Updated: EnQuest to permanently shut down Thistle platform
Oil firm EnQuest intends to permanently shut down its Thistle platform in the UK North Sea.
oil
Rout on oil price puts supply chain firms at risk of collapse, OGUK warns
A dramatic crude price rout has left the UK oil industry on thin ice, with the supply chain expected to go through more “pain”, a trade body warned today.
Not quite business as usual, but we’ll survive the crisis, Jersey says
North Sea minnow Jersey Oil and Gas said today that it is well placed to ride out the coronavirus and low crude price storm.
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.
Updated: Oil slumps to 18-year low as Saudi Arabia ramps up price war
Oil futures plunged as much as 26% to the lowest levels since 2002 after Saudi Arabia vowed to keep producing at a record high “over the coming months,” doubling down in its price war with Russia.
UK Government postpones changes to IR35 tax rules
The UK Government has postponed the introduction of a much criticised tax reform that would have had major implications for North Sea contractors.
Isabella discovery shows Total has Midas touch in North Sea
Total’s latest discovery shows the French energy giant still has the Midas touch when it comes to finding new North Sea reservoirs, an analyst has said.
Oil stuck near $30 as global rout deepens
Oil clawed back some losses after collapsing below $30 a barrel as the shut down of swathes of the world’s economy triggers a meltdown in global fuel demand and the most volatile market on record.
Delek awarded injunction against lender seeking £46m repayment
The owner of UK North Sea oil firm Ithaca Energy has been granted a temporary injunction against a lender who demanded the immediate repayment of a £46 million loan.
Aramco sticks to $75bn dividend pledge despite oil price drop
Even with oil prices having slumped, Saudi Aramco said it still intends to give at least $75 billion to shareholders this year.
Oil firms will team up to deliver 200m barrels from North Sea
A group of oil and gas firms have joined forces to plan the delivery of more than 200 million barrels from the outer Moray Firth.
Huge demand drop forces oil price down further
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of coronavirus were set to trigger the most severe contraction in annual oil demand in history.
As oil price sinks, eyes light up at deal-hungry North Sea newcomer
Bosses at a North Sea start-up said today that recent market turmoil and plunging crude prices would boost their chances of sealing acquisitions.
Trio of UK oil and gas firms insist they can ride out market storm
A trio of London-listed oil and gas firms today insisted they could overcome volatile market conditions at the end of a bruising week.
North Sea travel restrictions tightened to combat virus
Restrictions on offshore travel will be tightened in a bid to stop the deadly coronavirus spreading across the North Sea, an industry body has said.
Full steam ahead with ‘core’ North Sea project despite volatile market, IOG says
Independent Oil and Gas said today that its “core project” in the southern North Sea was proceeding to plan despite the recent market volatility.
President Xi orders China’s oil industry to ‘drill’
Oil’s historic price crash is presenting an uncomfortable dilemma to China’s energy majors: follow market signals to cut drilling, or heed President Xi Jinping’s orders to boost output.
Chancellor dashes any lingering hopes of North Sea reprieve on IR35
Any lingering hopes of a reprieve for North Sea oil workers from an unpopular tax reform were dashed by the Chancellor today.
Tailwind Energy goes after oil from Evelyn field
Oil and gas minnow Tailwind Energy is pressing ahead with a project to develop the Evelyn field in the central North Sea.
Wood boss in bullish mood despite global financial market woes
Wood chief executive Robin Watson was in bullish mood about future prospects for the global engineering and consultancy company after a sharp increase in profits.
Exclusive: EnQuest calls time on fire-hit North Sea platform
Oil and gas firm EnQuest has confirmed plans to decommissioning its fire-damaged Heather Alpha platform in the northern section of the UK North Sea.
Talk of US tax cut helps oil prices rebound
Oil rebounded from its worst loss since 1991 on speculation that potential U.S. tax cuts may shield the market against the coronavirus and a price feud between major producers.
Prolonged price war threatens return of ‘brutal’ cost cuts, experts say
A price war between two of the world’s biggest oil producers has sparked one of the worst crude routs in decades, putting companies under “huge pressure” and threatening “brutal” cost cuts.
Saudi Arabia to escalate price war with huge oil output hike
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market.
Oil crashes as Russia-Saudi price war breaks out
Oil markets crashed more than 30% this morning after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.