Government raised £40.8bn in green taxes in 2020, just six per cent of total May 10, 2021 The government raised £40.8bn through ‘green taxes’ last year, just six per cent of the £633bn raised through taxes overall, according to law firm Pinsent Masons. Over the last decade, the money raked in by green taxes has only risen 19 per cent which has clashed with the 53 per cent surge in taxes as [...]
Government agrees £16bn North Sea transition deal for oil industry March 24, 2021 The government and private sector will pour £16bn into the North Sea oil industry over the next decade in a bid to reduce carbon emissions, business secretary Kwasi Kwarteng announced today. Under the new “North Sea Transition Deal”, ministers will be able to block future oil and gas exploration on the continental shelf if it [...]
Over 4,000 North Sea oil rig jobs cut to halt spread of Covid-19 March 27, 2020 The North Sea’s workforce has plummeted 40 per cent over the last fortnight as oil companies seek to limit the spread of Covid-19. Over 4,000 jobs have been cut according to Oil and Gas UK, among growing concerns that oil rigs could become hotbeds of coronavirus infection. The number of North Sea workers usually stands [...]
Powering up Britain: How the UK will become carbon neutral by 2050 January 27, 2020 Net zero by 2050. At first blush, it sounds like a code phrase one would hear in the halls of MI6 or in the Ministry of Defence. But as British citizens or residents, we should remember it. In simple terms, it is a declaration by Britain to become carbon neutral in 30 years. This may [...]
Oil industry to spend £15bn on North Sea decommissioning November 26, 2019 The UK oil and gas industry is set to spend more than £15bn on decommissioning activity in the North Sea over the next decade, as thousands of wells are expected to be withdrawn from service by 2030. According to a new report from industry body Oil and Gas UK (OGUK), 2,379 wells will be decommissioned [...]
Jersey Oil & Gas hails ‘transformational’ North Sea oil field award July 22, 2019 Jersey Oil & Gas, an independent drilling company, was today awarded the right to operate North Sea oil fields containing more than 100m barrels of discovered oil. The company’s shares rocketed 136 per cent today as it hailed the award as the “most significant event for JOG [Jersey Oil & Gas] since its inception”. Read [...]
Where to invest following stock market carnage: Europe and China top the experts’ buy lists September 9, 2015 Global stock markets took a battering this summer. At one point, nearly $2 trillion had been wiped off the value of shares across markets as diverse as Germany, China, the US and Argentina. The falls were trigged by worries over the state of China’s economy. Although Chinese companies make up only a small part [...]
North Sea boost: Maersk gets production on Culzean gas field approved by UK Oil & Gas Authority August 31, 2015 Maersk has got a green light for production on the largest gas field found in the North Sea for a decade. The UK Oil & Gas Authority has given the Danish energy company the go-ahead on the Culzean gas field, which is expected to hold some 250m barrels of oil. Once it reaches peak production, [...]
UK Oil & Gas share price rises as new survey suggests there are 11bn barrels of oil at Horse Hill August 26, 2015 Another day, another survey of oil reserves under the 55 square mile areas in Horse Hill, near Gatwick, owned by maverick oil explorer UK Oil & Gas (Ukog). Nicknamed the "Gatwick Gusher" after a now-famous suggestion there were up to 100bn barrels of oil in that area, Ukog said today a new survey by Schlumberger, [...]
UK Oil and Gas Investments share price slips as chairman David Lenigas leaves and chief Stephen Sanderson steps up July 8, 2015 The chairman of the UK firm exploring oil at Horse Hill near Gatwick, known as the "Gatwick gusher", is stepping down. David Lenigas is leaving UK Oil and Gas Investments (UKOG) where he will be replaced by chief executive Stephen Sanderson. "It is my policy to step down from the boards of companies once I believe [...]