Finance News


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…

Halliburton to sell divisions pre-merger

Apr 08, 2015

Houston-based Halliburton announced it will separately market for sale the company’s fixed cutter and roller cone drill bits, directional drilling and logging-while-drilling (LWD), measurement-while-drilling (MWD) businesses. The announcement…

Bracing for bankruptcy

Mar 11, 2015

While most oil and gas operators and service companies are reducing expenses to keep costs down, some companies are beginning to falter due to financial distress. This month alone, two Houston-based companies, BPZ Energy (which trades under the name BPZ Resources) and Cal Dive International…

UKCS stewardship under the spotlight

Feb 26, 2015

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…

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…

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