UKCS Oil and Gas mergers top $8bn this year

Merger and acquisition activity on the UK Continental Shelf (UKCS) has passed the $8 billion (£6bn) mark this year as confidence returns to the sector. That’s the suggestion from Oil & Gas UK, which says the recent increase in market activity in the basin is likely to help attract new investment in the next few […]

Statoil makes ‘significant’ oil find on the UKCS

A partnership led by Statoil has made a new oil discovery on the UK Continental Shelf (UKCS). The energy giant made the find in the Verbier sidetrack well in the outer Moray Firth, with a minimum of 25 million recoverable barrels of oil and an estimated maximum stretching up to 130 million barrels. The partnership, […]

Oil and gas industry confidence rises from historic lows

Confidence in the oil and gas industry has risen from the historic lows surveyed six months ago. That’s according to the findings of the Aberdeen & Grampian Chamber of Commerce’s 26th Oil and Gas survey, which reveals 38% of the sector’s contractors are now more confident about business on the UK Continental Shelf (UKCS), compared to […]

New task force to boost efficiency in the North Sea

A new task force to boost efficiency in the North Sea has been launched. The Efficiency Task Force (ETF) aims to make the oil and gas sector more competitive and increase economy recovery at the UK Continental Shelf. Oil & Gas UK is leading the task force which will focus on delivering “behavioural change” to compete with […]

Offshore oil and gas exploration licences awarded

The Oil and Gas Authority (OGA) has announced the remaining winners for exploration on the UK Continental Shelf. The regulator awarded 41 new licences as part of the 28th Offshore Licensing Round. This is in addition to the 134 winners announced in November last year. It was launched in January 2014 and a total of 173 applications were received. More than […]

Carbon storage could be ‘next big national resource’

We’re used to thinking of oil, gas and even wind as a national energy resource. But academics say there could well soon be another option to add to that list: storage space. UK researchers are putting together a database of places where carbon dioxide could be stored under the sea around the British coastline. Storing […]

DECC issues 167 new North Sea licences

The UK Government has issued 167 new licences for oil and gas exploration in the North Sea and claims interest in the region from investors is at “record breaking levels”. DECC announced the winners of the 27th Licensing Round today covering 330 North Sea blocks, with a further 61 blocks under environmental assessment. It received […]

Record breaking applications for North Sea licensing

The latest North Sea licensing round for oil and gas has broken all previous records for the number of applications received since licensing began back in 1964,  Government announced today. A total of 224 applications were submitted for the 27th licensing round for 418 blocks of the UK Continental Shelf. Charles Hendry, Minister of State for […]

Hendry declares two new UK oil projects

Energy Minister Charles Hendry has announced two major new projects in the UK Continental Shelf, the underwater reserve of oil and gas owned by the UK. Chevron and BP have both secured approval to add to their existing North Sea sites. Chevron got the go ahead for the Aberlour well, its third deepwater exporation well […]

Petrofac’s revenue boosted by 25%

Petrofac’s income was boosted by a quarter, according to their report for the first six months of 2011. The oil and gas facilities provider’s revenue was up 25.2% to $2,711 million. Ayman Asfari, Petrofac’s group chief executive said: “We have had a successful year to date, with good operational performance across our portfolio of projects.” […]