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.... The Atlantic Council’s Global Energy Center proposed molecular marking, where criminals cannot see that fuel is marked but authorities can test to see if it is illegitimate, and better tracking of oil tanker trucks. Separately on Tuesday, the credit rating agency Moody’s said the oil price recovery in recent months had led it to upgrade the outlook for the major oil and gas companies from “stable” to “positive”. ... [Read full article on Guardian ]
Tuesday 21st of March 2017 06:12:54 PM
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.... “We’re more competitive, so as an industry, we’re in a better place,” says Michie, who speaks of a “cautious optimism” as oil prices have crept up to about $52 since major oil countries announced production curbs last December. Lower operating costs will be crucial if Scotland is to recover the UK’s remaining oil and gas, of which it holds 88%, according to analysts. ... [Read full article on Guardian ]
Saturday 18th of March 2017 03:59:43 PM
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Latest Finance News related to Oil And Gas

Oil theft 'provides billions for terrorists and drug cartels' image
Source : Guardian [Read Article] Tuesday 21st of March 2017 06:12:54 PM
.... The Atlantic Council’s Global Energy Center proposed molecular marking, where criminals cannot see that fuel is marked but authorities can test to see if it is illegitimate, and better tracking of oil tanker trucks. Separately on Tuesday, the credit rating agency Moody’s said the oil price recovery in recent months had led it to upgrade the outlook for the major oil and gas companies from “stable” to “positive”. ...
Aberdeen wrestles with hard choices as independence looms again image
Source : Guardian [Read Article] Saturday 18th of March 2017 03:59:43 PM
.... “We’re more competitive, so as an industry, we’re in a better place,” says Michie, who speaks of a “cautious optimism” as oil prices have crept up to about $52 since major oil countries announced production curbs last December. Lower operating costs will be crucial if Scotland is to recover the UK’s remaining oil and gas, of which it holds 88%, according to analysts. ...
Top executives may be brilliant – but their pay's about timing and luck image
.... All the same, Amec’s shares hit £12 in 2014 before Brikho set his eyes on Foster Wheeler, a bigger deal than he had attempted in the past. The purchase took Amec into unfamiliar downstream parts of the oil and gas industry and, more importantly, saddled it with £1bn of debt just as the commodity prices fell. ...
Wood Group agrees takeover of rival Amec Foster Wheeler image
Source : BBC [Read Article] Monday 13th of March 2017 08:32:01 AM
.... . Wood Group hopes to cut £110m in costs from the combined business, which will provide services to the oil and gas, chemicals and mining sectors. ...
Pay boosts for Shell and Rolls-Royce bosses despite profits slide image
....8bn (£3bn) to $3. 5bn in 2016, due to the cost of its record-breaking purchase of BG Group, and a lacklustre performance from its oil and gas trading arm. ...
Budget 2017: Chancellor announces North Sea help image
Source : BBC [Read Article] Tuesday 7th of March 2017 10:29:53 PM
Coal collapse drives down UK carbon emissions image
Source : BBC [Read Article] Monday 6th of March 2017 03:29:49 PM
....Coal use fell by a record 52% in 2016 on the previous year in the face of cheap gas, higher domestic carbon prices, renewables and other factors. The drop was partially offset by increased emissions from oil and gas. ...
‘Shell knew’: oil giant's 1991 film warned of climate change danger image
Source : Guardian [Read Article] Tuesday 28th of February 2017 05:45:19 AM
....But, despite this early and clear-eyed view of the risks of global warming, Shell invested many billions of dollars in highly polluting tar sand operations and on exploration in the Arctic. It also cited fracking as a “future opportunity” in 2016, despite its own 1998 data showing exploitation of unconventional oil and gas was incompatible with climate goals. ...
Government pension scheme begins ditching oil and gas investments image
Source : Guardian [Read Article] Friday 24th of February 2017 10:21:26 AM
....A giant pension scheme with more than 4 million members is shifting almost 10% of its investments into a new climate change fund designed to move people’s money out of fossil fuels and into renewable energy. Nest (National Employment Savings Trust), a publicly owned scheme set up by the government, said it was moving £130m into the fund because it wanted to protect its worker members from the risks associated with climate change by reducing their exposure to companies with reserves of coal, oil and gas. ...
