Here are the stories making the business headlines across Scotland and the UK this morning.
‘Disappointing’ lack of wells risks early North Sea decline, warns NSTA
A “disappointing” lack of wells are being drilled to stop the decline of production in the UK North Sea, according to a new NSTA report.
The North Sea Transition Authority (NSTA) said just 48 development wells and 12 exploration targets were drilled in 2022.
That fails to meet the NSTA baseline ambition of 60 development wells per year to slow the decline in production and “securing a greater proportion of domestically-produced hydrocarbons”.
That development well target is also on course to be missed in the years ahead.
Energy Voice reports the decline will continue in 2024 (53 wells planned) and 2025 (36 planned). That compares to 62 wells in 2021, and 73 in 2020.
RAAC: Worst of Aberdeen’s affected council housing to be ripped open to learn about ‘crumbly’ concrete
The worst of Aberdeen’s empty council houses are to be ripped apart – as the city gets to grips with the problem of “crumbly” concrete.
Long-vacant houses awaiting improvement to attract new tenants are now to be used to explore the extent of potential troubles with reinforced autoclaved aerated concrete (RAAC).
Already four properties in the Balnagask area of Torry have been sliced open, as council engineers look for signs of strain in the troublesome building material.
More in the area will follow.
Read more in today's Press and Journal.
Offshore support group targets $1billion turnover after major boost for renewables ambition
OEG Energy Group, which has Aberdeenshire roots stretching back five decades, said the new committed financing would allow it to pursue “complementary opportunities” within its active acquisition pipeline, which has an emphasis on offshore renewables.
The fresh funding is being backed by NatWest, Citi, Santander and Goldman Sachs.
The group has a turnover in the region of $400m, of which 40 per cent is from the renewables market. It is targeting overall group turnover of $1 billion in the next five years.
John Heiton, OEG’s chief executive, said: "This financing provides OEG with further firepower, optionality and flexibility to better pursue its growth objectives.
"The quality of the banks that have participated in the syndicate reflects OEG’s leading position in the market and the trust that stakeholders have in our business model, growth prospects and ability to play a meaningful role within the global energy transition. The global energy industry is changing and OEG has adapted its business accordingly."
Jo Malone to move to larger premises in Aberdeen
The luxury fragrance retailer is closing its store in Loch Street, near the Bon Accord Centre, and moving to Union Square.
A spokesman for Jo Malone said the decision had been made due to "a larger space within a higher traffic shopping centre."
Jo Malone, best known for its fragrances, scented candles and diffusers, first opened in Aberdeen’s Loch Street, part of the Bon Accord Centre in 2013.
However, it will now close and reopen in Union Square in mid-December with a number of new jobs being created.
The existing team of six members of staff will all transfer to the new store