Fugro announces ‘painful’ job cuts but ‘too soon to say’ for UK workforce
Dutch marine services firm Fugro has announced it is taking a series of “painful measures” in response to the Covid-19 outbreak, including job cuts.
oil price
North Sea fields facing swifter end to production due to oil price drop
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
Extremely challenging conditions for North Sea emphasises the need for sector deal, says EY
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Oil and Gas: Holding your nerve?
Investing in capital markets is, speculators aside, a long- term play. When times are good investors can relax and take pleasure in their investment prowess; when times are bad investors need to remind themselves, they are in for the long term, and play to the fundamentals.
No alarm over future for North Sea, oil boss says
Neptune Energy’s UK boss said on Tuesday that talk of the North Sea oil and gas industry being wiped out by a collapse in crude prices is premature.
Subsea 7 facing ‘significant headwinds’ and withdraws 2020 guidance
Subsea 7 has warned of “significant headwinds” from the dual impact of the coronavirus and plummet in oil price.
Trump says world’s top oil producers to meet on market crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.
Oil’s apocalyptic April could reverberate for years to come
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.
BP CEO promises staff jobs are safe for at least three months
BP has promised its employees their jobs are safe over the next three months, while the oil major considers ways to cut costs with crude prices plunging.
Shell warns of major hit to cash flow from oil price plummet
Shell has warned that cash flow will take a major hit when the firm publishes its first quarter results next month.
Oil plummets to 17-year low as broken market drowns in crude
Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.
i3 Energy to buy ‘struggling’ Canadian firm and list on Toronto Stock Exchange
i3 Energy plans to buy out a “struggling” Canadian oil and gas firm and list on the Toronto Stock Exchange (TSX).
KCA Deutag says ability to operate ‘very complex’ amid price slump
Drilling contractor KCA Deutag said its ability to operate had become “very complex” due to the recent crude price slump and Covid-19 outbreak.
Oil finds firmer ground after Federal Reserve unleashes support measures
Oil rallied for a second day after the Federal Reserve unveiled a sweeping set of measures to support the world’s largest economy, while investors clung to hopes of a U.S.-Saudi Arabian deal to limit output.
Equinor, Total announce measures to combat price crash
Norwegian energy giant Equinor has suspended its share buyback programme due to the downturn in market conditions.
Oil drifts lower as hopes for Opec-Texas production truce fade
Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays.
Putin won’t cave in to Saudi oil-price blackmail
Russian President Vladimir Putin will refuse to submit to what the Kremlin sees as oil blackmail from Saudi Arabia, signalling the price war that’s roiling global energy markets will continue.
Taqa’s North Sea boss predicts ‘challenging year ahead’
The boss of Taqa’s North Sea business has predicted a “challenging year” ahead as the Abu-Dhabi oil firm publishes its 2019 results.
RMT calls for action as oil price plummet puts ‘tens of thousands’ of North Sea jobs at risk
A union has warned that “tens of thousands” of offshore jobs could be at risk as North Sea firms buckle under the pressure of the ongoing oil price “crisis”.
Big Oil’s big crisis: Saving sacred dividends from collapse
To understand the crisis engulfing the world’s largest oil companies, just look at their dividend yields.
Oil price drops to lowest since 2016 as global demand collapses
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual demand in history.
Oil takes worst weekly tumble Since 2008
Oil headed for its biggest weekly drop since 2008 as an unprecedented dual supply-demand shock showed no signs of abating.
Oil continues slide after Trump limits travel from Europe to US
Oil resumed declines after President Donald Trump said the U.S. would restrict travel from Europe for the next 30 days to try and contain the coronavirus, pummeling fuel demand even further.
OGUK to chop up flagship industry report due to coronavirus disruption
Oil and Gas UK (OGUK) has decided to chop up one of its flagship industry reports and cancelled key events in response to the coronavirus outbreak.
Oil traders are ‘big winners’ from Saudi-Russia price war
Saudi Arabia and Russia’s price war is handing over a multi-billion dollar profit opportunity to the world’s largest oil traders.