In these difficult times, it is challenging to manage day-to-day business as well as thinking to the future. Clearly, we have seen rapid and significant changes to business operations and Aberdeen Renewable Energy Group (Areg) members and others are under greater pressure than ever to deliver results.
There has been a lot of discussion in the media recently about the prospects that the “great plague of 2020” will inevitably lead to fundamental changes in both our economy and our society.
Boris Johnson has “assured” MPs that the UK Government is working on a sector deal for the crisis-hit oil and gas industry.
We are proud to be a part of an industry that has evolved considerably over the last 90 years, delivering real economic growth to the UK and worldwide economies whilst making an undeniably positive impact on the environment. As technology has evolved our knowledge, expertise and work ethic continues to play a vital role in the success of metal recycling.
As an industry, as businesses and, most importantly, as people – this is an incredibly tough time. No matter where you are in the world, or what you do, we have all been impacted by the coronavirus in some way.
According to the International Energy Agency, natural gas currently accounts for 23% of global primary energy demand and nearly a quarter of electricity generation.
An oil refinery in northern Germany wants to turn excess wind power into green hydrogen to replace natural gas and produce synthetic fuels for aviation.
Oil prices have plunged to record lows this past week. While one particular benchmark, West Texas Intermediate, went below minus $40 per barrel a week ago, that is headline grabbing but not the primary concern.
Italian energy services firm Saipem said its outlook is “good” but the recent deterioration of the oil market sunk the company to a loss in the first quarter of the year.
In the age of the Great Energy Transition, oil and gas companies face a dual challenge; to reduce operational emissions whilst keeping up with growing energy demand they will need to increase both asset performance and lifetime. With increasing numbers of incumbent O&G players making net-zero commitments, the sector will increasingly be judged both by their cost per barrel / cubic feet AND their carbon footprint per barrel.
A resilience package for the North Sea oil and gas sector is “under construction” to combat both Covid-19 and oil price-related concerns, according to an Oil and Gas UK (OGUK) director.
It has been encouraging to witness many oil and gas majors sign up to the energy transition and net zero. Repsol, BP, Total, Shell and Equinor have all outlined their strategies.
Global oil demand will plunge to its lowest level in 25-years this month, in what the International Energy Agency described as a “staggering” wipeout of nearly a decade’s growth.
New investment in the energy transition can be a “crucial pathway” out of the latest downturn for North Sea firms, according to the head of the Oil and Gas Authority (OGA).
A senior audit and assurance partner at Deloitte said the downturn could be a “catalyst” for change, but oil firms are first taking steps to survive the “uncharted waters”.
As 2020 cranked into gear, there was broadly an air of modest optimism across the UK Continental Shelf (UKCS).
A key climate summit in Glasgow has been postponed until next year due to the coronavirus outbreak.
The uncertainty surrounding the coronavirus pandemic could be a “moment to reassess” for many smaller North Sea oil and gas firms overlooking the energy transition, a top energy analyst has said.
‘Put a tiger in your tank.’ - The public face of oil and gas looks very different today from the end of the last century, when this popular slogan reappeared. In the past messaging has laid the blame for manmade climate change at the feet of the oil and gas sector. As an industry we have never shied away from our responsibilities to operate, and that does not change today but there is drive and energy to ensure that we operate in a more sustainable manner. The UK’s 2050 commitment to net-zero carbon emissions will spur wider change, creating new sources of energy and new opportunities.
Don’t count on America’s oil giants to join their rivals across the pond in ambitious efforts to cut carbon dioxide emissions.
Bringing about the energy transition needs to make “economic sense” and be socially and environmentally sustainable, according to Shell’s chief technology officer.
Every major oil firm in the UK and Norway is now engaged in talks on electrification of offshore platforms, according to energy services giant Baker Hughes.
About 70 acres of green space, industrial estates and more in Aberdeen could be transformed into the city’s first dedicated “energy transition zone” (ETZ), which oil tycoon Sir Ian Wood believes could be key to securing “unparalleled potential for the future of our local economy”.
Kosmos Energy has reported a net loss of $36 million for the fourth quarter of 2019, although free cash flow reached $139mn for the period.
In the new age of sustainability, there are plenty of companies pledging to offset emissions in the race for net zero. While certainly an improvement over past years when a pledge to do 10% better was the standard, the trend has triggered skepticism that greenwashing is really what’s at work.