News

Is shale exploration in the UK on stop or go? On Monday the Department for Energy and Climate Change released a geological report into the impact of hydraulic fracturing, a key technique in releasing gas from shale rock deep beneath the Earth's surface. But, as befits the department with the schizophrenic identity, its findings are ambiguous.

Spanish wind power company Gamesa will build a £125m offshore windfarm facility in the port of Leith, creating around 800 jobs, it said on Friday. The announcement comes just days after George Osborne said in his budget that "renewable energy will play a crucial part in Britain's energy mix", after warnings by major wind companies that their investments in the UK were under threat from political uncertainty.

ENERGY giant Centrica is looking for Teesside workers as part of a major push for growth. Skilled workers from managers to engineers, technicians and chemists are needed as part of an ambitious drive to boost gas production from the East Irish Sea and secure the future activity in the region.

British supermajor BP is reportedly locked in negotiations with US officials on a possible multi-billion settlement over pollution claims stemming from the 2010 Macondo blowout disaster.

Canada’s Precision Drilling has reversed a fourth-quarter loss seen in 2010 thanks to higher dayrates, but also saw net income for Q4 fall from the third quarter of 2011.

UK-based BG Group’s total operating profit was up 19% or $1.28 billion to $8.2 billion for 2011 on the back of increased revenue from its exploration and production and liquefied natural gas arms.

Statoil has reportedly informed Russian partner Lukoil that it plans to exit the West Qurna 2 oilfield project in Iraq.

Norwegian engineering group Kvaerner has won a Nkr 1.2 billion ($210 million) contract to build a steel jacket to be located at the Hild platform in the North Sea for France’s Total.

THE restart of steel production at SSI is now only weeks away after yesterday’s breakthrough announcement.

Court filing seeks 'all costs and damages incurred by BP related to the Deepwater Horizon incident and resulting spill' in case against contracto

THE North East is enjoying another record year of exporting, and is one of just four UK regions to record growth over the last 12 months. According to figures from UK Trade and Investment, the region hit £3.326bn in exports in the period between July and September this year, bringing its total for the year to the end of September to £13.211bn.