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Latest news - Regional

Ithaca hails ‘transformational’ deal with Italy’s Eni

Ithaca hails ‘transformational’ deal with Italy’s Eni   North Sea oil and gas operator Ithaca Energy has agreed to a deal with Eni SpA, the Rome-based energy business which the two firms describe as “transformational”. Ithaca, which is behind the controversial Cambo and Rosebank oil fields, said it would combine its North Sea activities with Eni’s UK upstream assets. In return, Eni, will take a 38.5% interest in the expanded Ithaca. The deal,...

NEO fined £100,000 for breaching its vent consent

NEO fined £100,000 for breaching its vent consent   Fine reflects the company’s lack of oversight Oil and gas producers must support drive to net zero greenhouse gas emissions Flaring and venting down by almost half between 2018-2022 NEO Energy Production UK Limited (NEO) has been fined £100,000 for breaching its combined vent consent for the Donan, Lochranza and Balloch fields, around 200km northeast of Aberdeen. The venting consent (issued for 1 Janu...

Hess signals Exxon arbitration could push a sale into next year

Hess signals Exxon arbitration could push a sale into next year   An Exxon Mobil, opens new tab arbitration case that could block the sale of Hess Corp to Chevron, opens new tab could drag on until year-end, Hess said in a U.S. securities filing on Friday. The filing signals any closing of its $53 billion sale to Chevron could fall into next year, at least six months later than a prior goal of finalising the deal by mid-2024. Exxon and CNOOC Ltd filed cases before the Internatio...

UK signs deal with North Sea countries to protect subsea electricity and oil pipelines

UK signs deal with North Sea countries to protect subsea electricity and oil pipelines   The UK has signed an agreement with Norway and four other North Sea countries to protect critical energy and telecommunications infrastructure that lies under the sea. Recent damage to energy pipelines and subsea fibre optic cables has led to an increased focus on making sure the critical infrastructure is secure. Over the last few months, the Houthis in Yemen have threatened to sabotage cru...

Mairi McAllan blasted for ignoring Grangemouth workers as hundreds face losing their jobs

Mairi McAllan blasted for ignoring Grangemouth workers as hundreds face losing their jobs   Scotland's Economy Secretary has been blasted for failing to meet with workers who could lose their jobs if the country's last remaining oil refinery is closed. Mairi McAllan was handed responsibility by Humza Yousaf for energy, net zero and the economy as part of a beefed-up Cabinet position in early February. But trade union Unite - one of two representing workers at the Grangem...

WSG Energy Services win Australian energy and infrastructure contracts and open new facility in Sydney

WSG Energy Services win Australian energy and infrastructure contracts and open new facility in Sydney   WSG Energy Services (WSG) has consolidated its position in Australia’s energy and infrastructure sectors with a host of contract wins and the opening of a new facility in Sydney, New South Wales. The construction, precommissioning, maintenance and shutdown specialist is working across road tunnel projects, coal seam gas, LNG and offshore shutdowns, and on the precommission...

STATS Group CEO Leigh Howarth hands over reins to Stephen Rawlinson against background of record revenues

STATS Group CEO Leigh Howarth hands over reins to Stephen Rawlinson against background of record revenues   Pipeline engineering specialist STATS Group (STATS), a wholly owned subsidiary of Mitsui & Co., Ltd. (Mitsui), today announced that Chief Executive Officer (CEO) Leigh Howarth is stepping down in a planned leadership transition and will assume a Non-Executive Director role with the company. Stephen Rawlinson, STATS Regional Director North America & Global Sales Direct...

EnQuest to drill biggest North Sea oil field in 20 years

EnQuest to drill biggest North Sea oil field in 20 years   EnQuest is set to begin drilling at the biggest oil field to be discovered in the North Sea in two decades. The Bressay and Bentley sites - so close to Kraken that they can be connected using the same production system - are thought to have anywhere between 600 million and one billion barrels of oil in reserve. Around 200-300 million barrels are expected to be extracted from the former, "one of the largest undevelop...

Biggest North Sea oil find in decades to be drilled for first time

Biggest North Sea oil find in decades to be drilled for first time   A UK energy company is to start drilling at the biggest oil field discovered in the North Sea in at least 20 years in spite of a net zero crackdown on the industry. EnQuest plans to bring two fields onstream which have the potential to produce 500 million barrels of crude oil over coming decades. The sites, which neighbour Kraken oil and gas field, 80 miles east of Shetland, will reignite the political battle o...

Acquisition of Acteon Group

Acquisition of Acteon Group   Acteon Group, the international offshore energy infrastructure services business, has been acquired by private equity investors Buckthorn Partners and One Equity Partners (OEP). Buckthorn and OEP are making a substantial investment in the business to improve Acteon’s standing with suppliers and customers and enable it to compete even more strongly in its core markets. The investors’ focus will be on developing Acteon’s capabilities...

