EU legislators give the green light for Arctic oil exploration

17/03/2017 10:42 Oil Market


European lawmakers voted against a non-binding motion to prohibit oil and gas exploration in the Arctic.

Although a symbolic vote, the motion’s rejection is seen as a barometer for future moves by Brussels to regulate and to protect environmentally the region.


The vote 414 against 180 succeeded to endorse a plan to ban drilling in the Arctic’s waters and called for a closer collaboration between European Commission and member states to work on worldwide base to determine the future extraction of Arctic oil and gas.


At the same time, EU Parliament was concerned by Norway’s plans to drill and extract a high amount of oil and gas in the Barents Sea, however Norway made assurances that the drilling will be far from Arctic area which is endangered by sea ice during winter.


Lawmakers from Estonia and Finland voted in favour of banning exploration in Arctic, stating that extraction should be a decision of the sovereign states.


Last year, Norway awarded 13 drilling licenses to oil companies in the Arctic. It was the first time since 1994 that it had opened previously unexplored Arctic regions for the oil and gas industry.

UK: Ofgem will reduce subsidies for small power generators

20/06/2017 15:10:00

Britain’s energy regulator Ofgem declared on Tuesday it will cut subsidies to several small electricity producers that offer back-up during peak demand. According to Ofgem, this move would reduce household electricity bills by around 20 pounds a year, since the cost of the subsidies is included in overall network fees charged to power companies, which these pass on to consumers.


Centrica is closing UK’s largest natural gas storage site

20/06/2017 14:40:00

Centrica Storage Ltd (CSL) declared on Tuesday about its intention to stop storage operations at Rough. The energy supplier wants to permanently end Rough's status as a storage facility. Nevertheless, the company plans to produce all recoverable gas from the gas field, which is anticipated at 183 billion cubic feet (bcf).


EU reinforces ties with climate deal members after U.S. decision to withdraw

20/06/2017 14:27:00

The EU declared on Monday it promised to cooperate with China, the world's biggest polluter, to achieve the target of limiting global warming to well below 2 degrees Celsius above pre-industrial levels, following the Trump’s decision to withdraw from the Paris climate agreement.