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Latest news - Regional

UK announces major new package of climate support at COP27

UK announces major new package of climate support at COP27   PM to launch major international climate package to deliver on the UK’s Glasgow legacy at COP27 New announcements include £65.5m for green tech innovation and significant clean energy investments with Kenya and Egypt UK will also launch a new Forests and Climate Leaders’ Partnership and confirm more than £150m for protecting rainforests and natural habitats, including the Congo Basin and Amazon...

DNV supports Ørsted as Lenders’ Technical Advisor to the 1.32 GW Hornsea 2 offshore wind farm

DNV supports Ørsted as Lenders’ Technical Advisor to the 1.32 GW Hornsea 2 offshore wind farm Hornsea 2 is the largest offshore wind farm and will provide electricity to more than 1.3 million UK homes.   London, United Kingdom, 04 November 2022 – DNV, the independent energy expert and assurance provider, has successfully completed Lenders’ Technical Due Diligence on Ørsted’s Hornsea 2 project, the world’s largest offshore wind farm. Wo...

Shares in Shetland oil pioneer surge after £150m takeover bid

Shares in Shetland oil pioneer surge after £150m takeover bid   West of Shetland oil pioneer Hurricane Energy has seen its shares surge around 12 per cent after revealing it has received a £150 million takeover offer amid the surge in crude prices fuelled by the war in Ukraine. Hurricane said it had received an unsolicited cash offer from a bidder that it did not name, which follows a dramatic improvement in the company’s fortunes. Hurricane stoked huge interes...

Windfall tax uncertainty ‘driving investment away’

Windfall tax uncertainty ‘driving investment away’   Oil and gas leaders are calling for a meeting with the Chancellor to warn that a new windfall tax will drive investors away from the UK. Deirdre Michie, chief executive of Offshore Energies UK, has written to Jeremy Hunt stating ahead of the 17 November Budget stating that the “ongoing uncertainty” around the energy profit levy means overseas headquartered companies are unable to make long term plans. S...

Oil giant BP made $8.2bn profit in its third quarter

Oil giant BP made $8.2bn profit in its third quarter   British energy firm BP has revealed that underlying profits more than doubled over the past quarter. The London-listed oil giant reported that underlying replacement cost profits - a measure preferred by BP - surged to $8.2 billion, compared with 3.3 billion dollars a year earlier. It was significantly ahead of the $6.1 billion expected by market analysts. Nevertheless, BP said profits were weaker than the previous quarte...

UK Government approves agreement between Bulb and Octopus Energy, providing certainty to 1.5 million customers

UK Government approves agreement between Bulb and Octopus Energy, providing certainty to 1.5 million customers   UK Government approves deal between the Special Administrators of Bulb and Octopus Energy to acquire Bulb’s 1.5 million customers Following an extensive and competitive sale process, this move provides a stable new home for Bulb’s customers and 650 employees Bulb customers do not need to do anything and won’t experience any disruption as organisat...

North Sea operators must meet licence commitments to ensure level playing field for all

North Sea operators must meet licence commitments to ensure level playing field for all   Investigation opened after company fails to drill well   Warning comes as bids are prepared for 33rd Licensing Round   Further investigations could follow    The North Sea Transition Authority (NSTA) is warning industry that it will not hesitate to take action against companies that fail to meet their licence obligations.   An investigation has been opened...

NEO Energy agrees deal with Equinor

NEO Energy agrees deal with Equinor   NEO Energy strikes deal with Norwegian operator Equinor on the Isolde exploration field in the UK North Sea. NEO Energy, backed by private equity group HitecVision, has farmed into 45% of Isolde, targeting up to 100 million barrels of oil equivalent in the Central North Sea. Details of the deal haven’t been disclosed, but it leaves Equinor with a 40% stake and Soliton Resources, which worked up the prospect, with 15%. NEO Energy, Eq...

Offshore oil and gas workers call off strike and accept a 10% pay rise

Offshore oil and gas workers call off strike and accept a 10% pay rise   Hundreds of offshore workers have called off their strike after securing a double-digit pay rise. More than 450 offshore drilling and maintenance workers accepted the 10% increase, Unite said on Wednesday, which is backdated to June. Members rejected a 5% pay offer earlier this year which the union had described as a “substantial real terms pay cut”, at Archer, Maersk, Transocean and Odfjell....

Government waives £10bn in green ‘tax’ for UK’s biggest polluters

Government waives £10bn in green ‘tax’ for UK’s biggest polluters   Britain’s biggest polluters are being handed the equivalent of £10bn under a little-known government scheme that is supposed to help tackle climate change, openDemocracy can reveal. The UK oil and gas industry – which has made vast windfall profits this year – netted the largest share of the government handouts, with Ineos, ExxonMobil and Saudi Aramco securing lucrati...

