What are ‘historically more normal prices’? Through 2022 the Brent oil price averaged about $100 a barrel (bbl), up around 40% on 2021. This follows a volatile 12 months where prices started the year at $78/bbl, reaching a peak of $130/bbl in March following Russia’s invasion of Ukraine.
The former oil and gas business giant says the windfall tax "must be revisited as a priority".
Global Underwater Hub CEO Neil Gordon says the subsea sector needs clearer visibility on major projects in wind, oil and gas and defence.
2022 has been a year of challenge with the effects of the Covid-19 pandemic still impacting markets and the war in Ukraine affecting so many. Consequences of such a tumultuous year include the energy supply crisis, the fluctuation in commodity prices, the cost-of-living crisis and the onset of recession, which are all inextricably linked.
By Fiona Duggan, policy lead at climate solutions charity, Ashden
How is the North Sea supply chain being supported, amid concerns over crippling costs and poor visibility on opportunties?
Recent political tensions have put a spotlight on the UK’s heavy reliance on fossil fuels, highlighting the necessity to transition to clean, renewable energy. Energy companies must innovate the sector and build a greener energy system.
Unlike hydrocarbons, which produce carbon dioxide, heat and water when combusted in the presence of oxygen, hydrogen produces only heat and water. As we seek to decarbonise the UK’s energy sector one of the paths that is being explored is the use of hydrogen within a grid connected gas fired power plant in the UK.
As we come to the end of another year, it seems 2022 has been one that has gone full speed, with so many people sharing it’s as if the year has been condensed.
Driven by society’s need to tackle climate change, renewable energy-based power generation is growing exponentially worldwide and especially in Europe where wind power alone now accounts for around 16% of capacity.
We were invited to the world premiere of The Rig – Amazon Prime’s new tv show set in the North Sea. We’ve tried to keep the following spoiler-free as possible but proceed at your own risk.
In looking back at 2022, it is hard to overstate some of the significant developments affecting the oil and gas industry.
Without putting too fine a point on it 2022 has been a disaster for pretty much everyone who didn’t run a hedge fund, is a shareholder in an oil and gas or other energy company or works in a bank and is due a bonus.
Since I’m on my way to Doha as I write, what better subject than LNG and the boom which will keep the dollars flowing into Qatar for decades to come.
As COP27 draws to a close, the pressure on governments and companies around the world to accelerate the global energy transition away from fossil fuels and into clean energy continues to mount.
As humankind drives relentlessly towards climate catastrophe, just a few days ago the International Energy Agency offered a crumb of comfort regarding CO2 emissions.
In all discussion about the drive for renewables and the need to wean ourselves off fossil fuels, one crucial word is heavily under-represented. That word is “storage’ and I have long found the lack of emphasis on it by policy makers a source of puzzlement.
What brought that on? My anger with one of the latest “Scotland is now” claims. Issued by Scottish Development International as a Tweet it claims, and I quote: “From wind to wave and hydrogen to solar, Scotland is a global leader in renewable energy”. The associated video itself then goes on to claim that “Scotland’s a leader in hydrogen and fuel cell technologies”.
Companies active in the energy sector would not be blamed for losing sight of their ESG strategy in 2022; the energy industry’s pre-COP 26 focus on climate-change action has been somewhat superseded by the race to balance the energy transition with security and affordability of supply.
There has never been a better time for carbon capture and storage (CCS) deployment. When considering the latest edition of the industry’s flagship report, the Global Status of CCS published annually by the Global CCS Institute, and with supportive policy and regulation emerging, it is becoming less a question of whether we need CCS, but instead how do we deploy – and how do we deploy faster.
At a time of economic and political uncertainty, the battle against climate change remains high on the global agenda. As part of that, it’s important to use every weapon in our arsenal; even those that exist outside our planet.
Tackling climate change is an important component of policy agendas across the UK and more broadly on a global scale.
No reason to fear the added muscle and acceleration that artificial intelligence offers to the geoscience sector, writes Mark Brownless, Chief Technology Officer at Geoteric, a global AI seismic interpretation specialist.
The global energy landscape is undergoing profound changes amid volatile and complex market situations, price instability, and the growing need to rapidly adapt if we are to meet net zero targets. The global energy industry has never experienced anything like this before, and never has collaboration been more important.
Climate and energy security goals are at risk in the North Sea oil and gas economies of the UK, Norway and Denmark – but concrete pathways, created in partnership with those affected by the phase-out across all sectors, could create a global clean transition blueprint, writes Dr Kirsten Jenkins, co-author of a new report series from the Oil and Gas Transitions (OGT) initiative.