The UK aims to maximize domestic oil and gas production and curb the spread of onshore wind farms as the government leans toward maintaining energy security over cutting carbon emissions.
The measures form part of an Energy Bill announced by Queen Elizabeth II in a speech to Parliament in London on Wednesday that outlines the first legislative program of Prime Minister David Cameron’s majority Conservative government.
UK oil production was enough to meet about 56 percent of domestic demand last year, with a similar proportion for gas, according to the government.
Upstream cost deflation will be “inevitable” for the North Sea industry as it emerges from a period of intense development activity, according to Wood Mackenzie.
The energy analysts said the busy period has caused severe cost inflation as operators competed for access to services.
Operating costs will decrease by up to 15% in the UK and 10% in Norway.
Victoria Oil & Gas has purchased the Logbaba gas processing plant from Expro for $2.5million.
The company said its wholly owned subsidiary, Gaz Du Cameroun (GDC), has made the payment in full for the purchase of the plant from Expro worldwide.
The plant currently processes gas extracted from the GDC wells and produces condensate which is sold to a local refinery, and clean gas which is distributed to customers through the 33km pipeline network in Douala, Cameroon.
Atlantic Petroleum has withdrawn from one of its licences in the Norwegian Sea.
The Faroese company has submitted a withdrawal from the Gymir prospect on PL602.
Wood Group Kenny (WGK) is set to provide technical advisory services for carbon capture storage (CCS) policies in a framework agreement with the Department of Energy and Climate Change (DECC).
The four year agreement will see WGK support DECC in ensuring the UK CCS policies are underpinned by robust technical evidence and provide independent advice on the technical understanding of CCS.
The company's previous experience in CCS includes the Peterhead Carbon Capture and Storage project being developed by oil major Shell and Southern Energy (SSE).
Countries must set a global goal to slash carbon emissions to unlock more than £30 trillion needed in energy investments to tackle climate change, a report has urged.
The World Energy Council study, which draws on insights of more than 2,500 industry leaders and policy makers, also calls for a global carbon price polluters must pay for their emissions, to level the playing field between traditional and clean energy schemes.
Released ahead of key United Nations climate talks in Paris in December, the report warns uncertainty over global policies is one of the biggest obstacles to unlocking £31- £34 trillion in investments in the energy sector needed to address the problem.
Gunmen have tried to assassinate Libya’s internationally recognised prime minister on his way to the airport in the eastern city of Tobruk, a spokesman for his government said.
Abdullah al-Thinni’s motorcade was attacked and one of his guards was lightly wounded but there were no fatalities, according to Arish Said, head of the government’s media department.
“They managed to escape,” he added.
Woodside Energy has chosen not to enter into the next period of an exploration program in Tanzania.
The move is related to the Lake Tanganyika South Production Sharing Agreement.
Hundreds of workers have been evacuated from three oil sands projects in Alberta as wildfires affect the region.
Statoil, MEG Energy and Cenovus Energy made the move as fires coarsed through the area.
Projects have also been shutdown by Cenovus and Canadian Natural Resources, though none have been affected by the fires.
A former international director at state-run oil firm Petrobas has been sentenced to five years in prison.
Nestor Cervero is the second person to be convicted in the ongoing corruption scandal.
Federal Judge Sergio Moro said there was evidencd that Cervero has created a company, as a front, to launder money.
When Saudi Arabia argues next week that OPEC should keep up production to fight the rise in US shale oil levels, prices will be on its side.
Crude plunged for eight of nine weeks prior to group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
With oil companies around the world cutting investment, US output peaking and prices up, Saudi Arabia’s strategy will be extended at OPEC’s semiannual meeting on June 5, say Societe Generale SA and Bank of America Corp.
South Africa, which sets gasoline prices that fuel producers can charge, needs to ensure companies can fairly recover the cost of upgrading their facilities to handle cleaner fuels, Chevron Corp.’s local unit said.
“Petroleum companies are unable through normal market mechanisms to recoup the investments needed to upgrade refineries to produce cleaner fuels,” Chevron South Africa Chairwoman Nobuzwe Mbuyisa said in an e-mailed response to questions Tuesday.
