Australia’s largest oil and gas producer Woodside Energy (ASX:WDS) reported record output and sales in the third quarter on the back of stronger natural gas prices and the completion of its merger with BHP’s petroleum business.
UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
Estimates for North Sea oil revenues have been upwardly revised by an average of £1.2billion per year by the Office for Budget Responsibility.
A huge swing in North Sea oil revenues suggests the sector is "alive and well", an industry chief said.
Scotland’s deficit was £14.8 billion for 2015/16 amid plummeting oil and gas revenues, according to new figures.
Revenues from North Sea oil and gas fell by more than 50% last year, with Scotland having a higher rate of fiscal deficit than the rest of the UK, new figures have revealed. The Scottish Government published its latest data on revenue and expenditure, which showed a deficit of £14.9 billion for 2014-15, when a geographic share of North Sea revenues is allocated to Scotland.
Transocean’s revenues have fallen 29% in the third quarter of the year as the company continues to be challenged by the decline in oil price. The oil driller said fleet utilisation was down to 70% compared with 75% in the previous quarter and the year-ago period. The company has already reduced its number of rigs taking a number out of service as well as scrapping others.