Energy Correspondent, London
Claire's Feed
Jul 1, 2014

New infrastructure players to help UK North Sea in twilight years

LONDON, July 1 (Reuters) – The ageing oil and gas network of
the UK North Sea is seeing a welcome rise in interest from
infrastructure specialists and pension funds, giving oil majors
a chance to offload unwanted assets and ultimately improve
recovery from mature fields.

Britain’s North Sea infrastructure has developed in an ad
hoc fashion over the years, and still tends to be owned and
operated by the original producers.

Jun 27, 2014

Oil firms need to cut duplication if serious on costs – Subsea 7 chairman

LONDON, June 27 (Reuters) – Energy firms need to start
delegating properly to the companies they employ as contractors
and have confidence in them if they are serious about their
cost-cutting mantra, Kristian Siem, chairman offshore oil
services firm Subsea 7 said.

Big oil companies, such as Shell and BP, are
cutting spending this year to save cash for dividends, in
response to shareholder demands for bigger returns after years
of rapid spending growth and cost inflation.

Jun 23, 2014

Brent crude up near $115 on Iraq supply worries

LONDON, June 23 (Reuters) – Brent crude was up at around
$115 a barrel on Monday, supported by worries about potential
disruptions to supply from Iraq where Sunni insurgents took
control of strongholds along the border with Syria at the

Brent was up 25 cents at $115.06 by 0848 GMT. U.S.
crude for August delivery gained 21 cents to $107.04. The
July contract expired on Friday.

Jun 18, 2014

Urgent need to slash costs in UK North Sea oil industry

LONDON, June 18 (Reuters) – Britain’s North Sea oil and gas
industry faces a bleak future where more fields are likely to
become uneconomic and shut in as platforms close – unless costs
can be controlled, operators say.

For some elderly platforms in the Northern North Sea, time
is running out. If the industry does not get to grips with costs
quickly, fresh investment is likely to dry up, forcing
unsaleable rusting rigs to be abandoned.

Jun 16, 2014

Brent up near $113 on supply worries as Iraq violence rises

LONDON, June 16 (Reuters) – Brent crude rose towards $113 a
barrel on Monday after a strong rally last week, as Sunni
insurgents advanced in Iraq, intensifying concerns over a
potential disruption to oil exports from the second-largest OPEC

The eruption of violence in Iraq led to a spike in prices
last week, with both Brent and U.S. crude gaining more than 4
percent – the most since July and December, respectively.

Jun 3, 2014

Brent slips towards $108 as weak refining demand bites

LONDON, June 3 (Reuters) – Brent crude oil futures slipped
towards $108 a barrel on Tuesday, reflecting weak European
demand, but reasonable Chinese manufacturing data helped keep a
floor under prices.

Brent futures for July were down 30 cents at $108.53
a barrel by 0900 GMT. U.S. crude was down 8 cents at
$102.39 a barrel.

Apr 28, 2014

Nigeria orders 1.85 mln tonnes of gasoline imports

DAKAR/LONDON, April 28 (Reuters) – Nigeria has granted
licences to 40 companies to import around 1.85 million tonnes of
gasoline by the end of June, Nigerian National Petroleum
Corporation (NNPC) and oil industry sources said, as the country
takes measures to avoid fuel shortages.

Nigeria is Africa’s top oil producer but relies on fuel
imports because its refineries work at a fraction of their
capacity due to poor maintenance and old age.

Apr 25, 2014

Oil firms sweat ageing North Sea assets to stave off shutdowns

LONDON, April 25 (Reuters) – Smaller oil producers are
teaming up with engineering and oil services companies in
Britain’s North Sea to squeeze extra drops from ageing
facilities before rising costs force them to close.

Improving “wrench time” – hours spent at worksites rather
than on assessments and form-filling – and bringing in
specialist teams to boost recovery rates, will help prevent
early decommissioning, industry participants say.

Apr 11, 2014

Brent dips near $107 on weaker demand outlook

LONDON, April 11 (Reuters) – Brent oil futures dipped
towards $107 a barrel on Friday following a weaker outlook for
2014 global demand growth from the International Energy Agency
and due to expectations that more Libyan crude will reach the
market next week.

Brent crude was down 29 cents at $107.17 a barrel by
0927 GMT after settling 52 cents lower on Thursday. The contract
was on track to end the week about 0.5 percent higher, recouping
part of the previous week’s losses.

Apr 10, 2014

Commodity funds bounce in Q1 after 2013 losses

LONDON, April 10 (Reuters) – Commodity funds bounced in the
first quarter from a 2013 loss, with the top performers in the
Lipper Global Commodity group racking up double-digit returns
after rallies in agriculture, natural gas and nickel.

Supply disruptions provided opportunities across the asset
class, but fund managers said only a few of these bullish
fundamentals would persist into the second quarter and that some
commodities are now over-valued.

    • About Claire

      "At Reuters I am an energy correspondent covering the oil markets and investment trends in commodities. Prior to this I focused on the asset management industry. Before joining Reuters I edited Global Investor, a monthly magazine for the institutional investment industry, and Portfolio International, a magazine for the offshore funds industry."
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