UK sanctions post-Brexit The UK currently imposes sanctions via the powers contained in the European Communities Act 1972. This Act provides for the incorporation of all European Community law, and its Treaties, Regulations and Directives into UK law. This is, however, due to change…
The UK’s offshore oil and gas industry continued to see improvement across a range of health and safety indicators last year, according to a new report from industry body Oil & Gas UK. The report outlined that reportable incidents dropped by 67 percent in…
Saudi International Petrochemical Company has signed a non-binding agreement to acquire Sahara Petrochemical Company in an all-share deal valued at just over US$2 billion. Saudi International Petrochemical Company, or Sipchem, will issue each Sahara shareholder with 0.8356 new Sipchem shares, the companies said on…
US oil company Marathon Oil is reportedly looking to exit the UK North Sea business to focus on the US onshore. Marathon has hired Jefferies to sell its stakes in the Foinaven and Brae fields in the North Sea. Marathon could sell the…
In its continued efforts to provide the most advanced energy solutions to Bangladesh, GE Power has announced that it has been selected by Unique Group, to develop the 600 megawatt (MW) natural gas based combined cycle power plant at Meghnaghat, near Dhaka, Bangladesh. Unique…
The Oil & Natural Gas Corporation (ONGC) has awarded a consortium of Baker Hughes, McDermott International, and L&T Hydrocarbon Engineering (LTHE) the subsea contract for development of block DWN-98/2 in the Krishna Godavari basin offshore eastern India. This is said to be ONGC’s most…
Ascent poaches head of cyber from Brit Ascent Underwriting, a London-based cyber and specialty lines MGA, has hired a new head of cyber from Brit Insurance. Caspar Stops will take up his new role at the end of November 2018. He is currently a…
Oil halted gains near US$76 a barrel on emerging concerns prices have rallied too fast as traders bracing for Iranian supply losses sent crude to a four-year high. Futures in New York fell as much as 0.6 percent on the 4th October. Prices have…
BP and Aker BP have formed an alliance to develop and deploy technology in their businesses, BP announced on the 3rd October. Through the ventures cooperation agreement, both companies will explore potential venture capital investments focused on technology and innovation improvements – including developments…
Norwegian oil company Equinor has struck oil at the appraisal well of the Cape Vulture discovery from 2017. The well, located in the Norwegian Sea, and drilled by the Songa Encourage drilling rig, confirms a volume potential of 50-70 million recoverable barrels of oil. According…
