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The Electrification Of UK Offshore Oil & Gas

The British government has set a goal to reach net zero emissions by 2050. Electrification of oil and gas platforms on the UK continental shelf (UKCS) should play an important role in efforts to achieve this target, as a Rystad Energy analysis shows that UK oil and gas production will remain significant for decades to come. After a small decline over the next several years, output forecast to rebound to approximately 2 million barrels of oil equivalent per day by around 2035. UK emissions from oil and gas production in the North Sea are the highest among the region’s producers, reaching 13.1 million tonnes of CO2 in 2019, according to Rystad Energy emission data. Extraction emissions account for 10.1 million tonnes of CO2, with flaring making up the rest.

read more... 21/09/2020

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Eni announces new gas discovery offshore Egypt

According to preliminary estimates, Great Nooros Area discovery may contain in excess of 4 trillion cubic feet of gas

read more... 17/09/2020

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EU Parliament's environment committee backs 60% emissions cut by 2030

Lawmakers in the European Parliament’s environment committee on Thursday voted in favour of a legally binding target for the European Union to cut its greenhouse gas emissions by 60% by 2030 compared with 1990 levels.

read more... 14/09/2020

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Daily (11.09.2020): Carbon prices spiked on Thursday after European Parliament’s environment committee vote

US industry report showed a significant build in stockpiles on Thursday, weighing on oil prices. In addition a slide in gasoline and distillate demand also put pressure on crude market. Thus, Brent crude ended 1.8% lower to settle at $40.06 a barrel. Meanwhile, the American WTI dropped nearly 2% to $37.30 a barrel.

read more... 11/09/2020

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Daily (04.09.2020): Oil prices fell on Thursday, with Brent at its lowest settlement since July 31 amid gloomy demand outlook

Crude oil prices extended losses on Thursday amid persistent concerns about the demand outlook a day after weak U.S. gasoline demand data. The market picture remains focused on muted demand growth in the United States and elsewhere, while global producers began to bring more supply into the market last month. In this context, Brent crude for November delivery declined slightly by 36 cents, or 0.8%, to settle at $44.07 a barrel, the lowest settlement since July 31. U.S. WTI crude for October delivery lost 14 cents, or 0.3%, to close at $41.37 a barrel, the lowest level since August 7.

read more... 04/09/2020

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