UK energy provider Bulb seeks emergency fund injection September 19, 2021 The UK’s sixth largest energy company, Bulb, is racing to secure an emergency cash injection to avoid collapse as a record spike in energy prices uproots the sector. The energy startup, which supplies electricity and gas to 1.7m customers in the UK, is seeking advice from investment bank Lazard in an attempt to shore up [...]
North Sea oil investment drops to lowest level in 50 years September 1, 2021 Investment into the North Sea oil industry fell to its lowest level in almost 50 years as the coronavirus pandemic and subsequent collapse in oil prices spooked the sector. Oil and Gas UK’s (OGUK) annual economic report found that just £3.7bn was invested into the continental shelf in 2020, the lowest in real terms since [...]
BP’s dividend edges up as profit beats estimates on climbing oil prices August 3, 2021 BP this morning said it will increase its dividend by 4 per cent and will kick off $1.4bn worth of share buybacks after its profit sprinted past estimates and rose to $28bn in the second quarter, buoyed by higher oil and gas prices. The oil giant raised its dividend to 5.46 cents, beating analysts’ expectations [...]
Gas firms pushed UK minister to burn more gas in transition to clean energy July 7, 2021 Fossil fuel giants lobbied a UK government minister to use more natural gas in the transition to lower carbon energy production. As reported by Channel 4, a memo released under the Freedom of Information Act details how firms pushed the then-trade minister Connor Burns to accept a “greater recognition” of gas. The document, obtained by [...]
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 [...]