Optimism continues to fall in the UK oil and gas industry according to the 1Q 2015 Oil & Gas UK Business Sentiment Index published 30 April 2015, which shows confidence in the sector has dropped from minus 23 points to minus 31 on a -50/+50 scale…
UK offshore industry trade association Oil & Gas UK has called for 'urgent action' to reduce and simplify North Sea oil and gas taxation, including a double digit reduction in the Supplementary Corporation Tax on UK producers. The trade body…
It is widely accepted that the UK Continental Shelf (UKCS) is a high cost petroleum province by world standards. The collapse in oil prices from over US$100/bbl to less than $50 can thus be expected to have a substantial effect on activity levels…
The UK’s new offshore oil and gas regulator is to require the top 20 North Sea operators by volume to present stewardship plans by April, as part of a string of actions to turnaround the industry published yesterday (25 February). Stewardship…
A three phase asset management strategy could help counter costs, says ABB’s Will Leonard. In mid-December, the price of oil fell further after the International Energy Agency (IEA) forecast weaker demand in 2015. Brent crude fell to around US$60 a barrel…
With oil prices depressed, Greg Hale argues that automation could make a much needed difference in the offshore industry. The scenario is set and it is time for everything to play out: automation can come to the rescue of the offshore oil and gas industry…
Oil and gas industry sentiment in the UK plunged dramatically in Q4 2014, according to the results of a survey published today. Oil & Gas UK’s Business Sentiment Survey says optimism in the oil and gas industry fell 16 points to -23 points on a -50/+50 scale…
North Sea oil independent EnQuest is expecting its 2015 production to be at least 10% above previous expectations, and announced a 40% cut in capital spending, easing concerns the firm could breach debt covenants. EnQuest said 2014 production was up 17% compared to 2013…
Wood Group PSN (WGPSN) has said it is cutting the rates paid to its UK-based limited company offshore and onshore contract workers in response to 'cost efficiency challenges affecting the UK North Sea oil and gas sector.' In addition…
North Sea production efficiency rates are an embarrassment, says one of the basin’s leading independent operators. Elaine Maslin reports. The UK President of oil and gas independent EnQuest has said the North Sea industry should be 'shocked…
Late life production optimization is hard, but interesting, according to those tackling the issue. Elaine Maslin provides an overview of recent trends. As natural production rates wane and assets start to age, optimizing production rates offshore becomes a key challenge for operators…
Calgary-based Talisman Energy has said it may suffer writedowns on its UK North Sea assets in Q4 due to battling production efficiency and cost issues on its assets in the basin. In its third-quarter report, Talisman said its UK North…
A CNC (computer numerical control) tube bending machine with advanced programmability is helping Siemens Subsea Products to improve the precision and production efficiency of subsea hydraulic components and systems. Steve Hadrell explains…
UK North Sea production is expected to remain flat in 2014, marking the first time in 15 years the industry has not seen a production decline in the basin. Production declines on the UK Continental Shelf had been steadily dropping at a rate of 7-8% per year…
Houston-based exploration and production independent Endeavour International appointed a consultancy firm and recruited a chief restructuring officer. The firm, which has assets in the US and North Sea, has been struggling with debt and…
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