For the oil and gas industry, saying that safety is a ‘top priority’ doesn’t come close to capturing the extent of our commitment – we work to make sure that safety is ingrained in every company’s culture, and we won’t rest until all of our colleagues feel that all the risks they could face at work are addressed.
While COVID-19 and Brexit have dominated the agenda for oil and gas businesses in recent times - and rightly so I should add - there is a third issue that this industry is taking just as seriously. I am, of course, referring to IR35 reform in the private sector.
Earlier this month saw the EU Emissions Trading Scheme (EU ETS) daily carbon price hit €40. The EU ETS has been in place since 2005 and covers power and heat generation; energy-intensive industry sectors (including oil refineries, steel works and production of iron, cement, etc); and commercial aviation. For many years the carbon price traded below €10 but since 2018 the price had increased more than three-fold.
In years to come, when we reflect on 2020, it is evident that COVID-19 will be the topic that immediately leaps to mind in what was a challenging year for us all.
With the net zero transition looming ever closer and the eyes of the world turning to the UK ahead of COP 26, the time is now to put in place an integrated, detailed energy strategy. The long-awaited Energy White Paper published by the Government late last year gave impetus to many priority actions, but momentum has to continue to build to answer the urgent questions and detailed aspects to delivering these bold visions in the run-up to the COP.
The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy.
Economists have long been familiar with the concept of “negative externalities”, which may be defined as a cost that is suffered by a third party as a consequence of an economic transaction.
Angola can balance environmental protections with ongoing hydrocarbon exploration, in line with its constitution, writes Verner Ayukegba, Senior Vice-President at the African Energy Chamber.
Less than a decade after the Tories under David Cameron scrapped the UK’s five freeports, they’re back on the agenda again.
Sick of the term “energy transition” yet? What does it mean anyway? Aberdeen Lord Provost Barney Crockett described it well at the Energy Exports Conference: “Energy Transition is different for everyone. We each have to start from where we are today, and then we each get to set our own destination.”
As the UK prepares to host the United Nations Climate Change Conference (COP26) in Glasgow in November, we’re doing all we can to help others understand and see our industry’s crucial contribution towards delivering a net-zero economy.
The rapid roll out of Covid-19 vaccinations offers some light at the end of the tunnel after a year of restrictions, economic hardship and illness, and has been welcomed by most of the population. However, some remain concerned about the speed at which the vaccines have been developed. Surveys have reported that perhaps a third of UK citizens would be reluctant to receive the vaccine for various reasons including the potential unknown, long-term side-effects.
A full month into 2021 and we are past the point of making predictions for the year ahead, other than unpredictability and uncertainty likely to remain the case for some time yet in the energy sector.
The United Nations climate change conference which is to be held in Glasgow in November should be a source of inspiration and an opportunity for Scottish industry to showcase its Net Zero manufacturing supply chain.
In his latest column, former UK Energy Minister Brian Wilson questions the Scottish Government's withdrawal of support for oil service exporters.
With the energy industry preparing for COP26 later this year, it’s easy to forget that responsibility does not just fall to the heavy-weights.
This week I attended three hydrogen webinars. By participating in these sessions I'm hoping a light comes as to what I’m missing. Not so, they all reinforce that the case for the role of hydrogen in delivering net zero is evidence weak.
The UK has come a long way in tackling climate change over the last decade. The data for the last five years demonstrates decarbonisation increasing at pace, culminating in the greenest year on record for Britain’s electricity system in 2020 - average carbon intensity (the measure of CO2 emissions per unit of electricity consumed) reached a new low of 181 gCO2/kWh. In total, the country was powered coal-free for over 5,147 hours in 2020, compared with 3,666 hours in 2019, 1,856 in 2018 and 624 in 2017.
Now that Biden has committed to shifting from fossil fuels, the incoming chairman of the Securities and Exchange Commission, Gary Gensler, must decide whether Big Oil are exempt from basic principles of shareholder democracy.
While the majority of sectors in the oil and gas industry have been severely impacted by the pandemic creating significant challenges for companies across the world, there are some areas where the current climate has provided opportunities for growth.
The COVID-19 pandemic has provided significant challenges, but it also presents a wealth of opportunities with regards to sustainability and our global energy footprint. Although the dramatic reduction of CO2 emissions this pandemic has brought about is welcome, there is still a lot of work to be done in changing hearts and minds with regards to sustainability.
Global energy sector leader Jan Egil Brændeland explains the complexities of global energy provision and how oil and gas are far from dead
After a truly challenging 2020, hopefully 2021 will offer something to look forward to.
In January 2021, OGUK and Deloitte will launch the latest edition of the UKCS upstream supply chain collaboration review and index. The index is developed from supply chain and operator company feedback and provides an understanding of how effectively industry is working together in what continues to be challenging times for us all.
Whether dealing with failure of a major project, reacting to crises at counterparties or weighed down by oil price weakness, many companies in the oil sector will have to undertake financial restructuring in 2021.