UK North Sea Worley has been awarded a two-year contract extension to provide engineering, procurement and construction (EPC) services to CNOOC Petroleum's three operated assets in the North Sea, the Golden Eagle, Scott, and Buzzard platforms.
Pharis Energy Ltd announced on 12 April that it is changing its name to Orcadian Energy (CNS) Ltd. Orcadian is a reference to the Orkney Islands, which have long hosted the Flotta terminal, where the company could land some of the oil from its latest licence award in partnership with Parkmead. Petrofac announced on 13 April the early award of a one-year extension to its Integrated Services contract with NEO Energy. The extension, awarded eight months ahead of the renewal date, takes Petrofac’s contract for operations, maintenance, engineering, and construction support for NEO Energy’s UK activities through to December 2022.
The Glengorm South appraisal well, which was the first appraisal well drilled on the Glengorm gas discovery announced in 2019, contained no commercial hydrocarbons, Energean, a partner in the project, said on 19 April. The existing Glengorm North discovery and the Glengorm Central appraisal well (expected to spud shortly) are considered to be independent of the Glengorm South appraisal well, Energean noted. The York gas field in the Southern North Sea has been given another three years of life following a successful life extension project, owner Spirit Energy announced on 20 April. Located some 34 kilometres from the North East Yorkshire coastline, York started production in 2013 and was planned to produce until 2020. Now, production is extended until 2023/24, Spirit Energy said.
Serica Energy said in its 2020 results that it was preparing to drill the North Eigg gas prospect in 2022.
Tony Craven Walker
“This strong financial position, with no debt and considerable unutilised debt capacity allows us to prepare for drilling the North Eigg gas prospect next year as well as completing our existing projects this year, continuing investment in the BKR assets and pursuing further growth opportunities,” Chairman Tony Craven Walker said in a statement to shareholders.
BRENT OIL PRICES OVER THE YEARS May review
1
YEAR AGO
- BRENT OIL PRICE 2020 - $29.38 For the oil and gas sector in Scotland, coronavirus is merely one part of its current nightmare. It's been the catalyst that has brought upon it a confluence of massive challenges around maturing assets and structural change, pressure over climate change, and geo-politics. We learned from a survey by Oil and Gas UK - the representative body for the industry, which is also one of the more reliable sources of data about it - that up to 30,000 jobs are at risk in the UK sector. That's a very rough figure. It could be significantly worse, but it feels unlikely to be much less serious than that. And the job numbers are a measure - a distillation, if you like - of the impact from numerous other changes coming down the pipeline.
5
YEARS AGO
- BRENT OIL PRICE 2016 - $46.74 International oil companies such as Shell and BP must completely change their business model or face a “nasty, brutish and short” end within 10 years, one of Britain’s most influential energy experts has warned. Paul Stephens, a fellow at Chatham House thinktank, said in a research paper the oil “majors” were no longer fit for purpose – hit by low crude prices, tightening climate change regulations and their own wrongheaded strategies. Stephens argued the only way forward for the companies lies in diversifying into green energy, drastically reducing their operations or consolidating through mega-mergers.
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10
YEARS AGO
- BRENT OIL PRICE 2011 - $114.99 North Sea oil production has shown its biggest quarterly decrease since records began more than 15 years ago. The update, from the UK government's Department of Energy, recorded a drop in the quarterly figures of just over 15%. The government said the decline stemmed from maintenance work and slowdowns in a number of fields. It comes as industry leaders have warned a budget tax hike could threaten some major North Sea projects. The Oil and Oil Products report for the start of 2011 said: "Indigenous crude oil production in the three months to March 2011 was 15.6% lower compared with the same period a year earlier. On a quarterly basis, this is the biggest decrease since quarterly records began in 1995.
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