Stranded energy assets put UK on course for $141bn loss, says study
The energy transition is unlikely to take place without the risk of casualties.
Markets
Harbour Energy pays 108% UK tax
The North Sea's largest independent operator said it is paying more to the UK tax man than it earns as it revealed its latest accounts for 2024.
Aberdeen’s Xodus expands with acquisition of Daymark
Aberdeen-headquartered Xodus Group has expanded its North American footprint buying up Daymark Energy Advisors.
Statkraft hails ‘best in history’ results despite major profits slump
Norwegian energy giant Statkraft said its performance in 2024 was "among the best" in its history despite "substantially lower power prices" which hit profits.
Stark says UK power system needs £40bn a year investment
Chris Stark has said investment in the power system needs to nearly quadruple to more than £40 billion annually to meet UK decarbonisation targets.
BP boss: ‘We went too far too fast’ as major slashes low-carbon investment by $5bn
BP boss Murray Auchincloss admitted the company went "too far, too fast" in its efforts to cut its oil and gas business and shift instead to renewable energy, as he unveiled plans to slash investment in its low-carbon efforts by $5 billion (£4bn).
BP agrees ‘giant’ Iraq deal ahead of spotlight on oil and gas production
BP has unveiled a deal with the Government of the Republic of Iraq to invest in several "giant" oil fields in Kirkuk.
Aberdeenshire-based EnerQuip snaps up Hutcheon’s fab division
Oilfield equipment company EnerQuip has acquired the fabrication division of Hutcheon Services, Aberdeen for an undisclosed sum as part of a £1 million investment.
Saipem and Subsea7 unveil €20bn merger plan
Investors behind two of the largest oil field services firms have announced plans to create a new "global leader" in energy services.
Irish Sea EnergyPathways on track for ‘cornerstone’ investor
EnergyPathways (AIM: EPP) has announced progress on its flagship gas production and storage scheme in the Irish Sea as it closes in on an investor to back the development.
Petrofac ups restructuring plan target to $355m
Petrofac (LON: PFC) has unveiled plans to raise $355 million (£280m) in funding as part of a rescue deal that will further reduce shareholder allocation.
The Emperor’s New Clothes: Will supermajors survive the energy transition?
Oil and gas supermajors' swan legs are kicking frantically below the surface as they attempt to navigate the energy transition. In the first of a two-part series, we examine Equinor's approach.
New well at BP’s giant UK oilfield ‘exceeds expectations’
Energy giant BP continues to ramp up its newest facility in the North Sea, with production from its latest well “exceeding expectations”.
Energy Voices – Max Aitken: Clean power – ‘now it’s kind of sexy’
Max Aitken has a richly studded career of investing in innovative clean energy start-ups. From an early investment in BP Pulse, to co-founding bioenergy company Estover, and solar carpark charging company 3ti, he was an early stakeholder in the energy transition.
North Sea catering pioneer Entier sells out to Aramark
North Sea catering firm Entier has been acquired by US food services giant Aramark (NYSE: ARMK) for an undisclosed sum.
BP boss confirms ‘new direction’ on 2024 profit slump
BP (LON: BP) chief executive Murray Auchincloss has vowed to reveal a "new direction" for the energy giant as investors seek "transformative" change.
Drax biomass subsidy halved
Drax £2 billion BECCS plan has to await further support from the government.
Starmer signals he will not block Rosebank oil field going ahead
UK Prime Minister Sir Keir Starmer has indicated he will not block the Rosebank oil field from going ahead after a court ruled its approval "unlawful".
The LNG curse: a political blessing in disguise?
A looming glut of LNG will loosen global energy markets in the next few years. Might this ease UK energy bills in time for the next general election?
SSE on track despite stormy weather
SSE (LON: SSE) has upped its energy production across its portfolio of wind, gas and coal power through the most recent quarter.
Aberdeen’s Centurion confirms $100m acquisition ‘firepower’ fund
Aberdeen-based Centurion Group revealed it has $100 million (£81m) to spend on continuing its acquisition streak this year after a consortium of lenders boosted its credit facilities.
Serica seeks sanctions waiver extension from trade war Trump
North Sea independent Serica Energy (AIM: SQZ) has applied to extend a license exempting it from potential United States sanctions on its stake in the Rhum field.
1,900 Stork UK workers now at Altrad as deal completes
French industrial giant Altrad as completed a deal to buy Aberdeen-based Stork UK which means 1,900 workers now have new employers.
Voltalis pledges £1bn after Ofgem demand response reform
An arcane Ofgem decision is bearing fruit. The regulator’s move to carve out space for demand-side response in the UK market has triggered a significant £1 billion investment from French energy technology company Voltalis.
BP is not moving fast enough in the energy transition
An impending ban on petrol cars and an upcoming government review of drilling licences has created a perfect storm for supermajors.