United Kingdom – Oil & Gas 360

UK approves $2.5 billion funding for power link to North Sea wind farms

November 15, 2024

(Oil Price) – The UK’s energy regulator Ofgem on Friday awarded a $2.5 billion (£2 billion) funding package for a subsea and underground cable between Scotland and northern England that would give North Sea wind farms additional access to the grid. Eastern Green Link 1 (EGL1) will be a high voltage electricity superhighway able to transport 2 gigawatts (GW) of UK wind-generated electricity

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

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

Spanish power giant Iberdrola doubles UK investment to $31 billion

October 11, 2024

(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

The coal that powered an empire is no more

September 27, 2024

(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

Exclusive-Shell plans wide cuts in oil exploration division, sources say

August 29, 2024

Yahoo Finance LONDON – Shell plans to scale back its oil and gas exploration and development workforce by 20% as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said. The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts

Forum Energy Technologies Sells Ashtead Technology

August 21, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Forum Energy Technologies to sell its aggregate 40% interest in Ashtead Technology for $39 million Forum Energy Technologies Inc. (stock ticker: FET), a global oilfield products company, has entered into a definitive agreement through its subsidiaries to sell an aggregate 40% interest in Ashtead Technology, a subsea rentals company, to majority

Iranian Tanker Sought by US Heading Toward Greece

August 19, 2019

From The Houston Chronicle An Iranian supertanker with $130 million worth of light crude oil that the U.S. suspects is tied to a sanctioned organization left Gibraltar and was heading east into the Mediterranean Sea on Monday, with its next destination reported to be Greece. The Iran-flagged Adrian Darya 1, previously named Grace 1, set course for Kalamata, Greece, with

Gibraltar Releases Captured Iranian Oil Tanker, US Makes Immediate Request to Seize Vessel

August 15, 2019

From CNBC An Iranian oil tanker held in Gibraltar since early July has been officially released by local authorities, although it may not sail if a U.S. application to seize the vessel proves successful. On July 4, Gibraltar authorities with the help of the British Royal Marines, seized the Grace 1 oil tanker following suspicions it was delivering oil to

Panama Canal Will Not Block Venezuela Vessels Despite U.S. Sanctions

August 14, 2019

From Reuters The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a difference to canal traffic. President Donald Trump’s administration last week issued an executive order freezing all Venezuelan government assets in

Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members. - Oil & Gas 360

Iran Says it Expects Tanker Held by U.K. to Be Released Soon

August 13, 2019

From The Houston Chronicle Iran expects an oil tanker seized by the U.K. in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about the safety of shipping routes in the Middle East. “Official and unofficial documents have been exchanged to resolve the matter

Here's how Iran would disrupt world oil trade - Oil & Gas 360 Strait of Hormuz

Iran’s President Warns Foreign Powers to Keep Naval Ships Out of the Persian Gulf

July 24, 2019

From CNBC Iranian President Hassan Rouhani has told his cabinet that protecting security around the Persian Gulf is solely the responsibility of countries in the region and that other nations should stay away. The United Kingdom is attempting to form an alliance with other nations to protect ships passing through the Persian Gulf and Strait of Hormuz, a channel that

Premium Content