Energean takes over decommissioning of UK North Sea fields

Energean takes over decommissioning of UK North Sea fields Energean, owning 68% of the Tors and 80% of the Wenlock fields, has established a specialist decommissioning team.   Oil and gas company Energean has assumed the role of operator for the decommissioning of the Tors and Wenlock fields in the southern UK North Sea. The company, now the majority stakeholder, has taken over operations from Waldorf Production, which acquired the fields’ previous operator, Alpha Petroleu...

Dana Petroleum joins Shell and Deltic as partner in North Sea asset

Dana Petroleum joins Shell and Deltic as partner in North Sea asset   London-based and AIM-listed natural resources investing company Deltic Energy has wrapped up the sale of a partial stake in a Shell-operated license, containing a prospect, which will be drilled this summer. As a result, Dana Petroleum, a wholly-owned subsidiary of the Korea National Oil Corporation, will participate in the hydrocarbon search, which is inching closer. Deltic disclosed a farm-out agreement with Da...

Ithaca Energy eyes deal with Eni

Ithaca Energy eyes deal with Eni   A one-month exclusivity agreement has started, where the two energy companies will do due diligence One of the companies behind the controversial Cambo and Rosebank oil fields is eyeing a deal with Italy’s Eni, which could see the oil major take a nearly 40% stake in it. Ithaca Energy said that the deal, which would also see it take over Eni’s UK operations, would make it the second largest independent operator in the UK. The agr...

Wood Group pushes cost-cutting drive and upgrades 2024 outlook

Wood Group pushes cost-cutting drive and upgrades 2024 outlook   Scottish engineering firm Wood Group has said it is targeting a $60m (£47m) cost-cutting programme to bring up its margins. For the period ending 31 December, the group posted revenue of $5.9bn (£4.6bn), up 8.8 per cent year-on-year, while earnings before interest, taxes, depreciation and amortisartion (EBITDA) swelled nine per cent to $423m (£334m) The company posted an operating profit of $38m...

Oil and gas chiefs warn Labour's energy strategy could leave UK 'uninvestable'

Oil and gas chiefs warn Labour's energy strategy could leave UK 'uninvestable' Sir Keir Starmer’s strategy to speed up the green energy transition could leave the UK “uninvestable”, the oil and gas industry has warned.   Oil and gas chiefs have warned that an incoming Labour government’s plans to extend a windfall tax and end new fossil fuels licences could put a £450 billion blueprint at risk and leave Britain as “uninvestable”...

Celebrating major milestones as North Sea Transition Deal marks third anniversary

Celebrating major milestones as North Sea Transition Deal marks third anniversary   In the first three years since the ground-breaking North Sea Transition Deal (NSTD) was signed in 2021, the UK’s offshore energy industry is on track and delivering strong progress on milestone projects. As the first of its kind among G7 countries, the Deal set out an ambitious plan for how the UK offshore oil and gas sector and the UK Government would work together to deliver the skills, inn...

UK banks urged to end finance to company behind Rosebank oil field

UK banks urged to end finance to company behind Rosebank oil field   More than 80 organisations, including Make My Money Matter, Greenpeace UK and Global Witness, have written to the chief executives of 12 major banks. Banks are being urged to stop providing finance to a company behind the controversial development of the Rosebank oil field, northwest of the Shetland Islands in the North Sea. More than 80 organisations, including Make My Money Matter, Greenpeace UK and Global Wi...

Aker BP given greenlight to drill two more wells in the North Sea

Aker BP given greenlight to drill two more wells in the North Sea   Aker BP received consent from the Norwegian Ocean Industry Authority (Havtil) for more exploration drilling in the North Sea. The two wells, Trell Portiko 25/5-H-2 H and Trell Sirloin 25/5-H-2 AH, are located in production license 102. The wells are at water depths of 120 m and will be drilled with Odfjell Drilling’s Deepsea Nordkapp semisubmersible. Aker BP and Odfjell Drilling signed an extension for the...

JOBS BLOW Around 250 jobs to be axed by global engineering firm based in Scotland

JOBS BLOW Around 250 jobs to be axed by global engineering firm based in Scotland   A worldwide engineering firm based in Scotland is set to axe around 250 jobs. Bosses at EnerMech announced the crushing news that they would be axing five per cent of their workforce. Around 120 of the redundancies will be workers in their home base of Aberdeen. It comes as the company came into new ownership, reports the Press and Journal. EnerMech was bought over by US-based global asset...

TotalEnergies reestablishes gas flow from Dan field into Tyra redevelopment

TotalEnergies reestablishes gas flow from Dan field into Tyra redevelopment   TotalEnergies is nearing restart of gas production through the redeveloped Tyra complex (Tyra II) in the Danish North Sea as gas from Dan F platform entered the system. TotalEnergies is nearing the restart of gas production through the redeveloped Tyra complex (Tyra II) in the Danish North Sea as gas from Dan F platform entered the redeveloped system on Mar. 16, according to operator TotalEnergies E&P...
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