North Sea Oil and gas

Burnham’s oil and gas expansion plans

Oil & Gas‚ Oil and Gas Industry | intent | July 27, 2026 | Comment off

Andy Burnham is expected to announce an expansion of North Sea oil and gas drilling in the early weeks of his premiership. Whilst the plans are not yet concrete and the announcement date is not certain, senior members of the party, including deputy leader Lucy Powell, have given confirmation that there will be a greater emphasis on North Sea oil and gas. Burnham begins his tenure in a tricky position, making clear his plans to abide by Labour’s 2024 manifesto — a manifesto which committed to not issuing new drilling licences.

UK industry coalition urges Labour MPs to back North Sea oil and gas

Oil & Gas‚ Oil and Gas Industry | intent | July 15, 2026 | Comment off

A coalition of UK energy producers, manufacturers, trade unions and industrial organizations has urged Labour MPs to support continued North Sea oil and gas development, arguing domestic production remains essential to the country’s energy security, industrial competitiveness and long-term economic growth.

BP Weighs UK North Sea Asset Divestment in $2.69 Billion Deal

Oil & Gas‚ Oil and Gas Industry | intent | June 4, 2026 | Comment off

British Petroleum (bp) is in talks with Ithaca Energy, a North Sea oil and gas operator and producer, regarding the sale of its UK North Sea assets in a deal worth nearly $2.69 billion, according to Reuters.While negotiations failed to reach a final agreement in recent weeks, the company continues to explore other options for the assets and could pursue a transaction with other interested parties.

Equinor, partners greenlight $2 billion investment in North Sea oil and gas project

Oil & Gas‚ Oil and Gas Industry | intent | June 27, 2025 | Comment off

Equinor and its Fram partners will invest more than $2 billion (NOK 21 billion) in a new subsea development. The plan for development and operation was today submitted to the Minister of Energy, Terje Aasland.

Offshore sector responds to increased tax on UK North Sea oil and gas profits

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | October 31, 2024 | Comment off

Britain’s Chancellor Rachel Reeves has raised the Energy Profits Levy on North Sea oil and gas producers to 38% in her first budget for the Labor government.

Britain’s unstable tax regime will push us to Norway, says North Sea oil boss

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | August 19, 2024 | Comment off

One of the North Sea’s biggest gas producers is threatening to end investment in Britain because the tax regime has become too unstable to support offshore energy producers.

North Sea Oil and Natural Gas Production In Further Jeopardy As New UK Government Announces Another Windfall Tax Increase

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | August 6, 2024 | Comment off

The U.K.’s new chancellor, Rachell Reeves, recently announced that the windfall tax (formally known as the Energy Profits Levy) will be increased to 38 percent (up from 35 percent) on November 1, bringing the rate of tax on upstream oil and gas activities to 78 percent. The tax will also be extended to 31 March 2030 and the government stated that it would remove certain so-called ‘unjustifiably generous investment allowances’ from the EPL.

ExxonMobil, Shell sell North Sea oil and gas assets to Tenaz Energy for $246 million

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | July 22, 2024 | Comment off

Tenaz Energy Corp. has entered into an agreement with Nederlandse Aardolie Maatschappij B.V. (“NAM”), a 50/50 joint venture between Shell and ExxonMobil, to acquire all of the issued and outstanding shares of NAM Offshore B.V. (“NOBV”) for $246 million.

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