Oil won’t get a post-virus lift from public transport
There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.
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Focusing on the future – what’s next for the oil and gas sector?
Despite the uncertainties raging around us, as an industry and as individuals we have adapted quickly to the challenges of lockdown. The return to normal may prove a longer, challenging but potentially rewarding path, believes Jon Clark, EY EMEIA Oil & Gas strategy and transactions leader.
North Sea industry facing ‘existential threat’
North Sea industry is facing an “existential threat” and will need quicker, simpler support from governments to overcome the price rout, an investment expert has said.
Analyst predicts return of marginal gains ethos in North Sea
Coach Sir Dave Brailsford is widely credited with turning around the fortunes of Britain’s cyclists using the “marginal gains” philosophy.
Sector’s Covid-19 response vigorous
2020 arrived with a much-needed feeling of optimism and positivity throughout the industry. The long anticipated, planned Forties Pipeline Shutdown (FPS) presented the optimum opportunity for many Operators to align their summer shutdown campaigns and engineering project scopes to coincide.
Middle East, private equity interest a source of hope for oil service sector
Strong interest from the Middle East and private equity houses could provide a glimmer of hope for an ailing UK oilfield service sector, an investment expert has said.
Stop hoping for a boom
In the ’80s, well before my time in industry, there was allegedly a popular bumper sticker in oil towns.
Oil on course for first weekly gain in a month as output cuts start
Oil headed for its first weekly gain in a month as global production cuts began to take effect, while early signs the coronavirus-driven plunge in demand might be starting to bottom out also aided sentiment.
Oil buoyed by optimism on demand recovery and output cuts
Oil rallied for a second day as global production cuts deepened and signs of a recovery in physical markets emerge.
Updated: Shell cuts dividend for first time since 1940s in ‘prudent’ move to bolster finances
Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty.
Updated: Court sides with Premier Oil over deals, but roadblocks remain
A judge has sanctioned Premier Oil’s plans to acquire £660 million worth of North Sea fields and extend its debt maturities.
New entrants join farmout process for Talon’s North Sea prospects
Talon Petroleum said today that interest in three of its UK North Sea prospects remained “strong” in spite of the “challenging macroeconomic environment”.
Oil price rises amid output cuts and early signs of demand recovery
Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.
Norway will cut production by 250,000 barrels per day to lift prices
Norway, western Europe’s biggest oil producer, joined international efforts to curb supply for the first time in almost two decades after prices fell to new depths.
Crude Intentions: Collaboration will assure the oil markets recovery
Production cuts may not be enough to rebalance the market now, but they can help its recovery in the second half of 2020 according to Boris Ivanov, Founder and Managing Director of GPB Global Resources.
Corallian tempts ‘large E&P’ firm with Moray Firth licence
UK firm Corallian has entered into an exclusivity period with a “large European E&P company” which is interest in its 174 million barrel Dunrobin prospect.
EnQuest to axe hundreds of UK roles
The struggling UK oil and gas sector was dealt another blow on Tuesday as EnQuest confirmed it expected to cut 530 positions.
Archer finances ‘robust’ after completing debt refinancing
Drilling contractor Archer has said a newly-completed debt refinancing will help it withstand a “meaningful drop in activity”.
The next chapter of the oil crisis: Industry shuts down
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
‘Hard to take’: ONS 2020 cancelled
A popular energy sector conference and exhibition in Stavanger, Norway, has been cancelled this year due to the Covid-19 outbreak.
German oil refinery to convert unused wind into fuels
An oil refinery in northern Germany wants to turn excess wind power into green hydrogen to replace natural gas and produce synthetic fuels for aviation.
Next generation’s enthusiasm is best hope for achieving energy transition
Oil prices have plunged to record lows this past week. While one particular benchmark, West Texas Intermediate, went below minus $40 per barrel a week ago, that is headline grabbing but not the primary concern.
Positive mindset ‘non-negotiable’ for navigating choppy waters
It's not the strongest species that survive, nor the most intelligent, but the ones most responsive to change. Certainly, that’s what Darwin believed and who am I to question him?
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.
Covid-19 hit to tourism and North Sea industry may mean ‘larger negative shock in Scotland than UK’
The importance of tourism and North Sea oil and gas to Scotland’s economy could mean it is hit harder by the coronavirus crisis than the rest of the UK, a group of experts has warned.