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Posts Tagged ‘North Sea Oil’

Oil and gas sector welcomes North Sea relief

A tax break from next year for North Sea oil and gas companies was welcomed by the industry on Monday as a chance to stimulate investment, hit by falling oil prices, high costs and a shortage of finance.

On its last legs: North Sea Oil in Terminal Decline

A report last November from the Health and Safety Executive, which has responsibility for safety in Britain’s sector of the North Sea, was scathing about the state of some platforms.

Forties Oil Falls Near 8-Year Low as Shell, Total Trade Cargo

Forties North Sea oil fell to the lowest in almost eight years relative to Dated Brent after Royal Dutch Shell Plc sold a cargo to Total SA and Vitol Group offered a shipment without attracting a buyer.

Challenge to unlock North Sea oil reserves

A high oil price can make exploration more economical but some major players in the industry, including Royal Dutch Shell, are withdrawing from the North Sea because all the easy-to-find crude has been extracted.

Taqa to buy Shell and Exxon oilfields

The company this week announced that it was buying six North Sea oil fields from Shell and Exxon, giving it 40,000 barrels of oil equivalent per day of production, and an estimated 160m boe of reserves.

UK oil assets sold to Arab Emirate company

UK oil companies Shell and Esso have agreed to sell assets in the North Sea to the Abu Dhabi National Energy Company, Taqa.

Abu Dhabi’s Taqa buys Shell, Exxon North Sea interests

The sale includes all equity, infrastructure and production licences for the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields, Taqa’s wholly owned subsidiary Taqa Bratani said in a statement.

Offshore safety review announced

The Gordon MP said: “I am concerned over reported delays in the maintenance of oil platforms. “It would be dangerous if delays were occurring because producers were seeking to maximise production at current high oil prices, as has been suggested.”

North Sea could see second oil boom due to huge unexplored reserves

The amount of fuel still left in the oilfields could be the equivalent of all that has been extracted since they were first exploited in the 1970s; enough to last another 44 years. Experts explained that the high price of oil meant that it was now financially viable for firms to invest the vast sums required to remove it from depths and pressures that were previously too expensive.

North Sea may be set for second oil boom

There are many reasons why companies like to be conservative in reporting oil reserves, not least because it helps to maintain a high oil price. When Shell had to cut estimates by one fifth in 2004, it had a devastating impact on the company’s share price and cost the members of the senior management team their jobs.

Separating the myths from the facts about North Sea oil

To manage costs, Shell has been selling off some of its core assets in the North Sea to newer and more aggressive companies such as Fairfield Energy.