As the North Sea enters the next phase of its life, we will make sure it continues to provide jobs and wealth throughout the UK. North Sea oil and gas can work alongside wind, solar, tidal and nuclear power to cut expensive foreign imports and help keep our lights on with British-produced energy. The broad shoulders of the United Kingdom is unlocking the power of Scotland to take its place as one of the world’s great energy hubs – generating energy and generating jobs.
Oil shale drillers in Texas have had to contend with environmental opposition and soaring costs. A few miles south of the border in Mexico, Angel Torrez and co- workers duck gunfire sprayed from drug traffickers.
Oil and Gas UK chief executive Malcolm Webb said yesterday that “radical change” is needed if the UK is to maximise economic recovery from the North Sea.
Plans for a huge £500million gas “sweetening” plant as part of energy giant BP’s renewal of the Sullom Voe Oil terminal in Shetland have been approved by councillors.
The UK Government has assembled all the right tools in place to start taking action towards implementing the Wood recommendations, believes Oil & Gas UK economics director and the report's co-creator.
Oil and gas representatives and government figures discussed the progress the sector has made towards putting the UK Continental Shelf (UKCS) activity back on track at the first Oil & Gas UK conference.
Norway’s government said it won’t rush any reduction of its $65billion stake in Statoil ASA, the largest company in western Europe’s biggest energy producer.
A 40 year ban on US crude exports should remain intact until the market reaches “saturation” point, according a Goldman Sachs Group report.
The booming shale production in the US has allowed the country to import less crude, leading to rumours about the ban being lifted.
However, the bank’s report highlights that continuing to restrict exports oversees will result in the “highest value” to the US economy. Instead it said the world’s biggest oil consumer should wait until it hit a “saturation point” when domestic refining capacity can no longer sufficiently absorb increased oil production.
The 1975 federal law curbs most exports overseas, except for very few refined exports including gasoline and diesel.
“Keeping the ban in place would be the optimal decision until saturation is reached to maximize the contribution of the refining sector,” said Damien Courvalin, a Goldman analyst in New York. “Once saturation is reached, it would then be optimal to lift the ban as value added from higher production outperforms value added from the refining sectors.”
Despite the ban being firmly in place, companies are still finding subtle ways to elude its restrictions.
BP took over 80% of the capacity of a new $360 million mini-refinery in Houston that will process just enough to escape the restrictions.
IHS Inc. previously said the ban should be lifted because it would fuel higher oil production and reduce gasoline prices. The nation may save an average of $67billion a year from its import bill in 2016 and add 964,000 jobs by 2018, according to the Colorado-based consultant.
OPEC nations representing 94% of the group’s output said they were at ease with supply and demand in global oil markets before a meeting in Vienna today to decide on a collective production limit.
Oil ministers from Angola, Ecuador, Kuwait and Venezuela all said they anticipated that the Organization of Petroleum Exporting Countries would roll over its existing ceiling of 30 million barrels a day. Saudi Arabia, Libya, Nigeria and the United Arab Emirates said supply and demand are well matched. Iraq’s minister said there were indications the limit would be retained, while his Iranian counterpart also expected no change.
The 10 nations accounted for about 28.2 million barrels a day of output in May, while the group’s combined production amounted to about 30 million barrels. Ministers from Algeria and Qatar declined to comment on the oil market or OPEC’s production as they arrived in Vienna yesterday.
Russia’s gas giant has given Ukraine another week before it will start demanding prepayment for gas, without which Moscow has threatened to cut off supplies.
Vietnam said China again shifted an oil rig it has placed in disputed waters, with six warships guarding the structure as the two communist countries continue their South China Sea stand-off.
Fighters from a breakaway al-Qaeda group are in position to seize energy infrastructure after taking control of Mosul in a strike that highlights Prime Minister Nouri al-Maliki’s weakening grip on the country.
Tribal gunmen allied to the group are close to capturing Baiji, north of Baghdad and home to Iraq’s biggest refinery, Al- Jazeera television said. Baiji has a refining capacity of 310,000 barrels a day, according to the Energy Information Administration.
Air accident investigators have made a number of fresh safety recommendations after finalising a joint report into two offshore helicopter ditchings in 2012.
At the end of a fatal accident inquiry into his death yesterday, Sheriff Annella Cowan said the medical evidence led during the hearing was nothing more than speculative.
Oil and gas consultancy Apply Altra has changed hands again, with Danish firm Ramboll Group becoming the latest in a long line of owners behind the Aberdeen business.
Energy technology service firm Proserv is to add to its 2,200-strong global workforce after two north-east events aimed at attracting new talent into the industry.
More than half a year after the initial move in, the slogan "New in town. Here to stay" celebrated the official opening of Statoil's new Aberdeen office.
More than 100 pupils from Aberdeen City and Shire have had their first hands-on experience of the oil and gas industry thanks to a new Opito initiative.
South-America focused President Energy has taken over an additional 5% stake in the Pirity Concession in Paraguay via an acquisition of a concession shareholder.
Ukraine and Russia failed to reach an agreement on natural gas deliveries during overnight negotiations hosted by the European Union as Gazprom insisted on receiving a debt payment before a deadline today.
