Prices for North Sea and West African crude grades have increased this month.
The Red Sea shipping crisis and OPEC+ output cuts have tightened oil markets.
U.S. benchmark oil prices are also supported by higher demand for American crude in Europe due to the Red Sea disruption to flows.
Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil.
The costs of decommissioning oil and gas platforms in the UK’s North Sea could overtake capital expenditure in the industry by 2040, a new report from Offshore Energies UK has suggested.
Shell is suing Greenpeace for $2.1 million in damages after the environmental group’s activists boarded the company’s oil production vessel in transit at sea this year, according to Greenpeace and a document seen by Reuters.
Recently, Norway and the UK managed to overcome certain challenges and increase investments heavily into the energy sector, especially in the North Sea region.
he UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments.
The U.K.’s planned North Sea Rosebank oilfield development, to be led by Norwegian firm Equinor, could be key to the country’s energy security. However, environmentalists are understandably concerned about the impact a new oil project may have on the environment during a time of green transition, with many suggesting that it goes against the country’s climate pledges.
The primary exploration target for wells 25/2-24 S and A was to prove and delineate remaining petroleum deposits in the Frigg Formation in the Øst Frigg Beta structure, which produced gas from 1988 to 1997.
Labour has confirmed it will block all new domestic oil and gas developments if it wins power, proposing instead to invest heavily in renewable sources such as wind and also in nuclear power.
The North Sea Transition Authority (“NSTA”) has announced that Britain’s first oil and gas exploration licensing round since 2019 attracted 115 bids from 76 companies.