Europe – Oil & Gas 360

Oil steadies as Sverdrup field restart counters geopolitical concerns

November 19, 2024

(Investing) – LONDON -Oil prices steadied on Tuesday as the restart of production at Norway’s Johan Sverdrup oilfield offset investor concerns about an escalation in the Russia-Ukraine war. Equinor resumed partial production from the North Sea oilfield, Western Europe’s largest, after a power outage there helped lift oil prices by over 3% on Monday. Brent crude futures were down 12 cents, or

European oil giants commit $500 million to help boost access to energy

November 15, 2024

(Oil Price) – European oil and gas supermajors BP, Equinor, Shell, and TotalEnergies are committing a joint investment of $500 million to help ensure access to affordable, reliable, sustainable, and modern energy for all. The joint investment commitment is part of the energy majors’ efforts to support promising, high-impact projects, primarily in Sub-Saharan Africa, South, and Southeast Asia. These projects are aimed at

DECARBON 2025: How predictive maintenance paves the way to net-zero

November 15, 2024

The Oil and Gas Decarbonisation Congress (DECARBON) unites decision makers to share their viewpoints and companies experience on using advanced tools to decarbonise the industry operations. Predictive

Biden officials ask EU to align methane rules with US to ease LNG flows, letter says

November 13, 2024

(BOE Report) – President Joe Biden’s administration has asked the European Union to ensure liquefied natural gas shipments that meet U.S. methane regulations automatically comply with Europe’s standards for imports, according to a letter seen by Reuters. Linking U.S. and EU methane standards would safeguard United States’ growing LNG trade with Europe while also cementing Biden’s methane rules, even if

Paying to freeze in the dark part of England’s energy plan

November 8, 2024

(Oil & Gas 360) – Home to some of the highest electricity prices on the planet, England is promoting a Demand Side Response (DSR) program to incentivize people to “adjust” their electricity consumption at peak periods. Incentives include coupons for consumer goods and credits on people’s credit cards with similar incentives for businesses as well. DSR skeptics say the program isn’t

U.S. Apache to exit UK North Sea due to windfall tax

November 8, 2024

(Oil Price) – U.S. oil producer Apache plans to cease oil production at its assets in the UK North Sea by 2030, due to the windfall tax on operators. Apache’s parent company APA Corporation said in an SEC filing that its assessment of the impact of the windfall tax, officially known as the Energy Profits Levy (EPL), resulted in findings that continued production

Exclusive-Harbour Energy joins North Sea producers’ retreat ahead of tax hikes

October 23, 2024

(Yahoo Finance) – LONDON – Top British North Sea producer Harbour Energy wants to sell stakes in North Sea oilfields and is reviving plans for a U.S. listing, sources said, as more firms scale back investments ahead of new tax increases on the sector. The Labour government, which was elected in July, wants to use the revenue from oil and gas

Energy major Repsol halts green hydrogen projects in Spain

October 21, 2024

(Oil Price) – Spanish energy giant Repsol has decided to pause green hydrogen development projects in its home country, citing an unfavorable regulatory regime with the idea of a permanent windfall tax on energy companies, a spokesperson for Repsol told Reuters on Monday. The Spanish firm has a pipeline of 350 megawatts (MW) of electrolysis capacity for green hydrogen projects across Spain, but

Euro carmakers want to pump brakes on EV mandates

October 17, 2024

(Oil & Gas 360) – Earlier this week, the world-famous Paris Auto Show saw some international political heft inserted into its usual line-up of fast cars over the European Union’s electric vehicle (EV) mandates. BMW’s CEO Oliver Zipse warned that EU efforts to virtually eliminate the production of internal combustion engines (ICE) and diesel-powered vehicles over the next ten years

Europe’s renewable power prices drop

October 17, 2024

(Oil Price) – Moderating inflation and reduced market volatility compared to 2022 and 2023 resulted in lower prices for renewable electricity in power purchase agreements across Europe. During the third quarter of 2024, power purchase agreements (PPAs) for electricity sourced from renewable energy showed a 12.4% decline in price, compared to the same period of 2023, according to data from price

UK power firm burnt wood from environmentally sensitive areas in Canada

October 16, 2024

(Oil Price) – UK power group Drax has found that wood burnt at its biomass power station in the UK is “highly likely” to have come from environmentally sensitive areas of old forests in Canada, the Financial Times reported on Wednesday, citing internal Drax emails it has seen. A Drax internal review has found that the wood from its suppliers from British Columbia

BMW says EU ban on gasoline cars from 2035 is “No longer realistic”

October 15, 2024

(Oil Price) – Germany’s car manufacturing giant BMW is warning that an EU ban on the sale of gasoline and diesel cars from 2035 is “no longer realistic” amid slow EV sales as the European auto industry will see a “massive shrinking” with such a ban. European carmakers are already struggling with their EV sales as subsidies in many countries are

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