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Oil & Gas

The tide is turning for North Sea oil and gas as investors seek new value in the sector

The UK’s oil and gas sector is reinventing itself to attract much needed investment, a new report suggests. As the industry continues to grapple with the challenges of a major downturn caused by the oil price slump, a report by Oil & Gas UK found the tide is starting to turn. The trade body’s annual […]

Posted under Oil & Gas on Tue 12th September 2017

Dundee a step closer to becoming a North Sea oil & gas decommissioning hub

DUNDEE has taken a step closer to becoming a North Sea oil and gas decommissioning hub with an agreement to establish a new joint venture – AF Dundee – announced by Forth Ports and AF Offshore Decom UK. The port, which is owned by Forth Ports, is installing a £10m quay extension that will feature […]

Posted under Oil & Gas on Tue 29th August 2017

UK North Sea decommissioning – is a skills crisis looming?

  Oil and gas industry woes have created a potential skills crisis for North Sea decommissioning, an expert has warned. Tim Haidar, the industry commentator behind market intelligence website Oil and Gas IQ said the recent collapse in oil prices had seen ageing infrastructure “rocket to the top of the owner-operator agenda”. He added: “As […]

Posted under Oil & Gas on Mon 31st July 2017

Oil and Gas Authority sets cost of North Sea decommissioning at £60bn with an aim to reduce costs to £39bn

    The cost of decommissioning oil and gas infrastructure in the North Sea has been reduced to a “starting point” of £59.7bn, with the aim of a further 35 per cent reduction, according to a new report. The Oil and Gas Authority’s (OGA) new report develops a “probablistic” cost estimate, which takes into account […]

Posted under Oil & Gas on Thu 6th July 2017

Oil & Gas – Energy Ventures earmarks $200 million for investment in North Sea businesses

Independent private equity firm Energy Ventures has earmarked $200 million to help boost North Sea businesses during challenging times for the oil and gas industry. The organisation is looking to invest in companies which need access to finance to stabilise their company or to help with continued growth.   Prosperity Pay welcomes this news,  investment in […]

Posted under Oil & Gas on Wed 9th November 2016

Largest North Sea production increase in 15 years

Supporting industry sustainability remains top priority. The oil and gas industry in Scotland is adapting to the sustained period of low prices, with production up more than a fifth in the latest year. The Scottish Government’s 2015-16 Oil & Gas Production Statistics show that Scottish production increased by 21.4% compared to 2014-15 levels. This is […]

Posted under Oil & Gas on Tue 11th October 2016

Hinkley Point offers £11bn contract bonanza

British companies are lining up bids for contracts worth up to £11.5 billion after the government’s decision to press ahead with construction of EDF’s new nuclear power plant at Hinkley Point in Somerset. Up to 64 per cent of the project’s £18 billion value will be open to UK companies, according to David Eccles, EDF’s […]

Posted under Oil & Gas on Wed 28th September 2016

Former North Sea oil workers are finding a second wind in renewables

Around 300 miles from the North Sea oil basin, wind turbines off the Yorkshire coast are quietly powering a revolution in the UK’s engineering workforce. Already over a third of the marine engineers working offshore as part of the UK’s growing renewable energy industry have made the move from oil and gas, and jobs statistics […]

Posted under Oil & Gas on Fri 23rd September 2016