Offshore energy’s trade body is pushing back against campaign damage to its reputation and political harm to its prospects.
Unpredictable tax changes on Britain’s oil and gas production are making the industry “uninvestable” to internationally mobile finance, it is claimed.
While climate change campaigners say fossil fuel emissions are already busting temperature limits, the case for continued supply is that there will continue to be demand.
Perenco UK, a subsidiary of Perenco Group, has brought on stream a near-field discovery within the Ravenspurn South area of the Southern North Sea, boosting its gas production on the UK Continental Shelf (UKCS).
Prices for North Sea and West African crude grades have increased this month.
The Red Sea shipping crisis and OPEC+ output cuts have tightened oil markets.
U.S. benchmark oil prices are also supported by higher demand for American crude in Europe due to the Red Sea disruption to flows.
Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil.
The costs of decommissioning oil and gas platforms in the UK’s North Sea could overtake capital expenditure in the industry by 2040, a new report from Offshore Energies UK has suggested.
Shell is suing Greenpeace for $2.1 million in damages after the environmental group’s activists boarded the company’s oil production vessel in transit at sea this year, according to Greenpeace and a document seen by Reuters.
Recently, Norway and the UK managed to overcome certain challenges and increase investments heavily into the energy sector, especially in the North Sea region.
he UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments.
The U.K.’s planned North Sea Rosebank oilfield development, to be led by Norwegian firm Equinor, could be key to the country’s energy security. However, environmentalists are understandably concerned about the impact a new oil project may have on the environment during a time of green transition, with many suggesting that it goes against the country’s climate pledges.
The primary exploration target for wells 25/2-24 S and A was to prove and delineate remaining petroleum deposits in the Frigg Formation in the Øst Frigg Beta structure, which produced gas from 1988 to 1997.