North Sea Spending Up This Year

Thursday, December 01, 2005
Record fossil fuel prices have caused a revival in the Scotland-based North Sea oil and gas industry, resulting in a near-record spend of $19 billion this year and the creation of 25,000 additional jobs across Britain, according to a recent Oil & Gas Journal report. These estimates were reported by the UK Offshore Operators' Association (UKOOA), and reflect a reverse in the development activity in the region. Over the past 11 months UKOOA companies had revised their capital expenditures from $6.5 billion to $7.8 billion, the highest level of investment since 1998. This value contributes to the overall spend of $11 billion for the year, according to the report. The total UK workforce in the industry increased from 250,000 to 275,000, with 5,000 new jobs being created due to increased drilling activities alone. According to the report, experts have warned that a stable fiscal regime was vital to the continued success of the North Sea. Source: Oil & Gas Journal
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Demands for Icebreaker Tours Spiral

Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours.

MARAD Funds Study on LNG As Propulsion Fuel

The Maritime Administration (MARAD) has announced a $900,000 cooperative agreement with Totem Ocean Trailer Express Inc. (TOTE) to further develop knowledge

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

Maritime Safety

Woman Medevaced from Cruise Ship off SouthWest Pass

The Coast Guard medevaced a 50-year-old woman from a cruise ship 225 miles southeast of Southwest Pass, Saturday. Watchstanders at Coast Guard District 8 received a call at approximately 9 a.

Life Ring Found from Cargo Ship Missing off Bahamas

A life ring has been found from the cargo ship El Faro, which went missing on Thursday after sailing through Hurricane Joaquin in the Bahamas, the U.S. Coast Guard said on Twitter on Saturday.

USCG Urge Caution Ahead of Hurricane Joaquin

The Coast Guard urges the public Thursday to use extreme caution and to prepare for the onset of heavy weather, extreme sea conditions, storm surge and high

Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0932 sec (11 req/sec)