(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
(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
(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
(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
(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
(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
(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
(Oil Price) – Spanish utility giant Iberdrola plans to double its UK investments to $31.3 billion (24 billion British pounds) by 2028, Europe’s biggest electricity company said in a statement. Iberdrola, one of the biggest utilities and renewable energy developers in Europe and the Americas, previously planned to invest $15.7 billion (12 billion pounds) in the UK between 2024 and 2028. Now
(Oil Price) – Despite a slight uptick in industrial consumption of natural gas this year, Europe’s heavy industry is likely to return to curtailing gas use next year amid a tighter gas market and higher prices, analysts and industry officials have told Bloomberg. Since the 2022 energy crisis, European industry has been squeezed amid sky-high energy costs and weak industrial demand in weakening economies.
(Oil Price) – Big traders of the U.S. WTI Midland crude, which is now part of the dated Brent benchmark, have used a ‘bookout’ option in the Platts window to reroute Europe-bound cargoes elsewhere, in a move that could influence the price of dated Brent, Reuters reported exclusively on Tuesday, citing trading sources and analysts. The so-called bookout clause is allowed under the
(Oil & Gas 360) – Despite some of the highest electricity prices in the world, the United Kingdom is relegating coal to the ash heap of history as it closes the doors on the Ratcliffe-on-Soar Power Station in north-central England. The plant was commissioned in 1970 with a net electrical output of 2,000 megawatts. October 1 will mark the
(Oil Price) – Brent Crude prices are set to recover to $80 per barrel in the fourth quarter, Claudio Descalzi, chief executive at Italian energy major Eni, said on Wednesday. “Oil (is seen) at around $80 per barrel, while for natural gas in Italy we can (expect a price of) 30 euros per megawatt hour,” Descalzi said on the sidelines of the
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