Substantial investment uncertainties for UK remain despite raft of assurances
While substantial investment uncertainty remains in the UKCS, the year has seen examples of risk-reducing policies from an investor standpoint, writes Professor Alex Kemp
Professor Alex Kemp
Autumn statement signals ‘big change’ for UK oil and gas decom taxation, expert says
Treasury documents released last week could spell good news for North Sea decommissioning and CCUS investment, but tax uncertainty remains.
Windfall tax ‘likely to discourage’ investment in new fields, study finds
Researchers at Aberdeen University have published in-depth analysis of divergent tax rates on UK oil and gas spending.
‘One of the giants’: CNR to shut down Ninian oilfield over ‘challenging’ market (Exclusive)
CNR International has decided to shut down Ninian, one of the greatest oilfields in the North Sea, due to “challenging” UK market conditions.
‘Much further justification needed’ for Scot Gov exploration stance, says top academic
Scottish Government plans to accelerate the decline of the oil and gas industry have been questioned by a top petroleum economist.
Alex Kemp: North Sea set for more turbulent times in 2023
The year 2022 will go down as one of the most turbulent in the history of the UK Continental Shelf (UKCS).
Refilling UK gas stores in 2023 will be a tough ask, says top academic
European oil and gas shortages could be on course to worsen next year when sanctions against Russia properly manifest themselves.
Top academic warns Scot Gov against using forward oil prices to calculate proposed £20bn investment fund
A leading petroeconomist has cautioned the Scottish Government against relying on forward oil prices when forecasting its future spend.
Energy Price Cap: Expert warns of rationing risk as bills to surge beyond £3,500
As the energy price cap surges, a leading petroeconomist has painted a gloomy picture as the UK faces up to the prospect of winter without adequate energy supplies.
North Sea decom could take back seat until 2025 as operators grapple with EPL
Just as thing seemed to be looking up for the sector, decommissioning could be pushed to the back of the queue once again.
Windfall tax: What is the Treasury’s so-called ‘normal’ oil price?
As industry grapples with the newly-imposed windfall tax, questions linger on the government's view of a so-called "normal" price for oil and gas.
Oil forecast to hit $130 by June
Analysts have been reacting after oil topped $100 a barrel for the first time in years following Russia's invasion of Ukraine.
Gas market to see ‘continued volatility’ as UK exposed to global trends
The recent spectacular increase in the UK wholesale natural gas price from less than 50 pence per therm in April 2021 to a peak of nearly 300 pence in October came as a complete surprise to everyone, including market traders engaged daily in buying and selling the commodity.
Aberdeen Uni oil expert delivers verdict on Shell’s Cambo exit
Shell pulling out of the west of Shetland Cambo project may boil down to the cost of stricter environmental legislation and a reduced appetite for investment, an oil and gas industry expert said today (December 3).
Gas prices could soar further if Europe is hit by a cold snap, warn experts
Record high gas prices could be a permanent fixture in the coming months until supply is able to catch up with global demand, experts have warned.
Shell left ‘disappointed’ after UK regulator declines to approve Jackdaw plans
Shell’s Jackdaw project has been dealt a blow after the UK regulator declined to approve its field development plans.
Top petroeconomist tips Brent to continue surge after crude oil hits three year high
Brent oil has been tipped to continue its upward trajectory after the crude benchmark hit its highest level in around three years.
Stark figures show North Sea gas production could be on course to wrap up by 2030
As the UK finds itself in the midst of a gas crisis, stark figures have shown that North Sea production could be on course to wrap up by the end of the decade.
Majority in UK want government spending on North Sea oil redirected to renewables
Most UK adults want government spending on North Sea oil and gas redirected to renewables, according to a new campaigner survey.
Brent at $60 post-Covid high: ‘Still a lot of ifs and buts’ for North Sea activity
The Brent oil price has reached its highest in 13 months, but experts say questions persist on whether activity in the UK North Sea will see a similar resurgence.
North Sea operators want ‘more evidence’ of sustained $50 oil price before greenlighting projects
North Sea operators would like “more evidence” that the $50 Brent oil price is here to stay before greenlighting long-term investments.
£100m decommissioning loan fund should get ‘serious consideration’ in energy white paper
The UK Government’s upcoming energy white paper should give “serious consideration” to a proposed £100m decommissioning loan fund, according to a petroleum economist.
Oil rebounds to $30 but still too low for North Sea
Brent Crude’s rebound yesterday brought it up beyond $30, but the figure is still too low to make an impact for the UK North Sea.
North Sea fields facing swifter end to production due to oil price drop
A number of North Sea oil fields will be facing a swifter end to their economic life due to the recent oil price drop, according to a leading petroleum economist.
North Sea industry transition to continue in 2020
The North Sea oil industry has been in transition for some years following the collapse of oil prices in late 2014. Large cost reductions have been painfully achieved. Production has increased due to a combination of new fields coming on stream plus a substantial increase in production efficiency to around 75%. But new field investment expenditure has fallen dramatically since 2015 and exploration remains at a relatively low level reflecting principally the maturity of the province as well as oil and gas prices far below their pre-2015 levels.