UK economy grows faster than thought image
Source : BBC [Read Article] Wednesday 22nd of February 2017 11:45:29 AM
....". The downward revision appeared to have been prompted by weaker North Sea oil and gas production during the first six months of 2016, and did not reflect the underlying strength of the UK economy, he added. ...
Rolls-Royce posts biggest loss in its history image
Source : Guardian [Read Article] Tuesday 14th of February 2017 07:28:53 AM
.... Rolls, which makes engines for Boeing’s 787 Dreamliners and Airbus’s A380 superjumbos among others, has been affected by lower-than expected demand for the wide-bodied airliners to which it supplies engines. It has also been hurt by cuts to defence spending and the decline in the oil price, which has lowered demand from the offshore oil and gas industry for its marine products. ...
Chemical giant Ineos to build heir to Land Rover Defender image
Source : Guardian [Read Article] Monday 13th of February 2017 09:36:50 AM
....Ineos will set up a new division, Ineos Automotive, and expects to spend “many hundreds of millions” on developing a 4x4 vehicle that could fill the gap in the market left by the Defender, which has been discontinued by Jaguar Land Rover. The company is focused on manufacturing and distributing chemicals, oil and gas, but Ratcliffe is a self-confessed admirer of the Defender. ...
Donald Trump is undermining the fight against corruption image
Source : Guardian [Read Article] Sunday 12th of February 2017 03:25:57 PM
.... He can expect the full support of his secretary of state, Rex Tillerson, the former boss of ExxonMobil, a prominent member of the API. The oil and gas lobby group has successfully portrayed Cardin-Lugar as another bit of excessive bureaucracy that will put American companies at a competitive disadvantage. ...
Bribery and Brexit propel Rolls-Royce towards historic losses image
Source : Guardian [Read Article] Saturday 11th of February 2017 01:42:36 PM
....Rolls, which makes engines for Boeing’s 787 Dreamliners and Airbus’s A380 superjumbos among others, has been affected by lower-than expected demand for the wide-bodied airliners to which it supplies engines. But it has also been hurt by cuts to defence spending and the decline in the oil price, which has lowered demand from the offshore oil and gas industry for its marine products. ...
Democrats must do to the Dakota pipeline what they did to Betsy DeVos: resist | Kate Aronoff image
....Democratic leaders, meanwhile, remain largely silent. Presidential candidate Hillary Clinton never came out against the project during her candidacy, and collected hundreds of thousands of dollars from the oil and gas industry in last year’s campaign cycle. ...
Shell begins huge task of decommissioning Brent oil rigs image
Source : Guardian [Read Article] Monday 6th of February 2017 07:01:20 AM
....But critics think the tax regime is unjust. “The massive tax breaks being offered to the oil and gas industry to clean up its toxic legacy amount to yet another subsidy to the fossil fuel industry,” said Banks. ...
Shell sells more than half of its North Sea oil and gas fields for $3.8bn image
Source : Guardian [Read Article] Tuesday 31st of January 2017 01:10:31 PM
....8bn (£3bn) to a company headed by Linda Cook, who left the Anglo-Dutch group more than seven years ago after missing out on the top job. American-born Cook, nicknamed the first lady of oil and gas by the City, had been at Shell for 29 years and was latterly in charge of the group’s gas and renewables businesses. ...
Can a part-time MBA degree help my husband move into a management role? image
Source : Guardian [Read Article] Monday 30th of January 2017 07:00:46 AM
.... We then print the best of your comments alongside Jeremy’s own insights. My husband is an engineer in the struggling oil and gas industry. ...
Campaigners demand answers after leak closes part of North Sea oil well image
Source : Guardian [Read Article] Saturday 28th of January 2017 12:01:56 AM
. Questions need to be asked about safety and protection of the environment, campaigners have said, after a leak in a North Sea well being drilled by the oil and gas firm Total. ...
