Oil edges higher as Russia signals willingness to cut output
Oil extended gains as the world’s top oil producers appeared to be moving closer to a deal to curb output in the face of deepening demand destruction being wrought by the coronavirus.
oil
Russia has edge over Saudi Arabia in crunch oil production talks
Russia will be able to outlast Saudi Arabia if the pair fail to clinch a deal to cut production to prop up oil prices during OPEC+ talks on April 9.
Shell UK, Diamond Offshore agree release of rig
Shell and Diamond Offshore have “mutually agreed” the release of the Ocean Valiant rig from its contract.
Forties pipeline shutdown postponed until next year
Ineos has extended the postponement of its shut down of the Forties Pipeline System until next year due to the Covid-19 pandemic.
MPs claim oil industry faces redundancies without assistance
The UK could “sleepwalk” into “mass redundancies” in the oil and gas industry unless Chancellor Rishi Sunak takes urgent action, MPs have warned.
Production shut down on North Sea FPSO as another worker airlifted
Production on a North Sea vessel has been shut down in response to the removal of a crew member with “flu-like symptoms”.
Update: Petrofac to furlough 200 north-east workers
Oilfield services firm Petrofac will put about 200 north-east staff members on furlough as part of its response to the Covid-19 outbreak.
Neptune maps out ambitious carbon, methane emissions cuts
Oil and gas firm Neptune Energy has mapped out ambitious targets to cut its carbon and methane emissions.
RockRose growth prospects ‘undimmed’, Brae transfer gets under way
RockRose Energy’s boss today insisted the firm’s growth prospects were “undimmed” by the slump in crude prices.
Solar well yields discovery, Finzean delayed, Westwood Global says
Westwood Global Energy reports that as of 2 April there was one exploration well that was in the process of completing, with no active E&A drilling.
Covid-19 and cap scrap put our industry under threat
A toxic cocktail of the Covid-19 outbreak and an act of self-sabotage by two of the world’s biggest oil nations has created unprecedented and overwhelming currents for the oil and gas industry to swim against.
OPEC+ poker game on Monday: Russia holds better cards than Saudi Arabia
A month after the last unproductive OPEC+ meeting and with Covid-19 slashing demand amid the ongoing price war, the US has managed to broker a new extraordinary meeting for oil-producing nations. Russia and Saudi Arabia will be back to the negotiating tele-table on 6 April 2020 to discuss the output cuts of at least 10 million barrels per day (bpd), first announced by US President Donald Trump on Twitter on 2 April 2020.
The current challenges for the UK and Norway in the face of Covid-19
The world has been transformed in the past month since the COVID-19 pandemic took hold. The dramatic impact of COVID-19 on global oil demand and has been compounded by Saudi Arabia and Russia failing to agree production cuts to stabilise oil prices. With Brent trading well below US$30/bbl the resilience of the sector is once again being pushed to its limit. What does this mean for the UK and Norway upstream sectors?
Update: Oil surges as producers eye 10m barrel a day output cut
Oil jumped more than 11% in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10 million barrels a day of global production being discussed.
Worker airlifted from North Sea vessel tests positive for Covid-19
A workers who was airlifted from a UK North Sea platform has tested positive for the Covid-19 virus.
Centrica ‘pauses’ Spirit Energy sale until markets settle
Utilities giant Centrica has "paused" the sale of its stake in Spirit Energy due to the economic meltdown caused by the Covid-19 outbreak and oil price war.
Deal to save ‘thousands’ of North Sea jobs hammered out
A deal has been struck to protect hundreds, and potentially thousands, of North Sea jobs during the coronavirus outbreak.
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.
Hunkering down for prolonged low prices, Neptune identifies cost cuts
Neptune Energy bosses insist the firm is “resilient enough to meet the challenges of today” as they hunker down for a prolonged period of low oil and gas prices.
Bilfinger Salamis praised for halting job losses
The Unite trade union has applauded Bilfinger Salamis for stepping back from its earlier decision to make almost 100 workers redundant.
Oil price downturn could be prolonged, Westwood Global says
Oil prices plunged to an 18-year low yesterday as hopes of a production pact between Saudi and Russia faded
New well to keep Chestnut field producing for three more years, Spirit says
Oil and gas firm Spirit Energy has given the Chestnut field in the UK North Sea a three-year life extension by drilling a new production well.
Upstream oil and gas in an uncertain world
Green shoots in the oil and gas market predicted at the start of 2020 have fallen by the wayside. It was meant to be the year when the industry, particularly in Europe, got serious about ESG credentials and planning for a carbon free future.
Suspected coronavirus case airlifted from Britannia platform
A suspected coronavirus sufferer has been flown back to shore from a North Sea platform.
North Sea ‘chaos’ as more suspected Covid-19 cases spring up
A trade union official has said the North Sea is firmly in the grip of coronavirus “fear” and lamented a perceived lack of leadership.