Finance News


475 Shell UK and Ireland jobs to go

May 26, 2016

Oil major Shell has said it is to cut around 475 jobs from its UK and Ireland business by the end of this year as it further reduces its cost base.  The firm has already announced more than 10,000 jobs cuts globally, including some 2800…

Wood Group further cuts contractor rates

Feb 19, 2016

Wood Group PSN says it is to reduce rates paid to about a third of its UK-based contractors by about 9% 'in response to continuing cost and efficiency challenges affecting the UK North Sea oil and gas sector.' Wood Group, which already…

BP profits plummet

Feb 02, 2016

BP has reported a 91% drop in Q4 2015 earnings, revealing the impact of the lowest oil prices in more than a decade on the business, and says oil prices look set to 'continue to be challenging in the near term.' The firm's full year underlying profit was a loss of $5…

Oil well below US$50/bbl through 2018

Jan 27, 2016

Ratings and investor service firm Moody's has lowered its price estimate for Brent crude in 2016 to US$33/bbl, from $43/bbl, and suggests crude 'will remain well below $50/bbl through 2018.'  West Texas Intermediate has also been lowered to $33/bbl…

WoodMac: US$380 billion of projects on hold

Jan 14, 2016

Some US$380 billion worth of upstream oil and gas projects have been put on hold as a result of the fall in oil prices, according to new research by analysts Wood Mackenzie.  The Edinburgh based firm says the last six months of 2015 saw…

WoodMack: M&A to ramp up in 2016

Jan 06, 2016

In contrast to 2015, upstream oil and gas deal activity is set to ramp up this year regardless of what happens to the oil price, according to Wood Mackenzie's M&A outlook for 2016. Should oil prices stay low, companies will be forced to sell assets and merge businesses: to free up capital…

DW: Expect consolidation in 2016

Jan 04, 2016

2015 was a tough year. Spending and headcounts have been slashed across the industry and the specter of bankruptcy is an all too common concern. Recent trends in commodity prices have not helped. Late December saw Moody’s downgrade its…

Moody's paints grim 2016 outlook

Dec 15, 2015

Ratings agency Moody's has painted a bleak picture for 2016 for the upstream oil and gas industry. The firm predicts a prolonged period of oversupply will keep oil prices lower for longer and continue to pressure issuers in the oil and gas industry in 2016…

£217 billion working capital untapped

Oct 19, 2015

UK oil and gas firms are sitting on a war chest of £20 billion that could be released by simply improving their working capital management according to new research released today by business consultancy PwC.  With no sign of an oil price rebound in sight…

Shell: Downturn to last several years

Jul 30, 2015

Oil major Shell today said the oil price downturn could last for several years, as it revealed 6500 expected staff and contractor reductions in 2015, as well as further capital and operational spending cuts. “Operating costs are expected to fall by over $4 billion…

Subsea 7: Cuts will save $550 million

Jul 29, 2015

Subsea 7 expects to save US$550 million through its plans to cut 2500 jobs and 12 vessels from its fleet, the firm said today as the offshore industry continues to suffer from low oil prices. The firm, which had announced its staff and vessel reduction plans in May…

Why ‘Grexit’ worries weigh down oil price

Jul 13, 2015

As strained negotiations between the Greek government and European financial ministers enter the end-game, the impact on energy markets remains uncertain. Setting aside both the deeply troubling social impact for Greek citizens and other…

Endeavour to sell North Sea business

Jun 01, 2015

Houston-headquartered Endeavour International has put itself up for sale. The business, focused on the UK North Sea, says it is looking to sell all or substantially all of its North Sea oil and gas assets, with Blackstone Advisory Partners acting as financial advisor…

Firms eye corporate transactions

May 25, 2015

More than half (56%) of global oil and gas executives are ready to do deals in the next 12 months according to accountants and business advisors EY’s 12th biannual Oil & Gas Global Capital Confidence Barometer. The global survey of 112…

Trap Oil warns of possible insolvency

Apr 23, 2015

North Sea exploration minnow Trap Oil has warned that, without urgent additional funding, it is likely to become insolvent.  The firm, which has reduced its overheads from £5.1 million 2 years ago to £1.3 million/yr posted a pre-loss of £44…

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