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Electric cars will not stem global demand for oil, says BP image
Source : Guardian [Read Article] Wednesday 25th of January 2017 02:47:17 PM
....Global demand for oil will still be growing in 2035 even with an enormous growth in electric cars in the next two decades, with numbers on the road rising from 1m to 100m, BP has predicted. The oil and gas giant predicted that despite electric cars spreading rapidly and renewable energy recording exceptional growth, oil demand would still rise because of rising prosperity in the developing world. ...
Norway’s $885bn-nil advantage in Britain’s sea of social troubles image
Source : Guardian [Read Article] Sunday 15th of January 2017 12:51:15 PM
.... There is an ingrained culture of short-termism in which consumers spend more than they earn and governments can see no further than the next election. As the Wikipedia list of sovereign wealth funds shows, even the world’s poorest countries have tried to put some of the proceeds from oil and gas extraction away for a rainy day. ...
Army of staff descends on Davos to serve WEF super-rich image
Source : Guardian [Read Article] Friday 13th of January 2017 04:43:08 PM
....Saudia Arabia’s energy minister will be in demand as a key voice on Opec after the oil-producing countries recently agreed to cut output sending oil prices soaring. Al-Falih, who is also chairman of state oil and gas giant Saudi Aramco, has been put in charge of leading Saudi Arabia Vision 2030 – the country’s plan to diversify away from oil dependency. ...
East Timor axes Australia border treaty over oil reserves image
Source : BBC [Read Article] Monday 9th of January 2017 09:02:59 AM
.... . The treaty dealt with how oil and gas beneath the Timor Sea should be shared, but has been disputed ever since. ...
Rex Tillerson cuts ties with Exxon Mobil via $180m retirement package image
Source : Guardian [Read Article] Wednesday 4th of January 2017 02:16:38 PM
....The payouts from the third-party trust will mimic the planned payouts from Exxon, though by retiring in January rather than March, Tillerson will forfeit some $7m. If Tillerson re-enters the oil and gas industry within 10 years, he will forfeit the remaining money in the trust, which would be paid out to charities of the controlling trustee’s choosing. ...
Harrods workers say company keeps up to 75% of restaurant service charge image
....”. Qatar’s sovereign wealth fund, the Qatar Investment Authority, was founded in 2005 to help the Gulf state strengthen its economy by investing its oil and gas riches in other assets. ...
Bosses 'do not deserve bumper pay packets', study finds image
Source : BBC [Read Article] Wednesday 28th of December 2016 10:58:06 AM
....Chief executives of companies in the health care sector were the best paid, on an average of £2. 9m, with those in the "basic materials" and oil and gas sectors on £2. ...
Rolls-Royce exploited US sanctions loopholes to trade with Iran image
Source : Guardian [Read Article] Wednesday 21st of December 2016 10:30:15 AM
.... Rolls-Royce said it was fully cooperating with investigations into the allegations and could not comment in detail. Earlier this year, Australia’s Fairfax Media published an investigation into the oil and gas services firm Unaoil after a leak of the company’s emails. ...
Obama bans oil drilling 'permanently' in millions of acres of ocean image
Source : BBC [Read Article] Wednesday 21st of December 2016 06:35:18 AM
. Outgoing US President Barack Obama has permanently banned offshore oil and gas drilling in the "vast majority" of US-owned northern waters. ...
Leak reveals Rex Tillerson was director of Bahamas-based US-Russian oil firm image
....Tillerson’s critics say he is too close to the Russian president, Vladimir Putin, and that his appointment could raise potential conflicts of interest. ExxonMobil is the world’s largest oil company and has for a long time been eyeing Russia’s vast oil and gas deposits. ...
Abu Dhabi becomes a top BP shareholder image
Source : BBC [Read Article] Sunday 18th of December 2016 12:42:36 PM
....BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi's production. The deal will dramatically raise BP's share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year. ...
Europe development banks plan £5.5bn backing for gas project ‘with mafia links’ image
....The Azeri human rights activist and former Amnesty prisoner of conscience Rasul Jafarov has linked the deterioration in constitutional freedoms under Ilham Aliyev’s regime to fossil fuel money. “Before the oil and gas incomes came to Azerbaijan, we had more democracy and freedom,” he said in 2014. ...
