Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
Europa Oil & Gas, one of the main investors in oil production plans at Wressle, announced today it had cut salaries and cancelled non-core contracts because of the coronavirus outbreak and oil price falls.
An oil formation in Lincolnshire, missed by a well drilled last year, could be reached by a new sidetrack, a group of companies said today.
Production from the Wressle oil site near Scunthorpe will break even at $17.62 a barrel, the operator, Egdon Resources, has said. In an update, the company’s managing director, Mark Abbott, said: “Our modelling shows that the Wressle development is economically robust at and below the current oil price […]
Third Energy, the company behind plans to frack in North Yorkshire, has announced it now has no immediate shale gas plans.
The number of onshore oil and gas wells drilled in the UK in 2019 was up slightly on 2018, which was a 68-year low for the industry. This year, operators spudded (began drilling) four, or possibly five wells, depending on how you count your wells.
2019 saw a Conservative government withdraw its support from fracking and introduce a moratorium on the process.