UK North Sea firm Ithaca Energy presses ahead with London listing

UK North Sea firm Ithaca Energy presses ahead with London listing   North Sea oil and gas producer Ithaca Energy said on Tuesday it was going ahead with its plans to list in London and was seeking admission of its ordinary to the premium listing segment of the official list of the Financial Conduct Authority. Ithaca, which produced about 66,700 barrels of oil equivalent per day (boed) in the first half of the year, is targeting a free float of at least 10% of its issued share capit...

Deltic Energy reports Shell readying drill rig for Pensacola well

Deltic Energy reports Shell readying drill rig for Pensacola well   Deltic Energy PLC said its partner Shell has started preparations to move the Maersk Resilient drilling rig to the Pensacola location in the North Sea. Mobilisation is planned to occur in early November with drilling of the well expected to commence in the middle of the month. Pensacola is the first of two wells Deltic is drilling in partnership with Shell in the North Sea, with the oil major committing to the s...

NZTC launches new Net Zero Technology Services business to help companies accelerate their journey to net zero

NZTC launches new Net Zero Technology Services business to help companies accelerate their journey to net zero   The Net Zero Technology Centre (NZTC) today [25 October 2022] announces the launch of its Net Zero Technology Services business. The new offering will provide the energy industry and investors with insights and foresights on current and emerging net zero technologies, helping organisations leverage technology to navigate and accelerate their journey to net zero. NZTC...

North Sea regulator recommends measures to boost oil and gas production

North Sea regulator recommends measures to boost oil and gas production   Oil and gas production in the North Sea should be boosted in the coming years through a number of measures, the regulating body has recommended. In a report released on Thursday, the North Sea Transition Authority (NSTA) has said drilling activity remained low in 2021 compared to pre-pandemic levels. It comes after the NSTA said it would expand oil and gas licences, a move which is facing a legal challenge...

PX group awarded contract to operate the seal pipeline in the North Sea

PX group awarded contract to operate the seal pipeline in the North Sea   Px Group, the operator of several critical energy infrastructure sites in the UK and Europe, can today announce that it has been awarded a long-term multi-year contract to operate the SEAL pipeline, a critical component of the UK energy supply and energy security. The contract was awarded to Energy24, a Px Group business, by TotalEnergies E&P UK Limited, and px Group began taking on operations on August 1...

Ithaca to decide on contentious Cambo development in first half of next year

Ithaca to decide on contentious Cambo development in first half of next year   The company in control of the controversial Cambo oil field will make its investment decision on the project in the first half of next year after completing a planned flotation on the London Stock Exchange by the end of 2022. Chief executive Alan Bruce said Aberdeen-based Ithaca Energy expects to set the pricing for its listing in the second week of November after completing a roadshow for potential inve...

UK North Sea firm Ithaca Energy plans London listing

UK North Sea firm Ithaca Energy plans London listing   North Sea oil and gas producer Ithaca Energy said on Tuesday it is planning a London listing, stoking hopes for a fourth quarter recovery in a stock market overshadowed by the dismal economic outlook. The initial public offering (IPO) will test investors' appetite for oil and gas companies at a time of soaring global energy prices and a renewed focus in Europe on energy security following Russia's invasion of Ukraine....

Independence on a £20 billion fund generated from Scotland’s oil revenues

Independence on a £20 billion fund generated from Scotland’s oil revenues   Nicola Sturgeon will today seek to exploit the economic chaos gripping the UK by insisting Scots would be financially better off with independence. The first minister will cite the “failure” of the UK system as she unveils her economic prospectus in a paper outlining the case for a split. It will cover issues such as currency, trade and fiscal responsibility, as Ms Sturgeon argues...

NZTC awarded £2.12M from Just Transition Fund to demonstrate feasibility of repurposing existing assets to produce green hydrogen

NZTC awarded £2.12M from Just Transition Fund to demonstrate feasibility of repurposing existing assets to produce green hydrogen   Net Zero Technology Centre has been awarded £2.12M from Scottish Government’s Just Transition Fund (JTF) to support delivery of its Hydrogen Offshore Production Project (HOP2). The HOP2 project, which will be delivered over four years, will demonstrate if offshore hydrogen production and storage is feasible at a scale of 500MW to 1GW...

Government Introduces New Energy Prices Bill To Ensure Vital Support Gets To British Consumers This Winter

Government Introduces New Energy Prices Bill To Ensure Vital Support Gets To British Consumers This Winter   UK Government introduces landmark Energy Prices Bill, putting into law support to help households, businesses and others with energy costs this winter, while reducing inflation and supporting economic growth The Bill also includes powers to stop volatile and high gas prices dictating the cost of electricity produced by much cheaper renewables New ‘Cost-Plus-Reven...
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