Fossil fuel divestment funds double to $5tn in a year image
Source : Guardian [Read Article] Monday 12th of December 2016 04:00:31 PM
....”. The fossil fuel divestment campaign began on university campuses in 2011 but the new report reveals that concerns over investments in coal, oil and gas have now entered the financial mainstream, with more than 80% of the funds now committed to divest being managed by commercial investment and pension funds. ...
Glencore and Qatar buy $11.3bn stake in Russia's largest oil company image
Source : BBC [Read Article] Wednesday 7th of December 2016 09:09:39 PM
....5% stake in Rosneft, Russia's largest oil company. "It is the largest privatisation deal, the largest sale and acquisition in the global oil and gas sector in 2016," President Vladimir Putin said. ...
UK industrial production falls at worst rate in four years image
Source : Guardian [Read Article] Wednesday 7th of December 2016 11:47:24 AM
....One of the fall’s main drivers was a 10. 8% decline in oil and gas extraction resulting from a temporary shutdown in the Buzzard oilfield in the North Sea. ...
Rolls-Royce to cut 800 jobs from its marine business image
Source : Guardian [Read Article] Thursday 1st of December 2016 11:05:49 PM
....British engineering company Rolls-Royce said it would cut a further 800 jobs in its marine business to save an extra £50m a year, responding to weak demand from shipping and energy customers. The marine business, which depends on oil and gas-related customers for about 60% of its turnover and employs 4,800 people with its main operations in Norway, has seen weak demand for new equipment and lower maintenance revenues as customers use their vessels less. ...
Opec deal pushes oil price up to $54 a barrel image
Source : Guardian [Read Article] Thursday 1st of December 2016 06:38:22 PM
....The cost of a barrel of Brent crude rose by more than $2 to just over $54 a barrel as the rally that greeted news of an agreement reached by producing nations in Vienna extended into a second day. Sam Wahab, director of oil and gas research at Cantor Fitzgerald Europe, said: “Wednesday’s] agreement has truly changed the landscape for oil over the coming years, putting a floor of $50 a barrel under oil prices. ...
Rolls-Royce cuts 800 more jobs from its marine division image
Source : BBC [Read Article] Thursday 1st of December 2016 02:32:20 PM
....Rolls-Royce is to cut 800 more posts from its marine division, after announcing 1,000 job cuts last year. The firm, which depends on oil and gas-related customers for about 60% of its marine business, blamed the weakness in the energy sector for the cuts. ...
North Sea oil firms see hope after turmoil, survey reveals image
Source : Guardian [Read Article] Tuesday 29th of November 2016 12:01:33 AM
....”. Uisdean Vass, oil and gas partner at law firm Bond & Dickinson, which sponsored the report, said the industry was showing “signs of the green shoots of recovery [. ...
Tata to sell UK speciality steels business in £100m deal image
Source : Guardian [Read Article] Monday 28th of November 2016 11:39:17 AM
....Liberty has bought a string of struggling steel sites across the UK - including two Lanarkshire steel mills from Tata Steel – and also expressed an interest in buying the Port Talbot steelworks. The speciality steels business employs 1,700 people and produces materials for the aerospace, automotive and oil and gas industries. ...
Men still paid vastly more than women on average in UK – study image
Source : Guardian [Read Article] Monday 28th of November 2016 12:01:14 AM
....6% more. However, the real gap is caused by the scarcity of women at the highest and best-paid levels of industries such as oil and gas, technology and life sciences. ...
Nigeria's desperate drive to diversify image
Source : BBC [Read Article] Friday 25th of November 2016 12:22:15 PM
....With the collapse in the international oil price, Nigeria has found itself centre-stage as its economy falters. It has prompted experts to put pressure on the country to diversify its economy and take a different approach to the oil and gas sector. ...
Taxpayers may be liable for North Sea decommissioning bill, says study image
.... . The GMB union said its research suggested an increased financial burden will be placed on the Treasury via tax refunds to oil and gas companies. ...
