There are only six big-spend projects expected for the UK North Sea and West of Shetland in the coming years, meaning limited opportunity for big players to benefit from windfall tax offsets.
Its more than a year since Shell (LON: SHEL) said it wouldn't invest in the Cambo oilfield, but as the project approaches a green light, the firm is weighing whether to stick or sell up its stake.
BP (LON: BP), Ithaca Energy (LON: ITH) and Equinor (OSLO: EQNR) will see the valuations of their West of Shetland oilfields increase by half a billion dollars after electrification, according to analysis.
BP (LON: BP), Ithaca Energy (LON: ITH) and Equinor (OSLO: EQNR) are teaming up to slash emissions at huge oilfields in the West of Shetland through electrification.
Hurricane Energy (LON: HUR) has opted not to drill a new well at its flagship Lancaster field after it failed to secure assurances around flaring permits.
Appetite exists for new oil and gas exploration west of Shetland but vital infrastructure will be needed to make good on the regionโs potential resources, according to Offshore Energies UK (OEUK).
Residents in a small village less than a mile from where the Foinaven FPSO is laid up have expressed climate concerns as plumes of black smoke have been seen emanating from it.