(World Oil) – UK Prime Minister Keir Starmer joined counterparts in Japan, Germany, France, Italy and the Netherlands in calling on Iran to stop attacks on energy sites and other civilian infrastructure and to end the shipping gridlock in the Strait of Hormuz. “We call on Iran to cease immediately its threats, laying of mines, drone and missile attacks and other attempts
(World Oil) – Tullow Oil Plc sank to a record low, with trading of the shares briefly halted in London, after the company said it’s contemplating alternatives to refinance its looming debt maturities. The stock plunged as much as 35% to 5.55 pence, the lowest since trading began in 1989, over fears that a potential debt deal could hurt shareholders. Tullow’s
(Oil Price)– Energy prices for consumers across the UK rose again this month. Ofgem, the energy regulator, set the maximum annual rate for an average household for gas and electricity at £1,755 until the end of the year. The cap is now over £600 higher than when it was first introduced in 2019. Under the cap, the average price of
(Oil Price)– U.S. Devon Energy Corporation has signed a 10-year natural gas agreement to supply LNG to UK’s Centrica, the owner of British Gas. Under the deal announced on Friday, Devon Energy will supply 50,000?(MMBtu) per day of natural gas over a 10?year term starting in 2028. This is equivalent to five LNG cargoes per year. The LNG volumes will be indexed
(Oil Price) – The UK could produce about half of the energy it consumes locally, in the North Sea, the energy industry association, Offshore Energies, said this week, as quoted by the Financial Times. For that, however, the industry needs the “right business conditions”. Offshore Energies UK said that local energy production was estimated at some 2 billion to 3 billion barrels of
(Oil Price) – Japanese oil and gas firm Japex is pivoting back to its core business after seeing poor returns in the renewable energy sector, as it becomes the latest major company to scale back green energy investments. “For now, the investment focus will remain on oil and gas exploration and production… as securing a fair return from renewable energy sources
Oil Price The G7 group of the world’s most industrialized nations are discussing a common target to end their coal-fired power generation by 2035 at an energy ministers’ meeting in Italy, a source close to the talks told Reuters on Monday. The energy, climate, and environment ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are meeting between Sunday
World Oil (WO) – The Forties Pipeline System moves 40% of the UK’s oil from the North Sea through Grangemouth where it is processed for distribution throughout the UK. Over the 6 years of INEOS ownership, oil flows through the system have declined by a dramatic 40%, and INEOS has had to close one of its three processing plants due
World Oil (Bloomberg) – Prime Minister Rishi Sunak said the UK will need fossil fuels for the “next few decades” as the UK moves to eliminate net greenhouse gas emissions, after being urged to oppose Equinor ASA’s Rosebank oil field project in the North Sea. “It makes absolutely no sense to not invest in the resources we have here at
Yahoo Finance Britain’s competition watchdog said on Tuesday U.S.-listed oilfield services firm Baker Hughes Co’s acquisition of Altus Intervention could reduce competition among UK oil and gas operators. The Competition and Markets Authority (CMA) said it was concerned that the loss of rivalry between the merging companies could lead to higher prices, reduced choice and lower quality services for
Yahoo Fracking can go ahead in England, the government said on Thursday, lifting a ban on the controversial process. A moratorium was put in place in 2019 following concerns over earth tremors. But with the energy crisis worsening globally and world leaders scrambling to secure energy supplies, the question has been reopened. The decision comes alongside the publication
World Oil (Bloomberg) — New British Prime Minister Liz Truss removed a ban on drilling for shale gas, an effort to boost domestic energy supply that will have to overcome the same obstacles that stymied the industry for the past decade. The lifting of the moratorium on so-called fracing was part of a package of measures announced on Thursday to tackle soaring
