BP has been given the go-ahead to develop a new field in the North Sea. The Oil and Gas Authority (OGA), the industry regulator, has approved the £200 million project to bring the Vorlich site into production. BP operates in more than 70 countries with its activities including oil and gas exploration as well as fuel refining and selling petrol. The energy giant wants to grow its output in the North Sea and has been reshaping its portfolio by offloading older fields while bringing new developments forward. Vorlich, where Ithaca Energy has a 34 per cent share of the licence, is estimated to contain the equivalent of 30 million barrels of oil. Peak production from the area, some 150 miles east of Aberdeen, is expected to be around 20,000 barrels of oil per day.
Times 28th Sept 2018 read more »
Herald 28th Sept 2018 read more »
The National 28th Sept 2018 read more »
The world’s largest offshore wind farm, capable of providing electricity for 600,000 homes, was officially opened this month. Claire Perry, UK energy minister, hailed the Walney Extension, off the north-west coast of England, as evidence of Britain’s sustained push to cut carbon dioxide emissions through renewable power generation. But on the other side of the UK, in the same week the Walney Extension was unveiled, the arrival of a hulking ship chartered by commodity trader Glencore and carrying coal to the Port of Immingham on Humberside highlighted near term brakes on Britain’s pursuit of clean energy sources. The 500,000-tonne cargo underlined how demand for coal – one of the most polluting fossil fuels – in power generation by utility companies has rebounded in the UK in recent times, despite the government’s plans to eliminate its use by 2025. Coal’s mini revival with the utilities has been driven primarily by a surge in the UK wholesale price of less-polluting natural gas – it reached a 10-year high this month. The rise has in turn highlighted vulnerabilities in the UK’s energy system, which has become increasingly reliant on expensive gas imports. It became cheaper to generate power from coal than gas in late August, according to a report written by Iain Staffell of Imperial College London for the utility company Drax. “It’s not a flash in the pan,” he said. “There could well be a whole season where coal is the baseline fuel [for power generation by utility companies]. We could be looking at the first year-on-year increase in emissions in six years.”
FT 28th Sept 2018 read more »