Rolls-Royce says cost cuts will be at top of target range image
Source : Guardian [Read Article] Wednesday 16th of November 2016 12:10:37 PM
....In the trading update, East said Rolls-Royce’s long-term order book was close to record levels but that markets in the short run were mixed, with difficult trading persisting in some. Demand for engines for extra-wide-body civil aircraft was strong, but there was further weakening in business aviation and no sign of recovery in offshore oil and gas markets for marine, where orders were “very weak”. ...
Rolls-Royce increases cost-saving plans image
Source : BBC [Read Article] Wednesday 16th of November 2016 11:43:06 AM
....The company said demand for its engines for extra wide body aircraft had stayed strong. However, Rolls was losing ground in business aviation, while problems in offshore oil and gas markets meant its marine orders were "very weak". ...
Drought, floods and water stress cost companies $14bn image
Source : Guardian [Read Article] Tuesday 15th of November 2016 05:01:07 AM
.... Just over 600 responded, meaning the $14bn figure is likely to be hugely underreported. The businesses, which included consumer goods giant Unilever and oil and gas company Suncor Energy, were measured on a number of factors, such as their efforts to track their water use and goal-setting to save water. ...
Corporate winners from Donald Trump’s election image
Source : Guardian [Read Article] Thursday 10th of November 2016 06:13:59 PM
.... Shares in hospital groups Centene, HCA Holdings and Universal Health Services were some of the biggest losers on the stock market, as they could once again face treating millions of uninsured patients. Trump has pledged to make America energy independent, tear up red tape and allow oil and gas exploration in new areas of the country. ...
Wind turbines 'could supply most of UK's electricity' image
Source : Guardian [Read Article] Tuesday 8th of November 2016 03:49:12 PM
. Wind turbines could soon supply most of the UK’s electricity, the boss of the country’s largest windfarm operator has said, as he confirmed plans to sell its oil and gas division. ...
UK manufacturing picks up in September, ONS figures show image
Source : BBC [Read Article] Tuesday 8th of November 2016 11:41:18 AM
....However, total industrial production dropped by 0. 4% in September after falls in the oil and gas sector. ...
Energy firms announce $1bn climate fund image
Source : BBC [Read Article] Friday 4th of November 2016 08:30:40 PM
....The group – including BP, Norway’s Statoil, and the Saudi oil company Aramco – accounts for a fifth of world oil supply, and they will create a $1bn fund to boost their climate change efforts. They will research renewable energy, share technology between member companies and reduce leakages of methane from oil and gas plants – a big cause of global warming. ...
Steelworkers' union Community backs fracking in UK image
Source : BBC [Read Article] Thursday 3rd of November 2016 02:10:51 AM
.... . It has signed an agreement with the body that represents the UK onshore oil and gas industry to promote domestic production and protect jobs. ...
Oil giant BP sees profits nearly halve image
Source : BBC [Read Article] Tuesday 1st of November 2016 08:22:32 AM
.... It is now aiming to cut costs and sell $30bn of assets in order to reduce debts. Last week, Shell said it had sold Canadian oil and gas assets for $1bn as part of its asset-sale programme. ...
GE agrees oilfield services deal with Baker Hughes image
Source : BBC [Read Article] Monday 31st of October 2016 01:36:13 PM
. US manufacturing giant General Electric has agreed to merge its oil and gas business with oilfield services firm Baker Hughes. ...
Do you want your savings to go into selling cigarettes? image
Source : Guardian [Read Article] Saturday 29th of October 2016 06:00:12 AM
....Some savers in cheap tracker or “passive” funds – British investors have ploughed nearly £17bn into them in recent years – may also be unaware just how much of their cash goes to support fossil fuel extraction. The Vanguard fund has 11% of its £5bn of investments in oil and gas companies, largely through holdings in Shell and BP. ...
Lost riches image
Source : BBC [Read Article] Thursday 27th of October 2016 11:07:39 PM
....But he says once Petrobras reduces its debt by selling assets and scaling down investments, it will grow once again. "In five years, this company will be bigger than it is today in its main area - oil and gas," says Mr Parente. ...
