Fossil Energy
Board changes in Det norske
The Corporate Assembly in Det norske oljeselskap ASA has elected Kjell Pedersen to the company’s Board of Directors. Tom Røtjer has at the same time resigned from his duty as member of the Board. Pedersen holds a degree as Petroleum Engineer from NTH (1976) and, according to Det norske, he has an ex
Budget measures good news for subsea sector, Subsea UK says
Subsea UK, the UK’s subsea industry body, has welcomed the measures in the budget announced yesterday by the UK’s Chancellor of Exchequer, George Osborne. The subsea industry generates annual revenues of £9bn and supports around 55,000 jobs across the country, Subsea UK noted. Bill Edgar, chairman o
PWC: Tax cuts to keep wolves from the door for now (UK)
Against a backdrop of maturing oil fields, high production costs, an extremely complex tax regime and low oil prices, the eyes of the oil and gas sector were firmly on the UK Chancellor to stimulate investment and halt decline. Alan McCrae, head of energy tax at PricewaterhouseCoopers (PwC), says: “
Deal closed on ‘Ocean Produce’
Atlantic Offshore has informed that the vessel Ocean Produce has been sold. According to the company, the vessel has been laid up since September 2014 and Atlantic Offshore owned 39,5% of it. Atlantic Offshore did not name the client, but it did say that it was sold close to book value. The Ocean Pr
Moore Stephens: O&G tax cuts welcome, but are they enough?
International accountant and shipping adviser Moore Stephens has welcomed further specific assistance to the offshore oil and gas sector contained in the UK Budget 2015. Moore Stephens tax partner Sue Bill says: “The measures announced in the UK Budget 2015, following those already introduced in the
Oil & Gas UK: Budget lays foundation for North Sea regeneration
Oil & Gas UK has welcomed the Chancellor’s decisive move to restructure the North Sea tax regime to promote investment in the nation’s “vital and considerable remaining oil and gas resource”. The UK will continue to rely on oil and gas for the majority of its energy supply for many decades to come s
Chancellor Osborne cuts North Sea oil & gas taxes
George Osborne, the UK Chancellor of Exchequer, has delivered his sixth and final annual Budget statement to Parliament today, March 18, 2015. Previously, in his Autumn Statement delivered in December 2014, the Chancellor promised the Government will set out major reforms to the oil and gas fiscal r
SBM Offshore to collaborate in Petrobras investigation
SBM Offshore, a Dutch company providing FPSO units to oil and gas industry, has signed a memorandum of understanding (MoU) with Brazil’s Comptroller General’s Office (Controladoria-Geral da União – CGU), the Attorney General’s Office (Advocacia-Geral da União – AGU). Namely, SBM Offshore will cooper
Statoil discovers gas in Snefrid Nord prospect
Operator Statoil has together with PL218 partners made a gas discovery in the Snefrid Nord prospect in the Norwegian Sea. According to Statoil, the discovery is an important contribution to the Aasta Hansteen field development project and Polarled pipeline utilisation. “The Snefrid Nord discovery in
BG Group: First oil from Knarr (Norway)
BG Group has today announced that the Petrojarl Knarr floating production, storage and offloading (FPSO) vessel had started production from the Knarr oil field in the North Sea, offshore Norway. The FPSO has been leased from Teekay Corporation and is moored approximately 120 kilometres off the Norwe
Nexen axes 400 jobs
Nexen Energy ULC (Nexen), a subsidiary of CNOOC Limited, has announced organizational changes that will reduce its North American workforce by approximately 340 employees. Nexen UK has also initiated a consultation process to adjust its staffing levels by approximately 60 employees. “In response to
Bilfinger not moving to new HQ after all
Bilfinger has made the decision not to move its Group headquarters to a new building in Mannheim’s Glückstein Quarter in Germany. “The ongoing restructuring programs have had an impact on many of the Group’s employees. In a situation like this, a new headquarters building would send the wrong signal
Statoil in board shifts
Statoil has on March 18, 2015, elected Rebekka Glasser Herlofsen as new shareholder representative to the company’s board of directors. Grace Reksten Skaugen withdraws from the position as a member of Statoil’s board of directors. Reksten Skaugen had at an early point in time informed the nomination
Genel Energy director to retire
Genel Energy plc has announced that Mark Parris intends to retire as an independent non-executive director of the company with effect from the close of the 2015 Annual General Meeting. Parris was appointed to the board on November 21, 2011. Rodney Chase, Chairman, said: “I would like to take this op