In the North Sea, a 15-year slump in oil production will almost certainly be halted this year.

THE man leading an English hotel group’s £40 million expansion into Aberdeen has expressed confidence in the long term prospects for the market in the city although the downturn in the oil and gas industry has weighed on trading.

Hedge funds reduced their net-long position in West Texas Intermediate crude to a five-year low last week, days before prices fell below $40 for the first time since 2009.

Fletcher Shipping, a provider of offshore supply vessels to exploration and production firms operating predominately across the North Sea, has been forced into administration.

Due diligence continues with a number of potential field development partners, Xcite saysXcite Energy (LON:XEL) says it remains ‘flexible and innovative’ as it continues to pursue funding solutions for the development of the Bentley heavy oil field in the North Sea.

Oil in London slid below $45/bbl for the first time since March 2009 as Iran reiterated it will boost production and U.

Solstad Offshore, a Norway-based owner of offshore support vessels, has succumbed to the low oil price pressure.

Litre Meter has supplied a number of VFF flowmeters for the Martin Linge field development project in the North Sea.

Emirates National Oil Company Ltd.

Prosafe, the Oslo-listed provider of offshore accommodation units, posted a drop in both its second quarter revenue and profit.