The costs “are substantial and, in the absence of a mechanism to recover these costs from the consumer, they are simply not commercially viable,” she said.
There will be “no winners” if unions press ahead with industrial action in the North Sea, the new boss of the oil and gas industry’s trade body warned yesterday.
Deirdre Michie, who has taken over as chief executive of Oil & Gas UK, said over 5,000 jobs had been lost in the North Sea - mainly onshore jobs - with “more to come”.
But she added while the North Sea was mature and had produced over 43 billion barrels of oil, the body believes that there remains “still half again to go for” in the region if operators and the wider supply chain slim costs and the government provides more fiscal support.
The development of new hydro-electric power schemes will no longer be economically viable if the UK Government continues to cut subsidies, a London-based investment fund has warned.
Hydro schemes have been an attractive proposition for cautious investors as they use established technology, have a predictable output and are designed to last 50 years with little maintenance, said David Freeder, an investment manager at Downing.
The government sweetened the deal further in 2010, when it introduced the feed-in tariff (FiT) system, which dishes out fixed-rate payments for electricity generated by small-scale schemes, including solar, wind and hydro.
The US Department of Energy has authorised Pieridae Energy to export natural gas to Canada.
The company has also been given permission to export LNG produced from natural gas from Canada.
The authorisation was issued earlier this month after Pieridae Energy made the application to export up to 292 billion cubic feet per year of natural gas via the Maritimes US and Canada pipelines.
Eni has made a second discovery at its exploration prospect off the coast of Libya.
The company said it had made a natural gas and condensate discovery about 85 miles away form the coastline.
The head of Fairfield Energy is to step down later this year.
According to reports, David Peattie has made the move just as the company announced it was set to decommission its Dunlin Alpha platform.
Peattie joined the company four years ago after moving from oil major BP, where he had once headed its operations in Russia.
It's understood a leaving date is yet to be finalised.
Oil field research has shown investment in oil and gas production is estimated to drop 20% this year.
In comparison to 2014, non-OPEC liquids growth potential of 5.5million bopd (barrels of oil per day) over the next five years has been reduced by more than two million.
A conservation group has urged politicians to act to protect the country’s scenic Highlands from further wind-farm developments.
The Friends of the Great Glen group says the Great Glen and Loch Ness area is under threat from a “multitude” of planning applications which could see the creation of hundreds of turbines and industrial infrastructure.
The group, which has submitted a petition on the issue to the Scottish Parliament, argues that current planning processes do not afford the tourist destination with enough protection.
OAO Rosneft may have to turn to competitors to buy natural gas and state aid to help honor a $50 billion contract it won away from OAO Novatek three years ago, according to two people with knowledge of the matter.
Rosneft may supplement its own output with fuel purchases when the contract with power utility OAO Inter RAO UES starts next year, the people said, asking not to be identified because the information isn’t public.
In 2016, the state-controlled company may even turn to Novatek for fuel, according to one person. Rosneft will fulfill its obligations, its press service said.
McDermott International has been awarded a large brownfield contract by Saudi Aramco for the engineering, procurement, construction and installation of 12 jackets for offshore oil and gas fields in Saudi Arabian waters.
The work is scheduled for completion by the end of the first quarter of 2016.
The award is the second for the company from Saudi Aramco this year, and represents a work scope bud under an existing long-term agreement.
Kongsberg Maritime is set to deliver technology for the Johan Sverdrup field.
The award is for delivery of the Safety and Automation System (SAS), Life Cycle Simulator and SAS Information Management System for the four platforms on the Johan Sverdrup field centre.
Barakah Offshore Petroleum has received an LOA (Letter of Award) from Sarawak Shell and Sabah Shell Petroleum for the supply of equipments and services.
The duration of the LOA, for the company's PBJV Group unit, is expected to last three years with an option to extend for a further year.
Riverstone Holdings has invested up to $100million in Carrier Energy Partners.
The deal comprises $67million from Riverstone Global Energy and Power Fund VI and $33million from Riverstone Energy Limited.
