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David Cameron yesterday backed Sir Ian Wood’s oil and gas industry review – signalling his support for the radical changes required to maximise North Sea recovery.

The Aberdeen industry veteran published the interim findings of his UK Continental Shelf review last month – claiming that an extra four billion barrels…

BP said it had made a significant deepwater oil discovery in the Gulf of Mexico.

“The Gila discovery is a further sign that momentum is returning to BP’s drilling operations and well execution in the Gulf of Mexico,” said Richard Morrison, Regional President of BP’s Gulf of Mexico business.

BP, which…

A shale boom in the UK could be worth up to £1billion for communities across the UK, the Government has claimed – as it prepares for a new licencing round next year.

Large scale shale gas development by the 2020s could produce up to 32,000 new full-time jobs, with significant…

TWO overseas oil and gas companies are set to increase investment in the North Sea after winning official clearance to develop a find off Scotland.

Abu Dhabi-owned TAQA said it has received approval from the UK Government to develop the Morrone field around 200 miles north east of Aberdeen with…

ExxonMobil appears set to pull out of exploration in Arctic waters off Greenland and was not among bidders in the country’s latest licensing round, with block awards likely to be issued shortly.

The country’s Bureau of Minerals & Petroleum (BMP) could make an announcement before Christmas regarding awards for 19…