Video: Energy Voice sits down with Sir Ian Wood
The biggest asset of the new oil and gas regulator will be its ability to stimulate collaboration, believes Sir Ian Wood.
The biggest asset of the new oil and gas regulator will be its ability to stimulate collaboration, believes Sir Ian Wood.
The UK Government is looking to ease off the tax regime for the oil and gas sector in the coming years to maximise investment and stimulate North Sea economic recovery, claims the Chief Secretary to the Treasury.
General Electric Co. plans another round of lobbying meetings with French officials on its $17billion offer for Alstom SA’s energy assets as Siemens AG weighs a bid with Mitsubishi Heavy Industries Ltd., a person familiar with the matter said.
Norway looks to suffer its first drop in investment since 2010 due to ballooning costs and stagnating energy prices.
Enegi Oil has agreed a Memorandum of Understanding with ABT Oil and Gas (ABTOG) and Wood Group PSN (WGPSN) for the investment into marginal field initiatives.
Iran’s oil exports have increased so far this year, according to Bloomberg calculations, a trend that threatens to violate U.S. sanctions on the Islamic Republic’s main source of revenue. Shipments of Iranian crude oil and condensate have increased about 28% on average this year, according to an analysis of customs data from importing nations and figures from the International Energy Agency in Paris. If crude sales are up by the end of July, that would break an international accord to hold Iran’s oil exports at the same level in the first half of this year that they were at in the previous six months.
Al-Qaida-inspired militants have pushed deeper into Iraq’s Sunni heartland, conquering Saddam Hussein’s hometown of Tikrit as soldiers and security forces yielded ground once controlled by US forces.
Premier Oil’s plans to develop a major new field in the North Sea have been given the go-ahead by the UK government.
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.
Alex Salmond has told oil and gas leaders that the Scottish Government will part-fund a new offshore regulator in an independent Scotland.
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.
Ukraine has rejected Russia’s offer of a discount for gas shipments, which president Vladimir Putin touted as a “partnership deal”.
New equipment to clean up oil spills in the UK will operate five times faster than previous responses, the Maritime and Coastguard Agency (MCA) said.
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.
Scotland’s oil industry can look forward to “a strong and stable future in an independent Scotland”, First Minister Alex Salmond will say today.
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.