BP contributes £17bn to UK economy, report finds
Supermajor BP (LON:BP) contributed £17.1bn to the UK economy in 2023 according to a new report by Oxford Economics.
Oil & Gas
European fossil fuels consumption falls below 70% for ‘first time since industrial revolution’ – EI Statistical Review
Dependence on fossil fuels in major advanced economies “is likely to have peaked” according to the Energy Institute (EI), after European use of hydrocarbons fell below 70% of primary energy for the first time since the industrial revolution – driven by demand reduction and renewable energy growth.
Fitch deals fresh downgrade blow to Petrofac
Ratings agency Fitch has downgraded oilfield services giant Petrofac (LON: PFC) after it defaulted on an interest payment.
Shell’s Penguins FPSO reaches UK waters after departing Norway
After a turbulent journey from China and more than a year in Norway, Shell's Penguins FPSO has now reached its position at its namesake field east of Shetland.
Marine campaigners prepare new legal action over latest NSTA licensing round
Marine conservation group Oceana UK is preparing to launch legal action against the UK government over its decision to award new oil and gas licences in the North Sea.
Norwegian oil workers strike averted
A strike by Norwegian offshore oil workers has been averted after reaching a deal with employers, the country’s IE&FLT and Safe labour unions have said.
UK Supreme Court set to rule in pivotal downstream emissions case
The Supreme Court's decision in the Finch case could have implications for North Sea oil and gas firms including Shell and Equinor.
The Euros and Oil: UK skills risk ‘being benched’
The Euros started with disappointment for Scotland fans and the energy transition risks going the same way for skilled oil workers, Global E&C’s CEO explained.
UK could beat oil output forecast by 30% if investment secured
The UK could be pumping almost 30% more oil and gas than currently projected at the end of the decade if about £20 billion of new investment can be secured, according to an industry group.
200,000 people’s ‘livelihoods depend on the sector’ – OEUK hammers home importance of UK jobs
OEUK has played up the importance of the energy sector on UK jobs as the country gears up for an election in its latest report.
Equinor brings in new head of UK upstream
Equinor UK & Ireland senior vice-president Arne Gurnter will leave his current position for a new role within the company in September.
Longboat ‘mixed emotions’ as it sets sail from Norway
Shares in Longboat Energy (LON: LBE) enjoyed a fillip after the company said it would exit Norway.
EET Fuels to become first supplier of hydrogen-generated power to UK grid
In a milestone for the nascent UK hydrogen industry, EET Fuels (formerly Essar Oil UK) has confirmed that it will be the first commercial supplier of hydrogen-generated, low-carbon power to the UK grid from its Stanlow Manufacturing Complex at Ellesmere Port, Cheshire.
Claire Coutinho: Labour’s energy policy will be ‘triple whammy on UK’
The Conservatives have claimed Labour’s energy policy will be a “triple whammy” for the UK, as they renewed their tax attack on their rivals.
Start-up companies at Net Zero Technology Centre win over £1million investment and prizes
A group of clean tech start-up companies backed by the Net Zero Technology Centre (NZTC) have attracted over £1million of funding including cash prizes from major oil and gas firms
Power Moves: New recruits for Asco and more
Thuy Tien Le Guen Dang has been promoted to head of new energy and net zero at logistics management specialist ASCO.
Wood is ‘not for sale’
Aberdeen's Wood (LON: WG) is "not for sale" but has entered a period of diligence with a potential buyer, a senor executive of the engineering giant said.
WATCH: Oil rig explodes on the shores of Kishorn
The Northern Producer has become a well-known sight on the North Coast 500 route.
Noble grabs ‘first mover advantage’ with Diamond Offshore acquisition
Noble Corporation (NYSE:NE) has grabbed "first mover advantage" in an offshore rig market set for further consolidation, according to analyst firm Wood Mackenzie.
Labour manifesto promises ‘phased and responsible’ North Sea transition
The Labour Party released its election manifesto promising a “phased and responsible” transition in the North Sea and pledged to make Britain a “clean energy superpower”.
3t acquires ALL STOP! to drive US expansion
UK-headquartered 3t has acquired US group ALL STOP! as it moves to expand its international presence.
Reabold hails “excellent economics” of gas field plan
Reabold Resources (LON: RBD) has hailed the "excellent economics" of a new plan and a regulatory green light for its onshore gas project at West Newton near Hull.
Union demands Swinney ‘show us the plan’ for Grangemouth
Union bosses have called on Scotland's First Minister John Swinney to "show us the plan" for the beleaguered Grangemouth oil refinery which is set for closure next year.
Octopus Energy backs INTOG offshore wind developer
Octopus Energy funds have taken a 40% stake in Simply Blue, a joint venture partner in an experimental floating wind farm off the coast of Aberdeenshire.
Major oil surplus seen this decade as demand hits peak, IEA says
Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency said.