EnergyWatch

Oil & Gas

UK sources main power from renewables

For the first time since the industrial revolution, fossil fuels – mainly coal – are displaced as the UK's main source of energy, thus giving way to a mix of wind, solar and biomass.

Total's LNG push extends further into India

The French oil and gas supermajor buys into Indian gas supply and initiates an LNG terminal partnership with domestic conglomerate Adani. Total expects to invest around USD 600 million in the Indian market, which big oil sees as particularly attractive.

Norway green-lighted to store CO2 in the North Sea

Temporary application of a ten-year-old amendment to a convention means that Norway can now import CO2. This also marks the beginning of possible CO2 storage in the North Sea, petroleum and energy minister says.

Oil industry's funding sources are drying up

It is no longer comme il faut to invest or lend capital to an industry working with fossil fuels. The oil industry's main challenge is that there are no internationally agreed upon standards for sustainability. Thus, it can't document any progress on that front.

Danish government could call off oil hunt free of charge

Basically, there are no state compensation costs associated with dropping the eight tender round, according to a response from the Danish Energy Agency. But the signal sent by canceling would be wrong, says a lawyer who has been advising one of the applicants.

Maersk Drilling's CEO in no rush to shop

Maersk Drilling has previously announced that it is looking into potential acquisitions, but in an interview with Bloomberg News, the company's CEO says there is no rush.

Norwegian oil project to be 85 percent pricier than expected

Both Njord Future and Martin Linge will be far more expensive than planned, according to new figures from the Norwegian state budget. The total overrun now amounts to more than EUR 2.9 billion. Operator Equinor refers to factors including safety.

Shale oil market faces pressure

Low oil prices and mounting financial stress is resulting in small and medium-sized shale oil extractors going bankrupt, and this could have far-reaching consequences.

Giant Norwegian field commences extraction

Oil field Johan Sverdrup has now seen the first barrels of oil extracted after years of preparation. "At peak, this field will account for around one third of all oil production in Norway," says Equinor CEO.

BP replaces Dudley with Looney

BP CEO Bob Dudley is preparing to retire from the oil and gas supermajor and will be replaced with Bernard Looney, who is being promoted from within the group.

All NRG Oil & Gas doubles sales

After several years in deficit, Danish company All NRG Oil & Gas is once again operating with black figures, and its bottom line has particularly benefited from the upturn on the Norwegian continental shelf.

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