UK industrial output weakens while trade deficit widens image
Source : BBC [Read Article] Friday 7th of October 2016 10:06:39 AM
....Industrial production fell by 0. 4% between July and August, the Office for National Statistics said, partly due to a drop in oil and gas production. ...
OneSubsea: 600 jobs at risk at Leeds engineering firm image
Source : BBC [Read Article] Wednesday 5th of October 2016 11:31:13 AM
. Up to 600 jobs are under threat at an oil and gas engineering firm in West Yorkshire. ...
BP's Clair oil platform shut down after leak image
Source : BBC [Read Article] Sunday 2nd of October 2016 07:27:14 PM
....The UK Government's Department for Business, Energy and Industrial Strategy has been informed and the industry funded organisation Oil Spill Response Limited (OSRL) has also been notified. Lang Banks, director of environmental charity WWF Scotland, said the incident highlighted "the dangers posed on a daily basis" by oil and gas operations off the coast of Scotland. ...
Canada approves giant LNG project on British Columbia coast image
Source : BBC [Read Article] Wednesday 28th of September 2016 06:48:34 AM
....At a news conference on Tuesday, federal Environment Minister Catherine McKenna said the project was approved following a rigorous review and comes with numerous conditions to reduce its greenhouse gas emissions. Petronas, the Malaysian oil and gas company leading the project, estimates it would contribute CA$2. ...
Shale gas ship bound for Grangemouth halted by strong winds image
Source : BBC [Read Article] Monday 26th of September 2016 11:15:58 PM
....From there, the gas will be shipped across the Atlantic in a fleet of eight specially-designed Dragon-class ships commissioned by Ineos. Ports in Norway, Portugal, and Spain have all received shale gas shipments this year following the lifting of a ban on the export of US oil and gas, but the arrival of the Ineos Insight will be the first to the UK. ...
Trip tips image
Source : BBC [Read Article] Wednesday 14th of September 2016 11:39:10 PM
....Maiden Voyage now has 8,000 members, operates in more than 80 countries, and offers services including recommending female-friendly hotels and restaurants, as well as cultural training for women going to less familiar environments. Membership is free for individuals, but companies pay for their female employees to join, and the company's corporate clients include oil and gas companies, luxury brands, and universities. ...
Argentina and UK to work toward removing shipping restrictions image
Source : BBC [Read Article] Wednesday 14th of September 2016 05:22:38 PM
. Argentina and the UK have agreed to work toward removing measures restricting the oil and gas industry, shipping and fishing around the disputed Falkland Islands. ...
Mining giant BHP slumps to record loss image
Source : BBC [Read Article] Tuesday 16th of August 2016 07:14:54 AM
...." . BHP Billiton is one of the world's largest producers of major commodities including iron ore, metallurgical coal, copper and uranium, and has substantial interests in both conventional and shale oil and gas and energy coal. ...

Scotland losing out on oil decommissioning 'because it doesn't fit SNP's political narrative'
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....Gary Smith, Scottish secretary of the GMB union, claimed the value of decommissioning old rigs and plants could be as high as £150 billion but the Nationalist government at Holyrood is reluctant to invest in preparing for the work. He blamed “dishonesty” among SNP ministers about North Sea oil and gas being in decline after years of them telling voters that “we’re going to be an oil-rich independent state. ...

Theresa May drawn into David Cameron honours row after she accepted £35,000 from Tory donors whose names were taken off list
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.... It was accepted by Mrs May the following day. Ian Taylor, the chief executive of oil and gas company Vitol who withdrew his recommendation for a knighthood this week, gave £15,000 on July 10. ...

David Cameron sports £225 shorts from designer Notting Hill shop while on Corsica holiday
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....Mr Cameron may not be in a rush to return to Britain after it emerged that one of the Conservative donors nominated for a knighthood in his resignation honours list has withdrawn his name from the running blaming media criticism. Ian Taylor, who runs oil and gas company Vitol, said he was writing to both Mr Cameron and his successor Theresa May “requesting that I would not wish to be considered for an honour at this time” and blamed media attention for his decision. ...
