Britain's oil industry is facing the threat of a cascade of North Sea rig closures, unless ageing platforms can urgently source more gas to help squeeze out the remaining barrels, said experts.
The potential threat to oil reve
Oil edged below $106 a barrel on Tuesday, weighed down by concerns that weak data from the US and China, the world's largest consumers of oil, could slow global growth though a spate of supply problems offered some support.
Drydocks World, the Dubai-based group which has undergone a multi-billion-dollar debt restructuring, said it had been commissioned to construct “Dubai Expo 2020 NS,” the largest rig ever built for the North Sea in a deal worth $730 m
Abu Dhabi National Energy Company (Taqa) has reported a net loss of Dh66 million ($17.9 million) in the first half of the year as against a profit of Dh981 million for the same period of 2012 on operational issues.
For the second
Abu Dhabi National Energy Co (Taqa), majority-owned by the Abu Dhabi government, is investing over $1 billion in British North Sea oil fields owned by BP, sources familiar with the deal said on Wednesday.
Kuwait's state oil firm will pay around $500 million for a stake in a North Sea oil field owned by oil and gas explorer EnQuest, the London-listed firm said.
EnQuest said on Tuesday it will farm out a 35 percent interest in its Alma an
The UK North Sea's dwindling oil and gas reserves are pushing firms to tap unstable reservoirs at high pressure and extreme heat, while safety checks and maintenance are behind schedule, a North Sea rig auditor who works for the industry said.
A £47.5 billion business opportunity will open up for companies to decommission the North Sea’s huge infrastructure of offshore oil and gas fields, according to new research to be published by Deloitte and Douglas-Westwood.
The next 30 ye
Petrofac, a global oil and gas facilities service provider, has won two North Sea contracts valued at GBP30 million ($48.65 million) from GDF Suez E&P UK, a specialist energy supplier.
The contracts won by Petrofac’s Offshore Engi