Shell (LON: SHEL) will need as much as one trillion cubic feet of gas from exploration licences in the West of Shetland to "truly whet its appetite", according to analysis by Wood Mackenzie.
West of Shetland
Viaro Energy has outlined £500m spending plans in the UK sector, including new developments in the West of Shetland and Southern North Sea.
With Teal West and Victory expected to follow, Rosebank could be part of a 'bumper year' for UK FIDs in 2023.
Approval of the Rosebank oilfield is a “ray of light” for projecy partner Ithaca Energy, an analyst has said, after the firm was forced to take write downs of £58m linked to the windfall tax.
There are three primary grounds for any potential challenge to Rosebank.
Expectations for North Sea platform electrification are high - but with the clock ticking, questions persist over the cost and feasibility of plugging in aging assets.
The West of Shetland Electrification Project programme manager, Daniel Sprich, discussed plans to source power for three major developments from onshore at an NSTA seminar.
Environmental regulator OPRED has opened up a public consultation on the new project which sits 29 miles off Shetland.
No discovery at the well, which had pre-drill estimates of 70 million barrels.
Five and a half years ago, production started from phase two of BP’s Clair field West of Shetland and thoughts at the company started turning towards phase three, Clair South.
Given that energy policy now goes hand in hand with ideology - in certain places anyway – a change of government can often mean a radical change of tack, particularly on oil and gas.
BP (LON: BP) is looking to the next phase of its giant Clair oilfield in the west of Shetland, with a key final investment decision (FID) hoped to be reached next year.
A handful of West of Shetland assets have been highlighted by industry experts as potential acquisition targets for Viaro Energy.
Viaro Energy has explained its decision to offload its interest in a West of Shetland field, thought to still hold vast oil reserves.
Viaro Energy’s buying spree shows no sign of letting up, with the company in the final phases of a deal for more North Sea fields.
And would they bring a rig to Aberdeen? “Yeah,” says CEO Kjetil Gjersdal.
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.
Meanwhile, Hurricane said it has had "multiple proposals from credible counterparties" on its process to sell the company.
Labour has urged the new UK business secretary to shut down the Rosebank oilfield before it begins production.
The UK Upstream boss at Shell talks West of Shetland potential, investment and finding the right portfolio fit.
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.
Ithaca Energy (LON: ITH) has hinted at contracts on the horizon for the Cambo oilfield, with “line of sight” to sanctioning the project next year.