It’s no secret that the UK has a declining basin and as the country transitions to net zero, oil and gas platforms will cease production and later be decommissioned. However, which asset will be the last one standing?
New proposals by the UK North Sea regulator on emissions and electrification are likely to impact future exploration and decommissioning plans across the basin, according to analysts.
“Energy transitions will play out in different ways, and that means investing in different projects at different stages in different parts of the ecosystem,” Storch noted.
Wood Mackenzie has said "no major country is on track to meet their 2030 emissions reduction goals" following a recent report.
Why did the auction flop? And what needs to change?
Analysts have questioned the feasibility of electrifying major Central North Sea assets given the maturity of the area.
Policymaker targets for global offshore wind are “unrealistic” due to the tens of billions of dollars of investment needed near-term in the supply chain.
Driving the looming increase is tailwinds from attractive exploration economics, the need for energy security and the emergence of new frontiers.
Investment of half a trillion US dollars a year will be enough for the world to meet peak oil and gas demand in the 2030s, according to new analysis.
North Sea trade body Offshore Energies UK (OEUK) hit out at a new report today from the Committee on Climate Change, describing the findings as "paradoxical".
Latham said the industry admired “operators who can not only open new frontiers, but also find large volumes of advantaged resources. TotalEnergies recent efforts and discoveries have been excellent examples of both trends.”
“However, there are challenges. Nigeria is not known for short lead-times, particularly where JV projects are concerned."
Day rates for securing drilling rigs are being forecasted to rise further as the oil and gas sector continues its bounce back.
A deal makes sense for both Harbour and Talos Energy.
Analysis from consultancy Wood Mackenzie has laid bare the potential impact of Labour’s controversial opposition to new North Sea licensing.
One challenge of the project being so delayed is that the longer equipment is on site, the more it risks degrading.
Around three billion barrels oil equivalent (boe) of resources,worth a total $5 billion are on the market, in Southeast Asia.
“The combination of low fees and increasing costs mean we estimate unlevered internal rates of return (IRRs) as low as 5-6% for some projects. Based on these returns, some projects are finding it challenging to secure finance, particularly via equity raises,” said Harrison.
A lack of high quality oil and gas reserves could hamper the pace of decarbonisation as the energy transition gathers pace.
Some $24 billion is expected to be spent on subsea and offshore pipelines in Asia Pacific over the next five years, data from energy research firm Wood Mackenzie shows.
Last year was a bumper one for the global oil and gas exploration sector as it enjoyed its strongest 12 months in more than a decade.
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.
Wood Mackenzie looks at the impact of the latest government windfall tax policy and how this could affect the direction of the energy industry over the coming year with a full review of the sector’s fiscal system set to be undertaken.
Further North Sea oil and gas players are being tipped to up sticks next year as companies look to streamline their portfolios.
When this edition of the Energy Voice supplement was published a year ago, the North Sea oil and gas industry was in the doldrums.