Proposals to introduce temporary amendments to the Norwegian upstream tax regime, put to the Norwegian parliament a couple of weeks ago, and included within the Norwegian budget on Tuesday, have added to calls for fiscal change in the UK to support investment in the UKCS and underpin the oilfield services (OFS) supply chain.
The UK Government has run out of fiscal levers that could be pulled to help the country's struggling oil and gas industry, a tax expert has said.
Offshore workers have said they’ve been “dumped” by a major recruitment firm after it decided not to offer the UK furlough scheme due to holiday pay concerns.
Western Europe’s maintenance, modification and operations (MMO) market will likely take a major hit in 2020 a Rystad Energy impact analysis has revealed, thanks to severe spending cuts and Covid-19 transportation restrictions. Spending in Norway is expected to fall to $3.4 billion this year – an 18-year low – while UK spending is on track to fall to $2.9 billion, the lowest level seen since at least 1990.
New analysis has outlined “huge concerns” for UK taxpayers around whether oil and gas firms will be able to meet their hefty decommissioning costs, with some rising above their company market values.
DNO, the Oslo-listed exploration firm which took over Aberdeen's Faroe Petroleum, has announced it is reducing staff “in all locations” in response to Covid-19 outbreak and oil price crash.
Energy services firm Petrofac has said it has safeguarded nearly 200 jobs with a pair of contract renewals.
The UK’s oil regulator has unveiled plans to force North Sea operators to meet the government’s 2050 net zero goals.
Total barely managed to stay in profit for the start of 2020 as oil prices took a nosedive due to the Covid-19 outbreak.
My recent Energy Voice article comparing Battery Electric Vehicles (BEV) with Hydrogen Fuel Cell Electric Vehicles (FCEV) generated some interest. To my mind the BEV has clear benefits from an energy efficiency standpoint, as an FCEV requires twice the energy of a BEV.
Engineering firm Saipem has won a £225million project to transport and install a new natural gas pipeline in the Baltic Sea.
Shell’s boss has said the firm will “probably” have to reduce its headcount and “resize” parts of the organisation the longer the oil price slump lasts.
A leading petroleum economist has said it would “require something cataclysmic” for the international oil benchmark to follow that of the US into negative pricing.
With the reality that Brent oil prices are scratching closer and closer to $20 per barrel, shut-ins are already happening around the world. Even if prices reach this threshold, the UK will avoid shut-ins and exploration is likely to continue in 2020, although cash flow and project sanctioning will suffer, a Rystad Energy impact analysis shows.
Shell has hit pause on a number of UK North Sea projects due to the recent crude price drop and Covid-19 outbreak, it is understood.
Energy giant Shell paid no taxes on its upstream oil and gas business to the UK government last year, instead receiving large rebates, according to a new report.
Oilfield services giant Halliburton will “significantly reduce” its workforce in the coming weeks, according to chief executive Jeff Miller.
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.
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?
The pound’s wild fluctuations are causing more distress for businesses already struggling under an unprecedented lockdown of the U.K. economy.
EnQuest is to delay publication of its full year financial results due to the coronavirus.
Energy giant BP has joined a list of operators working to reduce offshore crew numbers on its North Sea assets in response to the coronavirus outbreak.
More than 200 oilfield services firms (OFS) across the UK and Norway are “set to become insolvent” due to the coronavirus outbreak, according to Rystad Energy.
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.
Forecasts for the UK's North Sea tax receipts have been halved for the next financial year, but the recent oil price plummet could have an even more drastic impact.