Out in the cold image
Source : BBC [Read Article] Tuesday 2nd of August 2016 11:08:05 PM
....Yet an Eskimologist at Copenhagen says the subject has never been more relevant. Greenland's melting sea ice sheets, calls for its independence from Denmark, and the international interest in its mineral, oil and gas resources have led to governments and extraction companies coming to Copenhagen's Eskimologists for briefings. ...

Conservative party donor Ian Taylor rules himself out for knighthood - but David Cameron's controversial resignation honours list is still set to be the longest for over 50 years 
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....One of the Conservative donors nominated for a knighthood by David Cameron in his resignation honours list has withdrawn his name from the running blaming media criticism. Ian Taylor, who runs oil and gas company Vitol, said he was writing to both Mr Cameron and his successor Theresa May “requesting that I would not wish to be considered for an honour at this time” blaming media attention. ...
Hundreds of North Sea Shell workers go on strike image
Source : BBC [Read Article] Tuesday 26th of July 2016 07:30:29 AM
....About 400 workers are involved in the strike, as well as a ban on overtime, with further stoppages planned for the coming weeks. It is the first industrial action of its kind in the offshore oil and gas industry in almost 30 years. ...
BP profits hit by lower oil price image
Source : BBC [Read Article] Tuesday 26th of July 2016 07:24:34 AM
....The company also announced another cut to its planned investment budget for 2016 to "below $17bn". BP chief executive Bob Dudley said: "Compared with a year earlier, the underlying second-quarter result was impacted by lower oil and gas prices and significantly lower refining margins, but this was partly offset by the benefit of lower cash costs throughout the group as well as lower exploration write-offs. ...
Oil price drops to three-month low on oversupply fears image
Source : BBC [Read Article] Monday 25th of July 2016 07:59:13 PM
...."Supply continues to return from disruptions, refined products are severely oversupplied, crude demand is falling well short of product demand, and key product demand is decelerating," Morgan Stanley said in a note. On Friday, data showed the amount of US oil and gas extraction points had increased for the fourth week in a row. ...
JP Morgan profits beat expectations image
Source : BBC [Read Article] Thursday 14th of July 2016 01:11:53 PM
....4bn in the second quarter from $959m in the same period a year earlier. The bank was building up its reserves for potential bad corporate loans in the oil and gas sector, and bad credit card and car loans. ...
Household energy costs rise again post-Brexit image
Source : Daily Express [Read Article] Wednesday 13th of July 2016 10:58:00 AM
.... . The big energy suppliers generated plenty of anger by passing on only small price cuts when wholesale oil and gas prices crashed back in 2014 and 2015. ...
Bakersfield blues image
Source : BBC [Read Article] Sunday 10th of July 2016 11:10:29 PM
...." . As other Americans embrace lower oil and gas prices with road trips, in Kern County every sector of the economy is suffering the effects of low oil prices and mass lay-offs in the industry. ...
North Sea oil 'must act or face a rapid decline' image
Source : Daily Express [Read Article] Monday 13th of June 2016 10:48:00 AM
...."It is clear further support is likely to be required to ensure the industry's success over the longer term. "That is why we continue to press the UK Government to provide support for exploration and enhanced oil recovery and to act quickly to deliver on its commitment to use the UK Loan Guarantees Scheme to secure new investment in oil and gas infrastructure. ...
Capitalism’s claim to do good looks shaky if there’s little to prevent it doing harm image
....The oil price has hit $52 a barrel in recent days, which represents a 70% cost bounce-back since the middle of February. So are Shell, BP and the North Sea industry back in business now? And will car owners and other oil and gas consumers be put on the back foot? Can one expect to see crude values running up again to the $100 a barrel levels seen for the three years preceding June 2014?. ...
Five threats to American prosperity tie the hands of its banker-in-chief image
....Looking back, it is possible to see that much of the growth in US manufacturing after 2011 was tied to the shale gas boom. The world oil price was high and domestic frackers needed new equipment for drilling and to transport their cheap oil and gas. ...

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