Russian energy firms are weathering low oil prices and will continue to increase output in the next few years even if Saudi Arabia raises production to depress prices further, one of Russia's fastest growing oil companies says.
Gazprom Neft, Russia's third-largest oil producer owned by state-run gas producer Gazprom, said that due to abundant supply and technological developments oil prices may have returned for a prolonged period to the $30-$40 per barrel range seen before the commodities boom of the 2000s.
Some oil projects won't be viable at such low prices but most of those won't be in Russia, where field development will prove resilient even at $20-$35 per barrel - much lower than in the United States, the Arctic or on large offshore deposits.
The Energy Technologies Institute (ETI) is seeking partners for a project to study the impact of removing brine from under-sea stores which could be used to house captured carbon.
The project will produce a cost-benefit analysis of brine production, using the CO2Stored database and models developed in the ETI’s UK Storage appraisal project as a starting point.
Analysis will cover both saline aquifers and oil and gas reservoirs.
Amec Foster Wheeler has been awarded a contract by Hanwha Energy for the design and supply of a steam generator for a new power plant in South Korea.
The win comes just a day after the company announced it had entered in an extension on the UZ750 project on one of the Gulf’s largest oil fields.
Amec Foster Wheeler said under the contract it will design and supply the 100 MWe steam generator for the power plant’s boiler island and provide onsite technical advisory services.
Energy procurement consultant Inspired Energy has increased its pre-tax profit by 50% whilst increasing revenue by more than 30% in the first half of 2015.
The village of Balcombe which was at the centre of protests against fracking has moved a step towards of becoming self-sufficient through renewable energy with the installation of solar panels at two schools.
More than 50 local investors have helped pay for the panels which are being put up at Balcombe Primary School and Turners Hill School following a pilot scheme which saw 69 panels installed on a cowshed at Grange Farm.
The village is also aiming to install a 5MW solar farm at nearby Chiddinglye Farm, West Hoathly, which would mean enough electricity produced to supply both Balcombe and West Hoathly.
Decommissioning has been on the oil and gas agenda for many years, although to the majority within the industry it was something not to be concerned about “now”. It would be carried out “mañana”, and by someone else.
A postcode in Glasgow is the top mainland spot for small-scale renewables in Scotland, new figures have revealed.
Scottish Renewables said the 2014 Commonwealth Games have made the G40 postcode in the city’s East End a hotspot.
It comes as the body revealed the latest figures for how the sector fares in the country.
U.S. Democratic presidential candidate Hillary Clinton on Tuesday staked out her opposition to Arctic oil exploration, putting her at odds with the Obama administration one day after it approved drilling off Alaska.
"The Arctic is a unique treasure," Clinton said in a Twitter post. "Given what we know, it's not worth the risk of drilling."
On Monday, the Obama administration gave Royal Dutch Shell final approval to resume drilling into the oil zone off northern Alaska for the first time since 2012.
A new £25 million green energy centre at St Andrews University will put the institution at the “cutting-edge” of environmentally-friendly technology, according to a Scotland Office minister.
The project will create 225 jobs and it is hoped the site at Guardbridge will help regenerate part of north-east Fife, with apprenticeships and opportunities in the construction of the centre.
The scheme is part of a drive by St Andrews to become the UK’s first carbon-neutral university.
The biomass facility will use only virgin roundwood, locally sourced from forests, and hot water from the plant will be pumped underground to heat and cool laboratories and student residences in St Andrews.
The US Environmental Protection Agency (EPA) is expected to propose regulations which will be aimed at reducing methane emissions by between 40 and 45% from the oil and gas sector over the next decade.
The move is part of a wider strategy in place which is looking to reduce both greenhouse gases as well as combating climate change.
Dynagas Ltd., GasLog Ltd. and Golar LNG Ltd. agreed to jointly market their liquefied natural gas tankers for spot charters as trading of flexible cargoes widens.
The Cool Pool, the first-ever LNG carrier pool, will open in September with 14 ships, the companies said Tuesday in a joint statement. It will include accords for 12 months or less.
LNG spot trading is expanding as new Australian supply adds to output and the US prepares to start exporting the fuel from its Gulf Coast this year. New importers including Egypt are driving demand as buyers under long-term deals such as Japan and South Korea curb purchases amid lower usage. Spot fixtures in the LNG shipping market rose to 97 this year through the middle of August from 78 a year earlier, according to GasLog, which owns 19 carriers.
Islamic leaders from countries around the world have launched a declaration urging governments to deliver strong international action to tackle climate change.
The climate change declaration calls on wealthy and oil producing countries to phase out fossil fuels by 2050, and urges a switch to 100% renewable energy and help for vulnerable communities already suffering from rising global temperatures.
The declaration, launched at an International Islamic Climate Change Symposium in Istanbul, Turkey, presents the moral case based on Islamic teaching for action on climate change and aims to engage the world’s 1.6 billion Muslims on the issue.
It calls on countries to take steps to keep temperature rises to no more than 2C, or preferably 1.5C, keeping two-thirds of the world’s proven fossil fuels in the ground, and for a strong new deal on tackling climate change at UN talks in Paris in December.
Peak Oil & Gas has strengthened its team with the appointment of a new non-executive director.
The company said Peter Armitage, an experience public company director, will join the board.
TCO said it has expanded its workforce by a third after strong sales results for the company.
The well completion technologies provider has employed eight new members of staff within the past six months for its UK base, including a new managing director.
Paul Betteridge was appointed in March in response to company growth and to focus on TCO’s international expansion.
Weak global seismic market demand and a downturn in the sector caused survey specialist Seabird Exploration's revenue to drop by more than half in the second quarter of this year, leading to a $6.5million loss.
Inflation is expected to have remained at zero when official figures for July are published today - with the strength of the pound and the slide in the oil price holding back the cost of living.
Energy Voice has launched an event aimed at ensuring the next generation of industry innovators don’t get lost in translation amid a market downturn.
One of the first ports of call should be looking at what companies are spending and where they’re spending it during a crunch.
The last economic recession in 2009 led to the slashing of budgets allocated for workplace training within companies. A survey undertaken at the time found that in the private and public sector, 33% and 34% of respondents reported reduced training funding.
Eco Wave Power, an Israeli maker of ocean energy systems, raised initial funding for a $150 million pipeline of planned projects to use waves to generate electricity.
The technology maker secured $2 million from Pirveli Ventures, with a representative of Pirveli joining its board of directors, Eco Wave said Monday. It will use the funds to start to develop 111 megawatts of marine-energy projects planned in countries including the UK, China, Mexico and Chile, co- founder Inna Braverman said.
