Latest analysis from Westwood Global Energy Group, the specialist energy market research and consultancy firm, reveals the extent of financial and logistical hurdles for North Sea decommissioning
The UK government is drafting a new tax regime for oil and gas companies to replace a controversial windfall levy after 2030, with an aim to hit companies only when prices are unusually high.
The two-year, cost-reimbursable contract extension, centers on providing brownfield EPC services, as well as subsea and integrity management, at the Shell UK-operated St Fergus and Mossmorran onshore terminals and the Nelson, Gannet and Shearwater offshore assets.
The U.K.’s controversial Rosebank oilfield, which was approved for development in the North Atlantic in September 2023, by the former Conservative government, has faced severe delays as environmentalists battled to block the development.
Oil giants such as BP and Shell who operate in the North Sea should be given huge tax breaks to help protect the UK against Donald Trump’s burgeoning trade war, Chancellor Rachel Reeves has been told.
The government fleshed out the goal Prime Minister Keir Starmer announced at the COP29 summit in November, touting its credentials as the first Group-of-Seven country to phase out coal, its phaseout of new cars relying solely on the combustion engine by 2030 and its policy of not issuing new oil and gas exploration licenses.
US onshore driller Helmerich & Payne (H&P) has closed its $1.97 billion acquisition of UK competitor KCA Deutag, and in the process it acquired the remaining 10% of KCA Deutag that had been held by Italian contractor Saipem.
The financial curbs on oil trading firms, 2Rivers DMCC and 2Rivers Pte Ltd. will clamp down on Russia’s oil revenues and drain President Vladimir Putin’s “war chest,” the UK government said in a statement on Tuesday. The two firms were “key lynchpins in enabling the trading of Putin’s precious oil,” it said.
The Italian EPC player will support the development of offshore facilities for the transportation and storage of CO2 in the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT) projects – part of the UK’s East Coast Cluster of carbon projects.
The UK government has admitted in court that its approval of the giant Rosebank oilfield off Shetland was unlawful. Government lawyer Chris Pirie KC accepted at an Edinburg court that the previous Conservative administration did not include “the effects on climate of the combustion of oil and gas to be extracted from the fields.”