Losses mount at IGas
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.
Redundancies at IGas in £1m cost cutting
IGas has announced redundancies, including the chief finance officer, in a £1m cost-cutting programme.
Guest post: What Covid-19 teaches us about fracking in the UK
In this guest post, Chris Hesketh makes the case for a post-Covid-19 recovery without fracking or unconventional gas extraction.
May 2020 headlines
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 companies suspend production at some sites in response to low oil price
Two UK onshore companies announced today they were temporarily shutting-in some sites to cut production following falling oil and gas prices
“Oil prices to remain low and very volatile”
The former head of BP and the fracking firm Cuadrilla has warned that oil prices will remain low for “some considerable time”.
North west shale write-offs push up losses as IGas focusses on East Midlands
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’s late life oil fields “unprofitable” at current prices
Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
Europa cuts costs to fund Wressle oil production
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.
Wressle production will “break even at $17.62/barrel” – operator
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 […]
