Potentially ‘over 300’ unexplored North Sea discoveries at risk due to windfall tax uncertainty
Hundreds of North Sea oil and gas discoveries could be abandoned as companies battle with uncertain headwinds.
Alex Kemp
New cost target for North Sea decommissioning – as original likely to be missed
The North Sea Transition Authority (NSTA) has set a new cost target for offshore decommissioning – as the original goal looks set to be missed.
Aberdeen petroleum economist Alex Kemp honoured with international award
An Aberdeen University petroleum economist has been honoured with an international recognition from the energy industry.
North Sea faces £17.5bn raid from windfall tax – AGCC
The North Sea will take a £17.5 billion hit from the new windfall tax, the Aberdeen and Grampian Chamber of Commerce (AGCC) has claimed.
Windfall tax measures could ‘accelerate’ major UK oil projects like Cambo and Rosebank
Windfall tax measures announced by Rishi Sunak could "accelerate" major UK oil and gas projects like Cambo and Rosebank, according to experts.
‘I suppose it was inevitable’: Campaigner, industry and analyst reaction to OGUK rebrand
Reaction to news that the leading trade body for the North Sea, Oil and Gas UK (OGUK), is rebranding has varied from claims of it being a “PR stunt” to praise for a move that’s “not before time”.
Energy consumers in north Scotland urged ‘don’t panic’ as bills set to soar
Soaring gas prices caused the demise of a raft of energy suppliers in 2021 and will likely lead to a “crisis” rise in household bills next year, industry experts have warned.
Piper Alpha: New research assesses disaster’s legacy in reducing oil and gas releases
New research has shed light on the role of the Piper Alpha disaster in preventing further oil and gas releases in the North Sea.
Carbon pricing ‘stick’ may compel oil industry to invest in decarbonisation
A renowned petro-economist believes carbon pricing will be one of the “sticks” the UK Government uses to compel oil firms to invest in emissions-busting technologies.
Oil price direction an ‘open question’ as Covid mutation weighs down Brent
A top petro-economist said today that the Covid-19 mutation had left an “open question” about the direction of Brent crude prices in the coming weeks.
North Sea operators shelve half a billion pounds of decommissioning spend: OGUK
North Sea operators have shelved more than half a billion pounds of decommissioning spending, according to a new report from Oil and Gas UK (OGUK).
Decommissioning cost efforts ‘compromised’ by 5% of North Sea operators, says OGA
Efforts to reduce the UK's offshore decommissioning bill last year were "largely negated" by 5% of operators who increased their costs by £1billion, according to the Oil and Gas Authority (OGA).
UK oil industry facing ‘very tough’ future, new report shows
The “astonishing” changes in the world oil market have left the North Sea industry facing a “very tough” future, a top petroeconomist has warned.
Life extension for Bruce, but end may ‘hasten’ for other North Sea fields
Cutting costs has added years to the life of Serica Energy’s Bruce platform, but other operators may need to "hasten" the end of some North Sea assets according to CEO Mitch Flegg.
‘Cataclysmic’ event needed for Brent Crude oil to go negative like US benchmark
A leading petroleum economist has said it would “require something cataclysmic” for the international oil benchmark to follow that of the US into negative pricing.
Still ‘tough’ times ahead for North Sea firms despite global 10m barrel reduction deal, Prof Kemp says
North Sea firms still face “very tough” times despite the Opec cartel and its allies striking a landmark deal to reduce output by almost 10 million barrels of oil per day, a top petro-economist has said.
Real danger for North Sea FIDs as Opec+ talks collapse
A slump in crude prices following the collapse of high-stakes talks today has created a “real danger” that North Sea oil firms will delay investing in new fields, a top petroeconomist said.
‘Elevation’ for oil prices as Iran threatens retaliation for US attacks, Kemp says
Oil prices are likely to remain “elevated” after a US airstrike heightened the prospect of supply disruption from the Middle East, a prominent Aberdeen petro-economist said today.
Kemp urges new policies as report lays bare extent of North Sea’s oil price sensitivity
A prominent petroleum economist is urging government to introduce policies paving the way for the delivery of more UK North Sea oil.
Oil industry welcomes new UK government ahead of sector deal and IR35 changes
The oil and gas industry has welcomed the new UK government as it looks ahead to a “transformational” sector deal and braces for tax changes for thousands of contractors.
OPEC cuts need to be ‘credible’ says Aberdeen petroleum economist
A group of nations which aims to manage the global oil supply was last night poised to make further production cuts in a bid to stabilise the oil price.
Sturgeon: Oil and gas receipts should be put into ‘net-zero fund’
North Sea oil and gas receipts should go towards a "net-zero fund", according to Scotland's First Minister Nicola Sturgeon.
Labour’s oil tax plans: ‘Quite misguided’ and ‘the worst possible signal’
A prominent petro-economist has labelled the Labour Party’s plans to impose an £11 billion “windfall tax” on the oil and gas industry “misguided”.
New law ‘making an impact’ on North Sea business
A leading petroleum economist has said there are “positive signs” that a new law is making an impact on North Sea deals, a year on since it came into effect.
Residual liability rule could be ‘key part’ of Shell’s Brent debate
A rule placing liability on operators for any post-decommissioning incidents could be a “key part” of the Shell Brent debate, according to a petroleum economist.