As environmental groups and the Government’s own climate advisors push for new North Sea oil and gas projects to be stopped, the sector’s industry body is arguing the case for up to 18 new projects. The industry outlines how the sector stands ready to invest up to £21bn in the next five years. Much of this funding, the report states, will go towards extending the working lives of existing projects, but there are also 18 additional projects in the pipeline. Should the Government approve all forthcoming applications for new and existing projects, OGUK estimates, an additional 2.7 billion barrels of oil could be extracted from the North Sea.
Edie 1st Sept 2021 read more »
The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to move away from fossil fuel dependency and into renewable energy, ahead of a key Opec meeting. Ali Allawi, who is also the deputy prime minister of Iraq, has written in the Guardian to urge oil producers to pursue “an economic renewal focused on environmentally sound policies and technologies” that would include solar power and potentially nuclear reactors, and reduce their dependency on fossil fuel exports.
Guardian 1st Sept 2021 read more »