the oil industry or live in Aberdeen - if they don't want to their CVs to go the bottom of the pile.
Aberdeen hotel sector takes another hit in fallout from oil slump
Aberdeen's hotel sector has endured a second month with an over 40% drop in revenue as fallout from the oil industry crisis hits other sectors of the city's economy.
Low oil price “good for economy”, says David Cameron
David Cameron has claimed a low oil price was “basically good for the British economy” as he faced calls for an urgent review of the North Sea industry.
$240billion wiped off oil firms’ market value since OPEC oil price cut
Investors around the world have seen $240 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit.
OGA chief Samuel warns North Sea could face a “very grim” future
The head of the Oil and Gas UK Authority has said the industry in the North Sea is like an “ageing patient” that could face a “very grim” future.
North Sea: Life after redundancy
An Aberdeen engineer, made redundant during the recent oil industry contraction, has decided to return to further education as the sector confronts a new reality.
Exxon profit lowest since 2009 as prices fall faster than costs
Exxon Mobil posted its worst quarterly performance in six years as a worldwide glut of oil collapsed prices faster than explorers trimmed costs.
Aberdeen-based energy firm GOT goes bust, 19 jobs lost
A strong order book could not prevent Aberdeen-based procurement services firm Gas and Oil Technology (GOT) going bust, with 19 jobs lost amid the oil price downturn. Work ground to a halt at GOT because the firm did not have enough stock to fulfil its orders, despite investing heavily in infrastructure in recent years, administrators from KPMG said yesterday. Nineteen of GOT’s 23 employees have been let go with immediate effect, with the remaining four staying on temporarily to help wind down the company.
Questing for Atlantic Frontier prizes
In this issue we're majoring on the Atlantic Frontier, or rather just three parts of it . . . UK West of Shetland, the Irish sector and, several thousand miles to the south, the Falkland Islands.