Faroe urges shareholders to reject £608m hostile bid
Aberdeen-based Faroe Petroleum on Tuesday urged its shareholders to reject a £608 million hostile bid from Norwegian oil and gas company DNO, saying the offer “is opportunistic and…
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Faroe Petroleum gets £608m hostile bid from DNO
UPDATE 3 — Aberdeen-based Faroe Petroleum on Monday urged shareholders to “take no action” in response to a £608 million hostile bid for Faroe from Norwegian…
Brexit threatens £1bn Scots salmon industry
Producers of Scottish salmon, the UK’s largest food export, said on Friday they are seeking reassurances that the draft Brexit deal will not link fishing…
BP reports first oil from huge Shetland field
BP on Friday announced the first oil production from the giant Clair Ridge project in the West of Shetland region. BP’s co-venturers are Shell, Chevron…
£1bn for Scotland in UK Budget, but Mackay disputes
The UK government said the Scottish government will benefit from nearly £1 billion of additional funding as a result of this year’s UK budget. Scotland will…
BP go-ahead for £230m west of Shetland investment
BP said on Monday it received approval from the UK’s Oil and Gas Authority (OGA) to proceed with the Alligin development west of Shetland, which…
Aberdeen’s Faroe Petroleum ‘faces hostile bid’
Aberdeen-based Faroe Petroleum had a “constructive” meeting with Norwegian oil and gas company DNO last week, Faroe’s chief executive said on Tuesday, amid expectations that…
Scots public sector revenue hits £60bn for first time
The Scottish Government said on Wednesday that Scotland’s public sector finances “are continuing to improve” — with total public sector revenue reaching £60 billion for…
Oil, Gas Authority offers ‘high impact frontier fields’
The UK’s Oil and Gas Authority (OGA) has launched the 31st Offshore Licensing Round — offering blocks in “frontier areas” of the UK Continental Shelf (UKCS)…
BP takes bigger stake in giant Shetland oil field
BP said on Wednesday it will significantly increase its holding in the giant Clair field, 47 miles west of Shetland. “BP has entered into an agreement to…
Cairn Energy shares up after bullish AGM statement
Shares of Edinburgh-based international oil and gas company Cairn Energy rose about 3% after the firm made a bullish statement at its AGM. Cairn CEO…
Aberdeen Standard invests in Dutch gas pipeline
Aberdeen Standard Investments said its infrastructure team has made a second investment in a gas pipeline and processing system. The team has acquired the InfraVia…
Brent flows halted as Sullom Voe is shut down
North Sea oilfields connected to the Brent oil pipeline have stopped production due to a shutdown at Shetland’s Sullom Voe oil terminal to fix a “minor…
Faroe Petroleum soars amid DNO stake, discoveries
Shares of Aberdeen-based Faroe Petroleum, the independent oil and gas company, rose about 12% on Wednesday after it announced “significant discoveries” in the Hades and Iris prospects…
Forties shut down for second time in two months
The crucial Forties oil and gas pipeline in the North Sea was shut for a second time in two months on Wednesday. The latest shutdown…
Record year at Highlands and Islands Airports
A record number of people used Highlands and Islands Airports Ltd (HIAL) airports in 2017, with the group reporting 1,722,913 journeys during the year. The…
Aberdeen ‘set for surge in corporate deal activity’
Aberdeen corporate finance expert Tom Faichnie has predicted the Granite City will experience a surge in merger and acquisition deal activity in 2018. Faichnie, managing…
Ineos re-starts Kinneil following Forties shut down
Grangemouth refinery operator Ineos said it has partially re-started its Kinneil facility following the dramatic shut down of its crucial North Sea Forties Pipeline and the Kinneil…
Ineos starts testing Forties pipeline after repairs
Grangemouth refinery operator Ineos said on Christmas Day that it expects to bring its crucial North Sea Forties Pipeline and its Kinneil facility “progressively back to…
Ineos declares ‘force majeure’ on Forties shipments
Ineos has declared force majeure on all shipments of crude oil, natural gas and condensates through its North Sea Forties Pipeline System that has shut…
Forties Pipeline shutdown costing £20m a day
Trade body Oil & Gas UK said the shutdown by Ineos of its North Sea Forties Pipeline System has caused “significant issues” for the industry and that…
Strong quarter for Scots engineering sector
Trade group Scottish Engineering said in its latest Quarterly Review that Scotland’s engineering sector continues to report increased orders and output despite the political uncertainty…
Wood Group starts big contract amid CEO pay row
Aberdeen-based oil and gas services giant Wood Group said it commenced a multi-million dollar contract to act as operating partner of the Scottish Area Gas…
Ineos completes acquisition of Forties Pipeline
