EV Insights: The cost of producing a barrel of oil
As the price of oil hits an 11-year low, Energy Voice looks at the cost of producing a barrel around the globe.
UK
Shell, Iran reach deal on $2.3billion outstanding debt
Oil major Shell and the National Iranian Oil Company (NIOC) have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3billion outstanding since 2011. The head of the NIOCs international affairs, Mohsen Qamsari, said the two sides had reached an agreement on a mechanism after several round of negotiations.
Costain Group closes out year in strong cash position
Costain Group has closed out the year with a record order book of £3.9billion.
New report doubles Faroe Petroleum’s reserves
A new report has nearly doubled Faroe Petroleum’s reserves overnight.
Tech Tuesday: Robots helping to detect pipeline gas leaks
A new generation of pipeline robotics that can extend the life of large diameter cast iron pipeline infrastructure could help save time and money for utility companies.
Secret files reveal Thatcher agreed to major review of energy during 1980s oil downturn
Margaret Thatcher agreed to a major review of energy policy at the height of the 1980s oil downturn after being warned of "daunting uncertainties" in the field, previously secret records reveal. Number 10 adviser John Wybrew told the then prime minister the review should consider how much government support should be provided to see the industry through the collapse. In a memo from July 1986, released by the National Archives today, he argues any attempt to formulate a "definitive master plan" would do "more harm than good".
Mega deals activity among UK firms jumps to 15-year high in 2015
Mega deals came back into fashion in the City last year, with chief executives becoming more confident as the drama of the financial crisis faded into the background. Mergers and acquisition activity involving UK firms jumped almost 63% to $565billion, a 15-year high involving 3,385 deals, according to data firm Dealogic. The biggest of these acquisitions saw London-listed Peroni and Grolsch group SABMiller bought by Budweiser brewer Anheuser-Busch InBev for £71 billion in a deal finalised last month.
Velocys settles deal with CompactGTL over infringement case
Velocys said it has reached a settlement deal with CompactGTL Limited in the patents infringement case which it filed two years ago.
OGA says 159 onshore blocks offered in 14th Onshore Oil and Gas licensing round
Industry regulator the OGA (Oil and Gas Authority) said 159 onshore blocks under the 14th Onshore Oil and Gas licensing round have been formally offered to successful applicants. The blocks will be incorporated into 93 onshore licences.
Government accused after solar panel subsidies slashed
The Government has been accused of “huge, misguided cuts” to clean energy after it announced reductions of almost two-thirds to subsidies for solar panels on homes. The move, which ministers say is necessary to curb rising costs of green energy on consumer bills, comes just days after the UK backed the world’s first universal agreement to avoid dangerous climate change by bringing down greenhouse gas emissions. Reductions in payments under the “feed-in tariff” scheme for energy generated by new small-scale renewables are not as severe as originally proposed in the summer, when ministers floated an 87% cut for domestic solar electricity compared with current levels.
End of an era for once proud and powerful coal mining industry
The closure of the UK’s last deep coal pit signals the end of an era for a once proud and powerful industry. Miners will work their final shifts tomorrow at Kellingley Colliery in North Yorkshire, leaving many looking for new jobs. Owners UK Coal will also go out of business after the company oversees the closure and transfer of the site for redevelopment.
Fracking and solar plans to be revealed by Government
The Government is expected to announce key decisions on solar power and fracking, amid warnings ministers are “unravelling” policies on clean energy. The latest round of licences for shale gas exploration are set to be unveiled, in the wake of a vote by MPs to allow controversial fracking for the fossil fuel under national parks and other protected areas. And a final decision will be made on cuts to small-scale renewables subsidies after ministers proposed dramatic reductions of 87% for domestic solar schemes.
MPs back plans to allow fracking under national parks
Proposals to allow fracking under national parks have been approved by MPs amid accusations that ministers “sneaked” the move through a “parliamentary backdoor”.
Apache boss says still possible to make money in UK sector despite oil price
Cory Loegering, Apache’s regional VP and MD for the North Sea said it was possible to make money from the UK sector despite the current oil price.
Power station to close after half century of electricity production
A power station is to stop generating electricity and will close after 46 years. E.ON said the Ironbridge Power Station in Shropshire will reach its 20,000 hours limit of generation under an EU directive aimed at lowering emissions of certain pollutants. Former employee Mike Smith has been invited back to press the button to end generation on Friday and mark the closure of the plant, which used to be powered by coal but was converted to biomass in 2012.
