Tax incentives associated with the Energy Profits Levy may have encouraged Shell to move its Victory plans forward.
Greater Laggan Area
Shell's Victory field has an estimated recoverable resource of 179 billion cubic feet of gas, equivalent to 7% of the UK’s annual natural gas consumption
Kistos says that ‘adverse changes’ in the fiscal environment within the UK means that TotalEnergies' Edradour West, rather than Glendronach, is expected to go ahead next in the Greater Laggan Area (GLA).
A sale of the assets by TotalEnergies would continue a trend of oil majors and private equity firms leaving the ageing UK sector.
Production has been suspended at the TotalEnergies-operated Edradour field west of Shetland, amid reports that increased water output is causing issues.
Corallian Energy has submitted an environmental statement for its proposed development of the Victory field, a subsea tieback due to come online in 2024.
Kistos Energy, former RockRose Energy CEO Andrew Austin’s latest venture, has completed the acquisition of a stake in a package of West of Shetland assets.
TotalEnergies has agreed to sell a 20% stake in a package of West of Shetland assets to Kistos Energy in a deal worth more than $165 million (£123 million).
TotalEnergies (LON: TTE) is putting the final touches on two lucrative contracts for its Glendronach gas discovery.
Viaro subsidiary RockRose Energy has completed its acquisition of interests in several producing assets in the UK North Sea from energy company SSE.
Energy firm SSE has clinched a deal to sell its gas exploration and production assets to Viaro Energy for £120 million.
The West of Shetland oil and gas (WoS) basin has long been held aloft as the UK’s last great hope for indigenous oil and gas production growth.
Upstream investment firm Reabold Resources has hailed a significant boost to its footprint west of Shetland through its stake in Corallian Energy.
Total has put off making a final investment decision (FID) on its Glendronach gas discovery until next year, project partner Ineos has said.
Lerwick harbour continues to add to its reputation as a leading support hub for the oil and gas industry in northern waters through its contribution to the offshore sector’s operations west of Shetland.
Energy giant SSE should have the sale of its Greater Laggan Area gas assets wrapped up by March 2020, according to the company’s chief executive.
SSE has announced it is “taking active steps” to sell off its North Sea gas production business as it focusses on renewable energy sources.