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.

Russia starts a massive gas project in the Arctic

11/12/2017 16:12:00

Russia started its Yamal gas unit, a huge project in one of the most isolated regions in the world, as this is becoming more accessible because of climate change.


China to build the largest floating solar project in the world

11/12/2017 13:21:00

A unit of China Three Gorges is constructing the world’s biggest floating solar plant estimated at 1 billion yuan (US$151 million), located in the country’s eastern province of Anhui.


Daily (11.12.2017): EU carbon prices slumped by around 3% to their lowest level in five weeks on Friday

11/12/2017 10:52:00

Oil prices surged by almost 2 percent on Friday, buyout by increasing Chinese crude demand and threats of a strike in Africa's biggest oil exporter. Brent crude closed $1.20, or 1.9 percent, up at $63.40 a barrel. Meanwhile, WTI crude prices rose 1.2% to settle at $57.36 a barrel.