Dutch court overturns order for Shell to take responsibility for petrol emissions
A Dutch court has overturned a landmark ruling against Shell that would have forced the oil company to reduce emissions produced by its petrol customers.
Europe
European Oil and Gas news
Operators could face fines as North Sea decommissioning still lags
The pace of North Sea oil and gas decommissioning continues to lag behind targets, with operators who fail to comply being liable to face fines of up to £1 million.
Jobs are ‘primary concern’ of Decom Mission boss following budget
Following the first budget of the Labour Party’s premiership, saving jobs and retaining skills within the sector are the core concerns of Decom Mission’s Sam Long.
All Europe Posts
Lack of helicopter parts could hit production, says Norway oil minister
Norway’s energy minister has said oil and gas activity may be hit by a lack spare parts for S-92 helicopters.
Global offshore rig market could reach 96% utilisation in 2024
Westwood expects offshore rig dayrates to continue their upward trajectory across the board in 2024 as supply tightens.
Norway follows UK with ‘extra broad’ worker requirements for helicopters
Norway is to follow the UK with special safety requirements for “extra broad” offshore workers going into helicopters.
Opinion: Decom Mission gathering pace alongside energy transition
The energy industry continues to develop at pace, and that’s reflected by Decom Mission activity and that of our members.
Norwegian Petroleum Directorate rebrands for offshore
The directorate had a "long, proud history as a resource authority with solid knowledge about the subsurface on the Norwegian shelf”.
Russia enforces sale of OMV, Wintershall assets
OMV noted the presidential decree but said that it had written down the value of its Russian assets. As such, it expects no further impact as a result of the move.
International waterway woes pile up price pressures
“Longer supply lines tie up more vessels, boost freight rates, widen origin-destination spreads, and lift bunker demand,” Bank of America Global Research analysts said.
Updated: Shell agrees to sell German refinery stake to Prax Group
Shell Plc (LON: SHEL) agreed to sell its stake in the Schwedt refinery, a plant that supplies much of eastern Germany with fuel and has been caught up in Europe’s standoff with Moscow over the war in Ukraine.
Adnoc weighs takeover of $5bn chemical producer OCI
OCI said in November it had hired advisers to explore asset monetization opportunities in an attempt to reduce its holding company discount. It said at the time it was in “active discussions” on “attractive value propositions.”
Wintershall firms up volumes at pair of Norwegian discoveries
Wintershall DEA has firmed up its estimates at a pair of Norwegian discoveries following a fresh appraisal.
OMV contracts Transocean semisub for Black Sea gas
Should OMV choose to retain the rig beyond the initial 540 days, the day rate increases to $480,000.
UK imports ‘record’ LNG amid growing reliance on US gas
US LNG is almost four-times more carbon-intensive than domestic UK gas production.
Longboat JAPEX farms down pair of exploration targets
Longboat JAPEX has announced a farm-down of two exploration targets in Norway to Concedo AS.
Aphrodite partners downplay development progress
NewMed Energy, which has a 30% stake in the project, also took a more measured tone. The company said Chevron had asked to postpone the start of front-end engineering and design (FEED) work on Aphrodite.
Dutch pension fund PMT sticks with nine oil and gas companies
One of The Netherlands’ largest pension funds said it will continue to invest in nine oil and gas companies — including Shell and BP — while dropping dozens of others.
Europe needs more LNG to ease tight market, Uniper CEO says
“The ultimate goal is to get off gas and move to hydrogen,” Lewis said. He noted that Europe’s gas demand remains uncertain in the short term.
High storage tempers volatility in LNG markets
“If we have another supply disruption from the US, from Norway or from the North Sea we will see more volatility,” he said.
French fund rule puts $7.6 billion of oil, gas assets at risk
A French rule targeting ESG funds has the potential to force oil and gas divestments of €7 billion ($7.6 billion), according to an analysis by Morningstar Inc (NYSE: MORN).
EU strikes deal to curb methane emissions in oil, gas supply
European Union negotiators struck a deal to curb methane releases from fossil-fuel infrastructure and plotted a course to monitor and limit the emissions associated with imported energy sources.
Partners Group is in talks to buy oil pipeline inspector Rosen
Partners Group Holding AG is in advanced talks for a potential acquisition of Rosen Group, a European engineering firm specializing in testing oil and gas assets, people with knowledge of the matter said.
BASF makes deep cost cuts in response to energy crunch
BASF unveiled fresh cuts to investment and measures to reduce operating costs as the company adjusts to more expensive energy, higher interest rates and a slump in demand.
Equinor signs five-year gas supply contract with Germany’s RWE
Equinor and RWE have signed a new five-year gas supply contract that would see it supply as much as 1.5bcm per year.
Opinion: Is the oil and gas sector becoming more attractive to private equity investors?
A 2020 study by McKinsey stated, ‘The oil and gas industry accounts for 42% of global emissions…in addition, it produces the fuels that create another 33% of global emissions.’
Repsol warns it may cut Spanish investments on tax concerns
Oil producer Repsol signaled that it could cut investments in Spain if the government goes ahead with new regulatory and tax changes.
Global Underwater Hub report finds supply chain capability high, lack of project visibility threatening confidence
A report by the Global Underwater Hub (GUH) released today has emphasised the strength of the UK supply chain but warns a continuing lack of project surety is impeding necessary investment.