Grangemouth refinery operator Ineos said it completed the acquisition of the North Sea Forties Pipeline System (FPS) and Kinneil Terminal from BP. “The completion of the…
Scots Business Taskforce membership announced
The UK Government’s Scottish Secretary David Mundell confirmed in the House of Commons that the new Scottish Business Taskforce of economic and business leaders will meet…
Scots Govt. fracking ban ‘based on dogma’
The Scottish Government announced that it “will not support the development of unconventional oil and gas in Scotland” — meaning there is an “effective ban”…
Scots oil and gas sales up 15.2% to £17.5bn
The approximate sales value of oil and gas produced in Scotland for the financial year 2016-17 rose 15.2% to £17.5 billion, according to new figures from Scotland’s…
CMA approves Wood Group-Amec Foster deal
The UK’s Competition and Markets Authority (CMA) said it has accepted proposals to resolve competition concerns regarding the £2.2 billion purchase of Amec Foster Wheeler by Aberdeen-based…
Total starts gas production at West Shetland fields
Total said it has started production from the Edradour & Glenlivet gas and condensate fields located in about 300 to 435 metres of water in…
Forth Ports in Dundee port decommissioning deal
Forth Ports Limited and AF Offshore Decom announced the signing of a heads of agreement with the intent to establish a new joint venture called…
Scotland’s deficit falls to £13.3bn – 8.3% of GDP
Scotland’s notional deficit fell by £1.3 billion to £13.3 billion in 2016-17 to stand at 8.3% of GDP — about triple the UK figure of 2.4%….
Cairn Energy shares up amid $313m H1 profit
Shares of Edinburgh-based oil and gas company Cairn Energy rose about 5% on Tuesday after it reported a half-year profit before taxation of $312.8 million versus…
Wood Group profit falls 87% amid deal costs
Aberdeen-based oil and gas services giant Wood Group said its profit for the first half of the year fell 86.7% to $6 million amid exceptional…
Oil & Gas Authority launches 30th licensing round
The UK’s Oil and Gas Authority (OGA) has launched the 30th Offshore Licensing Round with 813 blocks or part blocks on offer in mature areas…
Wood Group wins Maersk contract, creating 200 jobs
Aberdeen-based oil and gas services giant Wood Group said it was awarded a new contract by Maersk to deliver mechanical and management services for the…
Scots economy rebounds to outpace UK growth
UPDATE 2 — Scotland’s gross domestic product (GDP) rose 0.8% in the first quarter of 2017 compared to the previous three months — outpacing the quarterly…
Fraser of Allander: Growth returns to Scots economy
Growth will return to the Scottish economy in 2017 “with tentative signs of a more positive outlook for Scotland’s oil and gas sector and improving…
Wood Group shares fall amid ‘cautious’ outlook
Shares of Aberdeen-based oil and gas services giant Wood Group fell about 3% after it said its 2017 first half performance was “weaker than anticipated” and…
EnQuest oil production falls, but Kraken gives hope
North Sea oil exploration firm EnQuest said in an operational update that its flagship Kraken oilfield was on track to begin producing oil before the end…
Ineos buys Dong oil and gas business for $1.3bn
Grangemouth refinery operator Ineos said it agreed to acquire the Dong Oil & Gas Business from Dong Energy for up to $1.3 billion. Ineos said the deal would position…
Wood buys $59m Detroit firm; offers Amec concession
Aberdeen-based oil and gas services giant Wood Group on Wednesday increased its presence in the automotive hub of Detroit by acquiring CEC Controls for $59 million. And late on…
BP hails first oil from massive Shetland field
BP and its co-venturers Shell and Siccar Point Energy announced first oil from the redeveloped Schiehallion Area following completion of the multi-billion-pound Quad 204 project in the west…
Oil deals fuel cautious optimism for Aberdeen economy
Aberdeen’s economy is showing signs of cautious optimism — helped by recent transactions in the oil and gas sector — according to financial advisory firm Grant Thornton. Grant…
Wood Group performance ‘weaker than anticipated’
Aberdeen-based oil and gas services giant Wood Group — currently in the process of buying rival firm Amec Foster Wheeler for about £2.2 billion — said on Wednesday its…
Scots GDP rose 0.4% in 2016, but fell 0.2% in Q4
Scottish gross domestic product (GDP) grew 0.4% over the year of 2016 but contracted 0.2% in the fourth quarter compared to the previous three months, according to Scotland’s…
Parkmead doubles West of Shetland stake
Aberdeen-based independent oil and gas firm Parkmead said it nearly doubled its stake in the major Sanda North and Sanda South structures in the West of…
Ineos to buy Forties Pipeline from BP for $250m
Grangemouth refinery operator Ineos said it agreed to acquire the important Forties Pipeline System (FPS) and associated pipelines and facilities in the North Sea from BP…
Wood Group wins $50m Premier Oil contract
