Photo: By cyberdog / Shutterstock By Helen Robertson (Bloomberg) -- The U.K.’s oil and gas industry could lose as many as 30,000 jobs over the next 12–18 months and see drilling levels plunge by a third amid the coronavirus-led drop-off in investment and slumping energy prices. “The outlook is bleak compared to the picture of steady growth seen only two months ago, before … [Read more...]
North Sea Oil Producers Face Demanding Near-Term Carbon Target
Photo: corlaffra / Shutterstock By Mathew Carr (Bloomberg) -- A group of U.K. North Sea oil and natural gas producers face an ambitious government-mandated target to cut their emissions as soon as 2025 as the nation seeks to make more real its ambition for net-zero fossil fuel pollution by the middle of the century. The U.K. government has set a goal of zeroing out net … [Read more...]
North Sea Oil Poised for Last Hurrah With Giant Norway Field
By Timothy Abington and Mikael Holter (Bloomberg) --The rise of a huge new Norwegian oil field is poised to give North Sea output one of its biggest boosts in years. The surge won’t last. Johan Sverdrup, one of the five largest offshore oil fields ever discovered in Norway, has been given the green light to begin production, with operator Equinor ASA scheduled to start … [Read more...]
Exxon Eyes Exit Eyes Exit from UK North Sea After 50 Years -Reuters
By Ron Bousso LONDON, Aug 13 (Reuters) - Exxon Mobil is considering a sale of its assets in the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects. The world's largest publicly traded energy company has held talks with a number of North Sea operators in recent weeks to gauge interest in some or all of … [Read more...]
Fast and Lean: How North Sea Oil Is Taking Tips From U.S. Shale
By Eddie Spence (Bloomberg) --The U.S. oil boom changed the petroleum industry forever. Now its philosophy is being adopted by conventional producers in the North Sea. Motivated by lower crude prices and higher volatility, many companies are favoring smaller and nimbler investments known as “short-cycle projects.” That term -- first coined in American shale fields -- is now … [Read more...]