fetching latest news
News tagged in:
The UK’s two biggest listed oil companies will face an odd dilemma this week as they present what is likely to be their best set of results for years while facing calls to cough up more in tax.
UK Energy Secretary Kwasi Kwarteng indicated on Wednesday that the British government will not cease the oil and gas production in the nation
Britain will be forced to import almost all its gas and most of its oil from overseas suppliers unless billions of pounds are invested in new North Sea exploration and production facilities, according to a stark report from Offshore Energies UK.
Oil company Esso has been fined half a million pounds for a leak of a dangerous gas that was only discovered by a worker who was cycling home. The operator of the UK’s largest oil refinery was prosecuted for health and safety breaches after around 15 tonnes of liquid petroleum gas (LPG) was released through a valve near to the main roadway used by LPG road tankers visiting Esso Petroleum Company’s refinery in Fawley, Hampshire. The leak, which happened on 15 November 2015, went undetected for around four hours before being discovered by an employee as he was leaving the premises. It took a further hour to establish the source of the leak with on-site emergency personnel having to enter the area to reset the valve.
(Bloomberg) -- Oil held a decline as an increase in OPEC’s demand forecast for next quarter was offset by uncertainty over the omicron virus variant. West Texas Intermediate was little changed near $71 a barrel in Asia after slipping 0.5% on Monday. The Organization of Petroleum Exporting Countries boosted estimates for oil consumption by 1.1 million barrels a day, according to a monthly report from the group’s research department. The cartel still sees a surplus in the first quarter, albeit not as large as previously expected. “OPEC’s anticipation of a surplus in the global oil market suggests an imminent correction in prices, with WTI possibly retesting the $60 level,” Bloomberg Intelligence analyst Henik Fung said in a note. “The outlook for demand may be affected by a one-two punch of omicron’s spread across Europe and the Fed’s hawkish stance on inflation.”
Investing.com – Oil was up Monday morning in Asia, extending recent gains as fears over the omicron COVID-19 variant’s impact on the economic recovery and fuel demand continue to ease. Brent oil futures rose 1.52% to $76.29 by 10:26 PM ET (3:26 AM GMT) and WTI futures jumped 1.59% to $72.81. Both Brent and WTI futures gained around 8% last week, the first weekly gain in seven. "Market sentiment has improved as the threat of the omicron variant has receded. WTI futures will probably test its recent high of $73.34 and then try to rise towards $78, the level before the Omicron fears led to a sharp sell-off in late November," Fujitomi Securities Co Ltd. analyst Toshitaka Tazawa told Reuters.
In our series of articles on Power Scotland and the move to renewable energy we have targeted coal as the number one enemy for global warming. Scotland no longer generates electricity from coal. The two largest and the last to go were Cockenzie in 2013 and Longannet in 2016. England still has 4 coal-fired power stations due to be phased out by 2025. England also depends on former coal-fired plants now burning wood pellets that are now no longer recognised as renewable.
After gas shortages in the UK have led to soaring high prices, Qatar eyes an opportunity to strengthen ties with the UK in terms of gas supply. It is clear that Qatar sees Brexit as a chance to develop huge gas investments in the UK. The Gulf state already has $50 billion of investments in Britain and delivers 90 per cent of Britain's imports of liquefied natural gas, according to Qatar's Ministry of Energy. According to a report published by Financial Times, last month, Downing Street initiated LNG diplomacy talks with their Qatari counterparts on diverting four energy tankers to Britain.
Sinking the exploration well is a firm commitment on a 30th licensing round award. If successful, Jaws will be tied-back to the Shell Nelson platform around 10miles to the north-west. Cairn Energy, soon to be renamed Capricorn Energy, is partnered 50-50 on the Shell-operated Jaws project in licence P2380. In March 2020, Shell completed a working interest swap with Cairn, which included 50% of Jaws being swapped with 50% of Cairn’s nearby Diadem prospect in licence P2379, which it expects to spud in Q2 2022.
Soaring wholesale gas prices have left the UK in an energy crisis, with fears for vulnerable households as bills rise and a wave of energy firms folding. In the 1990s, the UK made a “dash for gas”. In recent years, it has leaned on the fuel to ease the phase out of an even more polluting fossil fuel, coal. That makes the UK heavily reliant on gas for energy, with 86 per cent of homes using it for heating and more than a third of electricity supplies coming from gas power plants. The main reason for the current crisis is a shortage of gas supplies, due in part to outages in production in Norway and elsewhere, and demand from Asia. It is also, to a much lesser degree, due to low output from wind power and a fire last week leaving a UK-France power link offline. Prices and carbon emissions are up, with ageing coal and mothballed gas power stations firing up again. Wholesale gas prices are up 176 per cent since the start of the year, and power prices in the past month are up 266 per cent on the average this year.
Using hydrogen gas as a fuel produces only water as a by-product, rather than greenhouse gases such as CO2, which are harmful for the climate. It can be used to power fuel cells - devices that generate electricity through an electrochemical reaction - used in a turbine for electricity or burned in a boiler and vehicle engine. The government plans to deliver 5GW of hydrogen production capacity by 2030, estimating that the industry could be worth £900m and support more than 9,000 jobs by the same date. As such, it is a clean, versatile energy source that could power cars, trucks and trains, heat our homes and generate the power needed for industrial processes such as steel production.
The UK public want renewables to be at the top of government’s plans for green growth, according to a YouGov poll for RenewableUK.YouGov asked a weighted sample of 1700 people to rank the 10 key areas outlined in Prime Minister Boris Johnson's Ten Point Plan for a Green Industrial Revolution.Five times as many people supported the prioritisation of renewable energy as the top choice than any other green industry.
The UK Government has been urged to provide targeted support for the deep geothermal sector to aid the "green recovery" and help deliver a "world leading" industry.The Association for Renewable Energy and Clean Technology (REA) and ARUP have published their Deep Geothermal Energy: Economic Decarbonisation Opportunities for the United Kingdom report which underlines the environmental and economic potential of deep geothermal.
A former landfill site is being transformed into a green energy innovation park – with work now underway at Elstow in Bedfordshire, England. Bedford Borough Council was awarded more than £1.8 million from the South East Midlands Enterprise Partnership (SEMLEP) Getting Building Fund in 2020, enabling plans for the all-new Bedford Green Technology and Innovation Park to become a reality.
OGUK today announced the details of its Annual Conference. The three-day virtual conference entitled ‘Industry in Transition: Driving A Net Zero Energy Future' will take place online between June 1-3, 2021. BP CEO Bernard Looney will speak on day one of the conference, with OGUK Chief Executive Deirdre Michie expected to restate the UK sector's commitment to supporting jobs now and through a green recovery.
The UK government unveiled plan to increase its offshore wind power capacity from 30GW to 40GW by 2030, in October 2020. The UK government unveiled plan to increase its offshore wind power capacity from 30GW to 40GW by 2030, in October 2020.Verdict has conducted a poll to assess whether the UK will be able to reach its goal of having adequate offshore wind farms.
This will include up to £10bn for hydrogen production and £3bn for a technology called carbon capture, usage and storage - where carbon emissions are either turned into other products such as plastics or buried.The government says the deal should cut pollution by up to 60 million tonnes by 2030, while also supporting up to 40,000 jobs across the supply chain.