The exploration and production company, IGas, said today it was reviewing its capital spending plans with the increase in the oil price.
IGas declared a pre-tax loss of £59.1m for 2019 in its group annual results published today. This was up from £25.1m in 2018.
IGas has announced redundancies, including the chief finance officer, in a £1m cost-cutting programme.
In this guest post, Chris Hesketh makes the case for a post-Covid-19 recovery without fracking or unconventional gas extraction.
You can keep up with the news here with our digest of headlines about UK fracking, shale and onshore oil and gas, updated daily.
Two UK onshore companies announced today they were temporarily shutting-in some sites to cut production following falling oil and gas prices
The former head of BP and the fracking firm Cuadrilla has warned that oil prices will remain low for “some considerable time”.
Losses in IGas more than doubled in 2019 to more than £50m as the company turned its back on shale exploration in north west England, annual accounts have revealed.
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.