Finance News

Low oil prices could persist into 2017

Feb 19, 2015

Centrica has cut its exploration and budget 40% saying that it thinks oil prices will remain low for the rest of 2015 and potentially also into 2016 and 2017.  The comments, made by the firm's CEO Iain Conn, echo BP CEO Bob Dudley's…

Technip predicts prolonged, harsh slowdown

Feb 18, 2015

Technip CEO and chairman Thierry Pilenko says the headwinds facing the industry, both before and following the oil price collapse imply a 'prolonged, harsh slowdown' in many parts of the oil and gas industry.  Pilenko, outlining the firm's 2014 results…

Wood Group weathers oil storm

Feb 17, 2015

'Through-cycle' UK-based oilfield engineering and services firm Wood Group has weathered the oil price down-turn with an increase in revenues and profits in 2014. But, the firm said it would continue to take action to increase efficiencies…

PwC: African oil spend rethink required

Feb 17, 2015

Oil and gas explorers must rethink their capital expenditure on exploration activity across the African continent in the wake of the significant drop in the global oil price, according to an analysis on the oil and gas industry in Africa released by PwC today (17 February)…

Egypt repays Circle Oil

Jan 09, 2015

Middle East and North Africa focused oil and gas exploration and production firm Circle Oil is the latest to announce it has received a debt repayment from the Egyptian government.  The company received US$15 million, as part of the recent…

Oil price slump hits spending

Jan 08, 2015

The world's oil and gas exploration companies are expected to cut capital expenditures 17% this year as a deep slump in crude oil prices takes a toll on budgets, according to a survey by Cowen and Company, released Wednesday. The survey…

Egypt repays $350 million to BG Group

Jan 02, 2015

The Egyptian government has repaid a further US$350 million in outstanding debt to oil and gas firm BG Group.  BG Group, one of a number of companies owed cash by the Egyptian government, says it is now owed US$920 million.  In October…

MOL completes latest acquisition

Dec 22, 2014

Hungarian integrated oil and gas firm MOL Group has completed an acquisition of North Sea assets from London-listed Premier Oil.  MOL acquired non-operated interests in the Nexen-operated Scott (21.84%), Telford (1.59%) and Rochelle (15%) fields…

Under-sea CCS funding offered

Dec 18, 2014

The UK Government's Department for Energy and Climate Change has launched £2.5 million funding to encourage development of CO2 storage in the North Sea. The cash will help companies identify sites under the sea to store the CO2 emissions from coal and gas power stations…

KBR announces restructure

Dec 12, 2014

Less than one year into his tenure as the President and CEO of KBR, Stuart Bradie will spend up to US$1 billion to streamline and reorganize the energy engineering and construction giant following the results of a strategic review he initiated in June…

Pemex board approves restructure

Nov 19, 2014

The board of directors for Mexico’s Petroleos Mexicanos (Pemex) approved a corporate restructuring plan that would see the company reorganize into two main units and five smaller subsidiaries. The national oil company said that the plan was…

Noreco seeks interest deferral

Nov 19, 2014

Norwegian exploration and production firm Noreco is seeking to defer bond and bond interest payments as it continues to face financial pressure over impairments on key production assets.  Noreco has said, according to updated reservoir modeling by operator Dong Energy…

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