Government “will not hit energy efficiency target until 2130”
Government attempts to improve the energy efficiency of poor households to a decent standard will not hit target until the year 2130, Labour has claimed. Ministers have to ensure as many households in fuel poverty - regarded as being unable to afford to be adequately heated due to low incomes and high energy costs - as “reasonably practicable” meet the band C energy efficiency standard by 2030. But shadow energy minister Clive Lewis warned just 70,000 houses were improved between 2010 and 2013, leaving hundreds of thousands of people still to benefit from changes which will lower their energy bills.
Fugro wins UK contract with Total
Fugro has won a five year contract with Total for provision of underwater services in the UK. The deal includes extension options for a further two years and will see Fugro provide a range of ROV (Remotely Operated Vehicles) services.
Co-operative Energy blames IT problems as it tops complaints list
Co-operative Energy has blamed ongoing problems with its new IT system after it received the highest ratio of complaints in the third quarter. The energy supplier upgraded its computer systems in March, with many customers complaining of being locked out of their online account or not receiving their bills following the switch. And new figures from the energy ombudsman revealed Co-operative Energy received 136 complaints per 100,000 customers in the three months to September, 50% higher than any other supplier.
Total names new MD of its UK business after Philippe Guys retires
Total has named its new managing director in the UK set to take the helm after Philippe Guys announced his retirement. Elisabeth Proust, who became Total’s first female managing director for its Nigeria operations only last year, will take over the role. The move will be her third role as a managing director leading its UK operations after successful stints in Africa and Indonesia.
UK Government announces new consultation on banning fracking in wildlife sites
The UK Government has announced a new consultation on banning fracking in protected wildlife sites. The move comes from DECC (Department of Energy and Climate Change) and would include sites of specific scientific interest. Proposals for an outright ban were first introduced earlier this year by MPs concerned about the government’s drive for shale gas exploration.
Statoil awards catering contracts for Mariner and and UK onshore facilities
Statoil has awarded contracts for the catering and facilities services for its UK offshore and onshore operations to ESS Offshore and 14forty. Both companies are part of Compass Group UK & Ireland and the agreement is set to start next year. ESS Offshore won the offshore catering and facilities contract which includes the provision of services to the Mariner A platform and Mariner B floating storage unit.
Timelapse: Incredible footage of Talisman topside destined for North Sea
This incredible footage shows Talisman Sinopec UK’s Montrose topside being constructed at Heerema’s fabrication yard in the Netherlands.
Exclusive: Chevron considers 140 job losses across its North Sea operations
Oil major Chevron is reviewing up to 140 positions across its North Sea operations as it looks to streamline costs.
Opinion: Slashing apprentices can be a false economy
At a time where oil and gas companies across the globe are being affected by the commodity price downturn, many have developed and implemented contingency plans which have seen the selling off of low-profit subsidiary companies, enforced wage cuts, the loss of experienced personnel, a reduction in marketing budgets, and even the cutting of apprenticeship and graduate programmes. It’s a bit of an understatement to say that there’s a huge cloud over the whole industry right now as chief executives worry about keeping their businesses afloat but it’s that last example, the loss of the next generation of oil and gas workers that we need to put higher up the industry’s priority list if we are to ensure the sector has a sustainable future. In order to secure the future of the North Sea oil and gas industry, we need to continue empowering and encouraging a steady pipeline of talent to come through even in challenging times. Past experience has shown us that ignoring this can lead to bigger and more costly issues in the long term.
Cameron hails £3billion contracts deal with oil rich Kazakhstan
Securing 40 trade deals with Kazakhstan worth £3 billion was “not bad for one afternoon’s work”, David Cameron declared after talks with the country’s president. The Prime Minister said he saw Britain and the oil and mineral-rich central Asian state as “partners in prosperity and partners in progress” as he oversaw a signing ceremony at the Foreign Office alongside Nursultan Nazarbayev. Downing Street said Mr Cameron raised the issue of human rights with his counterpart, who was recently re-elected with 97.75% of the vote and is regarded by critics as an autocrat. Mr Nazarbayev insisted he was committed to widespread reforms including ending corruption, improving the justice system and ensuring “an open, liberal government that is accountable to the people”.