Energy

Energy

Wood Group earnings hit by tough oil and gas market

Oil and gas services giant Wood Group is bracing itself for another tough year in the North Sea after reporting a slide in annual profits.

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The Treasury invested �24m more into the industry than it got back in petroleum revenue tax. Picture: Getty Images/iStockphoto

Oil sector ‘getting head above water’ with £2bn revenues

The oil and gas industry is getting its head above water after posting negative tax receipts for the first time in 2015-16, the body which represents the sector has said.

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Geologists say drilling has been concentrated 'in the wrong areas'. Picture: Contributed

Oil reserves off Scottish coast ‘may have been missed’

There could be hidden reserves of oil in gas in Scotland, in areas previously dismissed.

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Bowleven has urged investors to vote against Crown Ocean Capital's resolutions. Picture: Contributed

Date set for oil group Bowleven’s shareholder showdown

The date for a showdown between Bowleven, the Edinburgh-based oil and gas explorer, and a Monaco-based shareholder has now been set, with the company repeating its call to investors to vote against the rebel’s resolutions.

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Is it too early to call the bottom of the shipping market? Picture: Craig Stephen

Ed Watt: Braving choppy waters of oil-related shipping

As some might say, it is an ill wind that blows nobody any good.

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Kura is growing its headcount following the ScottishPower deal. Picture: PA Wire

ScottishPower deal buoys call centre operator Kura

A Glasgow-based call centre outsourcer and software specialist is growing its headcount and adding two sites after securing a five-year deal with ScottishPower.

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Tim Cornelius, chief executive of Atlantis Resources. Picture: Ian Georgeson

Atlantis takes role in Wyre tidal scheme

Atlantis Resources, the tidal energy company behind the ground-breaking MeyGen project in the Pentland Firth, has struck a partnership deal to develop a tidal scheme off the Lancashire coast.

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Aberdeen has seen its fortunes ebb and flow with the global oil market but the new technology centre initiative could provide some welcome stability. Picture: Ian Rutherford

Technology hub ushers in new era for oil sector

As the official opening of Aberdeen’s new Oil & Gas Technology Centre takes place, Scott Reid looks at how it hopes to raise the bar on industry innovation.

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Sabre specialises in safety services for the oil and gas sector. Picture: Hamish Campbell

15 jobs saved as buyer found for Sabre Safety

Administrators have found a buyer for oil and gas safety services specialist Sabre Safety, securing 15 jobs at the Fife-based company.

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Small-scale hydro power schemes are facing a sharp rise in rateable valuations. Picture: Contributed

Farm-based hydro plants face ‘ruinous’ rates rises

Growing concern is being voiced about the substantial rise in rateable valuations faced by farmers and landowners who have installed small and mid-scale renewable projects, especially hydro electric schemes.

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Work to prepare the field for decomissioning started in 2006 Pic: SWNS

Shell submits plan to decommission Brent field

Energy giant Shell has unveiled detailed plans for decommissioning its Brent oil and gas field, 40 years after it began production.

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Bowleven said Crown Ocean Capital has 'no credible strategy'. Picture: Contributed

War of words heats up over oil explorer Bowleven

Bowleven, the Edinburgh-based oil and gas explorer, has reiterated its opposition to a hostile takeover bid from Monaco-based Crown Ocean Capital (COC).

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A recovery in the oil price and new sources of capital give grounds for 'cautious optimism', according to EY. Picture: STF/AFP/Getty Images

Oil and gas companies must look ‘beyond efficiency’

A new report from business services giant EY says decommissioning work and private equity could drive oilfield services recovery, writes Martin Flanagan.

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Chief executive Bob Dudley said BP had delivered 'solid results in tough conditions'. Picture: Dominic Lipinski/PA Wire

BP remains in the red despite year-end crude boost

Oil giant BP remained in the red with losses of $999 million (£803m) for 2016, but revealed a year-end boost as crude prices bounced back.

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Owners and operators of wind turbines and hydro schemes could see a rise in business rates. Picture: Ian Rutherford

Warning over rates bills shock for renewable power

Investors in renewable energy projects face a financial shock this spring when a business rates revaluation comes into force, a Scottish property consultancy has warned.

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Delek's bid has been unanimously recommended by Ithaca's board. Picture: Danny Lawson/PA Wire

North Sea explorer Ithaca agrees to £517m takeover

North Sea-focused oil and gas group Ithaca Energy has agreed to a takeover bid from an Israeli suitor that values the firm at C$841 million (£517m).

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Rosalie Chadwick says the North Sea is poised for a 'period of productive M&A activity'. Picture: Andrew Milligan/PA Wire

Rosalie Chadwick: Plenty of life left in the North Sea

The announcement this week that Chrysaor is to acquire more than half of Shell’s North Sea assets in a $3.8 billion deal is welcome news that potentially heralds a new phase in the life of the UKCS.

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Ian Knott, advisory director at Grant Thornton. Picture: contributed

Slide in profits at top private companies

There was a drop in profits and staff numbers among the top Scottish private firms last year, but the beleaguered energy sector showed welcome evidence of recovery, according to data published today.

Management
NVT Group offers services including technology for top sporting events such as the Glasgow 2014 Commonwealth Games. Picture: TSPL

Major jobs boost as IT group teams up with energy firm

A Lanarkshire-based IT and technology firm has today announced that it has struck a partnership set to create hundreds of jobs with an energy firm that uses lampposts to harness wind energy.

Tech
Npowers gas and electricity prices are both set to rise. Picture: AFP/Getty Images

Npower slammed for hiking energy prices by almost 10%

Npower has come under fire from the government and energy regulator after announcing plans to hike gas and electricity prices by 9.8 per cent – a move that will add £109 to annual dual fuel bills.

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