Aberdeen-based Wood Group said it was awarded a $50 million contract with Premier Oil to deliver topside operations and maintenance services to the Balmoral floating production…
Oil and Gas Authority awards 25 ‘frontier’ licenses
The UK’s Oil and Gas Authority (OGA) said it awarded 25 licences to 17 companies in the 29th Offshore Licensing Round to enable further exploration and production…
EnQuest gross profit up 13% to $196m
North Sea exploration firm EnQuest, which recently went through a complex financial restructuring, said on Tuesday its 2016 gross profit rose 13.22% to $196.1 million despite…
Ineos ‘in talks to buy BP’s Forties Pipeline System’
Petrochemicals group Ineos is in discussions with BP to buy the important Forties Pipeline System in the North Sea, according to news reports. Ineos depends…
UK’s oilfield services turnover falls to £35.7bn
The overall annual turnover of the UK’s oilfield services (OFS) industry fell from £40.6 billion in 2014 to £35.7 billion in 2015, according to a new…
EnQuest buys initial $85m Magnus stake from BP
North Sea exploration firm EnQuest said it agreed to acquire from BP an initial 25% interest in the Magnus oil field for about $85 million — with an option to…
Abu Dhabi firm takes 25% of Scots wind farm
Norwegian multinational Statoil said it agreed to divest 25% of its assets in Hywind Scotland pilot park, the world’s first floating wind farm, to Abu…
£350m Aberdeen Harbour expansion approved
A £350 million expansion of Aberdeen Harbour has been sanctioned by the harbour’s board and the construction contract with preferred bidder Dragados UK is due to be formalised on…
Most fish quotas increased in Brussels talks
Annual negotiations in Brussels resulted in increased fish quotas for 16 out of 23 key Scottish stocks and “additional fishing opportunities” worth around £47 million, said Fisheries…
Edinburgh top in foreign direct investment strategy
Edinburgh has been ranked number one in the 2016/17 “Global Cities of the Future” for Foreign Direct Investment (FDI) Strategy by the fDi Intelligence publication, a division of the…
Faroe Petroleum completes Norwegian acquisitions
Aberdeen-based Faroe Petroleum, the independent oil and gas company, said it completed the previously announced acquisition of interests in five Norwegian North Sea producing oil and…
Wood Group and Heerema join forces
Aberdeen-based oil and gas services giant Wood Group said it signed a memorandum of understanding (MoU) with Netherlands-based Heerema Fabrication Group (HFG) to offer wellhead platform development to…
Ewing calls EU-Norway fisheries deal ‘disappointing’
The Scottish Government’s Fisheries Secretary Fergus Ewing lamented the “disappointing” outcome of the fisheries negotiations between the EU and Norway that concluded in Bergen at the weekend….
Production drilling starts on Statoil’s Mariner
Statoil said production drilling has started on the massive Mariner field on the East Shetland Platform of the UK North Sea about 95 miles east of the…
UK chancellor urged to boost decommissioning
The Scottish Government has urged the UK Chancellor’s Autumn Statement to include measures that widen access to North Sea decommissioning tax relief and for the UK…
Parkmead looks to buy as it reduces losses
Aberdeen-based independent oil and gas firm Parkmead said it is evaluating more acquisition opportunities to take advantage of low oil prices as it announced it made a £6.7…
$17bn ‘to be spent on decommissioning by 2025’
About £17.6 billion will be spent on offshore oil and gas decommissioning on the UK Continental Shelf (UKCS) between now and 2025, according to a new report from trade…
PwC: ‘uneven recovery could see $60-$70 oil’
(Updated) — A new report from PwC on the oilfield services (OFS) sector predicts an “uneven” recovery that could see oil prices reach a “robust” $60-$70…
Port of Dundee in decommissioning ‘milestone’
Forth Ports and Augean North Sea Services (ANSS) announced a partnership that will bring a new decommissioning waste management facility to the Port of Dundee. Forth Ports…
EnerMech cranes get £85m contracts boost
Aberdeen-based mechanical engineering group EnerMech said its cranes and lifting division has secured international contract wins, extensions and renewals worth at least £85 million. In Azerbaijan, BP Exploration…
Oil & Gas UK urges Hammond to boost investment
Oil & Gas UK has written to UK Chancellor Philip Hammond asking him to use his Autumn Statement later this month to boost investor confidence…
Xcite Energy bondholders push for liquidation
Shares of North Sea oil firm Xcite Energy were suspended on Tuesday “pending clarification of the company’s financial position” after it said its principal bondholders rejected a plan to…
EnQuest proposes complex finance restructuring
North Sea exploration firm EnQuest has proposed a complex financial restructuring which it said it agreed with its key stakeholders “following an extensive period of…