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Oil & Gas News

Oil & Gas News – Late October 2023

Energy storage and clean fuel company, ITM Power, is beginning bidding into projects in the US market. The Sheffield-headquartered business explains it will pursue an accelerated, asset-light entry into the US market, building on its strong relationships with various North America based industry leaders. https://www.thebusinessdesk.com/yorkshire/news/2115109-clean-energy-business-prepares-to-break-into-the-us?utm_source=newsletter&utm_medium=email&utm_campaign=Yorkshire_16th_Oct_2023_Daily

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Oil & Gas News – Late July 2023

Hundreds of new oil and gas licences will be granted in the UK, the Prime Minister has confirmed today (Monday 31 July), as the UK Government continues to back the North Sea oil and gas industry as part of drive to make Britain more energy independent. The Government and the North Sea Transition Authority (NSTA) […]

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Oil & Gas News – Early July 2023

Fuels group, Essar, is extending its distribution network beyond its traditional North West and Midlands regions to the Thames region in a new deal with Essex-based Oikos Storage. Under the agreement, Essar will store and distribute middle distillate fuels at Oikos’s Canvey Island facility to serve the Thames region, including Stansted Airport. Furthermore, the agreement […]

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Oil & Gas News – Late June 2023

The UK is at risk of being “starved” of North Sea energy leaving it reliant on imports, a major oil and gas producer has told the BBC.   Ithaca Energy said Labour’s pledge to ban new oil and gas exploration in the North Sea and current taxation policy was “spooking” investors. Ithaca is almost entirely […]

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Oil & Gas News – Early June 2023

Shell’s new chief executive Wael Sawan has updated the company’s strategy, doing away with a target to decrease fossil fuel production by 55% through to 2030. Sawan, who stepped into the role late last year, stated an intention to create more value for shareholders in delivering the strategy update today (14 June). He reiterated the […]

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Oil and Gas News – Early April 2023

The energy windfall tax, political uncertainty and increased costs are pushing away investment in North Sea oil and gas, a report has warned. Industry body Offshore Energies UK estimates that 90% of offshore firms are cutting spending worth billions. It says a continued lack of investment would see production fall by 80% by 2030, increasing […]

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Oil and Gas News – Late February 2023

Essar is to invest US$2.4 billion (£2.01bn) in the Stanlow refinery across hydrogen, green ammonia and biofuels to make the North West a “leading post-carbon industrial cluster”. The privately owned Indian conglomerate bought Stanlow, near Ellesmere Port,  in 2011 for US$350 million. The company has created a new division called Essar Energy Transition (EET) which […]

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Oil & Gas News – Late January 2023

More than 100 applications have been submitted to drill for new oil and gas in the North Sea. The UK government opened a fresh round of licensing after a three-year hiatus while it hosted the UN climate change conference in Glasgow.  But UK ministers said more licences would be made available because of the energy […]

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Oil & Gas News – December 2022

French oil giant TotalEnergies has said it will cut North Sea investment by 25% next year after the windfall tax on oil and gas firms in the UK was extended. The company will cut £100m of spending on new wells in the region. The windfall tax – the Energy Profits Levy – was raised from […]

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Oil & Gas News – Late October 2022

British Gas owner Centrica has reopened its giant gas storage facility to boost the UK’s supply over the winter. The energy firm said site would allow for “cheaper gas” to be stored for the colder months and help “reduce or stabilise costs” for households. https://www.bbc.co.uk/news/business-63423600   ____________________  

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Oil & Gas News – Early October 2022

Tees Valley will host a new £20 million competition, where successful bidders will push the boundaries of hydrogen to see how it can be used to create a cleaner and more efficient transport sector. Hydrogen, which produces no carbon emissions when used as a fuel, has an abundance of potential yet to be unlocked. The […]

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Oil & Gas News, June 2018

With the oil and gas industry under pressure, manufacturers are turning to additive manufacturing for reduced costs and shorter timeframes. Gas turbines sit at the heart of power plant operations. A mixture of fuels, such as diesel, kerosene and liquid petroleum gas, is heated at high temperatures until a rush of hot air is produced, […]

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Oil & Gas News, April 2018

Oil prices hit their highest level since 2014, moving above $74 a barrel and lifting energy companies to the top of global stock indices.   Production cuts by Opec and Russia over the past 16 months have helped crude prices rally, with the latest increase spurred by rising risks to supplies, from Venezuela’s economic crisis […]

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Oil & Gas News, March 2018

The oil and gas industry regulator has raised its forecast of what can be recovered from the waters around the UK over the next three decades. Changes in the way the sector operates are thought to have unlocked the potential for a further 2.8 billion barrels of oil or the gas equivalent.   It is […]

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Oil & Gas News, February 2018

Bans around the world on single use plastic items such as carrier bags will dent growth in oil demand over the next two decades, according to BP. The UK-headquartered oil and gas firm said it still expects the global hunger for crude to grow for years and not peak until the late 2030s.   The […]

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Oil & Gas News, January 2018

Brent Crude hit a three-year high of $70 a barrel at the beginning of January, but there are questions about this rally’s resilience.  Higher prices threaten to unleash a new wave of US shale output in response.   “The higher the prices go, the harder the shale producers pump,” Tamas Varga at London-based broker PVM, […]

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Oil & Gas News, November 2017

The shale revolution in north America means the US is destined to become a net oil exporter within 10 years, for the first time since the 1950s. The International Energy Agency said it expected that American oil production between 2010 and 2025 would grow at a rate unparalleled by any country in history, with far-reaching […]

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Oil & Gas News, November 2017

The oil and gas offshore industry regulator has reduced its estimates of the amount of known oil and gas left under UK waters. The amount in known reserves and capable of extraction has dropped from 6.3 billion barrels to 5.7 billion, over the year to the end of 2016. The central estimate by the Oil […]

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Oil & Gas News, October 2017

Opec expects stronger demand for its crude oil next year due to stronger consumption growth and lower estimates for supply from outside the cartel, as prices near $50 a barrel boost driving and crimp output.   The cartel’s monthly market report said its in-house analysts see demand for Opec’s oil reaching 33.1m barrels a day […]

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Oil & Gas News – September 2017

North Sea oil and gas producers have pulled out of the “death spiral” that had threatened to send the basin into precipitous decline according to industry leaders.   However, exploration remains at its lowest level since the 1970s and the UK faces a battle to compete against lower cost oil and gas elsewhere in the […]

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Oil & Gas News – July 2017

Maersk Oil announces it is on track to deliver first gas from a major North Sea oil field in 2019. The Culzean field, which lies around 145 miles east of Aberdeen is expected to produce 60-90,000 barrels of oil per day. Maersk claimed the field could meet 5% of the UK gas demand by 2020-21.

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Oil & Gas News – May 2017

Oil has begun flowing from a North Sea field which is part of a wider project aimed at unlocking 100 million barrels of additional reserves. Operator Repsol Sinopec Resources UK said first oil had been achieved at the Shaw field, about 200km (124 miles) east of Aberdeen. Shaw is part of the Montrose Area Redevelopment […]

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