A move to the Tees Valley’s newest business and innovation centre is helping an software engineering company tap into fresh business opportunities. Stockton North MP Alex Cunningham officially opened Industrial Asset Management Technology Ltd’s (IAMTech) new base at Fusion Hive, a purpose-built flexible workspace for growing technology and creative businesses on Stockton’s Northshore. Originally founded in 1973 as industrial plant model makers, IAMTech evolved into bespoke so

Oil giant Royal Dutch Shell has slumped to a loss of $6.1bn (£4bn) for the third quarter after taking a $8.2bn (£5.4bn) hit from ditching long term projects and the impact of lower oil and gas prices. Shell said it had taken a $2.6bn (£1.7bn) hit on the recent decision to abandon drilling off Alaska as well as $2bn (£1.3bn) for another cancelled operation, in Canada. Meanwhile, the company took a $3.7bn (£2.4bn) charge on the impact of a downward revision to the long-term out

BP has taken a fresh hit from the slump in oil and gas prices as third-quarter profits fell by half and it set out plans for a further $1bn cut to 2015 spending. The company, a staple of many UK pension funds, said replacement cost profits dipped to $1.23bn (£804m) from $2.38bn (£1.55bn) in the same period last year. BP has been hit by the slide in the price of a barrel of Brent crude which has tumbled by more than half from over $100 last summer to less than $50. Chief execu

With prices at $50, the same 5% cut in production costs can make a huge difference to your assets profit margins. This is why we are seeing a dramatic series of lay-offs in the industry. This is why there has been a year-on-year >50% reduction in the North American active rig count. And this is why asset owners are seeking to capitalize on advances in digitized asset management. For more than 15 years, we have been employing the best software development talent in the world,

The office was descended upon today (05th October 2015) by Sky News - looking for a North East business owner to comment on Chancellor George Osbournes pro "Northern Power House" speech presented earlier at the Conservative Party Conference in Manchester. In all seriousness - the north east seems the poor relation in the 'northern power house' - now SSI have announced liquidation, please can the government step in and help find a buyer for Teessides steel assets! #oilandgas #

With oil & gas prices low and looking to stay that way, production price is becoming paramount in the value and viability of oil and gas assets. Suddenly, many facilities have become money-losing enterprises. While this may not last forever, it will definitely last long enough for a major shakeout in the industry, with survival of the fittest. When oil is $120 per barrel, a 5% cut in your production costs may not set the world on fire. With prices at $50, the same 5% cut in p

A short move from UK’s industrial heartland, into Stockton’s Fusion Hive facility has already opened up new potential business for IAM Technology Ltd (IAMTech) as the oil, gas, chemical & power software specialists become the latest tenant at the state-of-the-art offices. Originally founded in 1973 as industrial plant model makers, IAMTech evolved into a bespoke software development house for the Oil, Gas, Chemical & Power industries in 2007 and now employs some 10 personnel,

What is driving the soft oil price we are all experiencing? High oil prices created the conditions for unconventional (or “tight”) oil to grow and challenge OPEC’s market share; thus, prolonged low oil prices must be part of OPEC’s solution! By keeping prices below the marginal cost of unconventional production (approx. $75 per barrel), OPEC hopes that expensive oil production will decline along with the fortunes of the companies engaged in this practice. In Economics, this