The UK government has announced new changes to oil and gas taxes, which it says are aimed at protecting energy security and British jobs. In a statement published on its website, the government noted that the Energy Profits Levy, which it noted places a marginal tax rate of 75 percent on North Sea oil and gas production, will remain in place for the next five years while oil and gas prices. they remain higher than historical norms, but he added that the tax rate will return to 40 percent “when prices consistently return to normal levels over a sustained period.”…
Author: Automotivedealernews.com
Three new LNG export projects have reached a final investment decision (FID) in the past year: Venture Global’s Plaquemines LNG, Cheniere’s Corpus Christi Phase III expansion and, most recently, Sempra’s Port Arthur LNG. What do these projects have in common? All are being developed by companies that are already exporting US LNG. These companies are arguably the “Big Three” of US LNG, with Cheniere the reigning king, at least for now. Not only do all have at least one terminal in operation and at least one under construction, but all three have multiple pre-FID projects under development, including some that…
Britain’s main opposition Labor Party scaled back its flagship pledge to invest 28 billion pounds ($35 billion) a year in a green energy transition if it wins the next election, blaming the Conservative government for damaging economy since the proposal was first published in 2021. . The plan now is to “step up” spending instead to £28bn in the first year of a Labor government, the party’s chancellor Rachel Reeves said in an interview with BBC Radio 4 on Friday. he is targeting the second half of his first five-year term, he said. The shift in Labour’s plan is likely…
Sultan Al Jaber, the United Arab Emirates official selected to lead the United Nations’ climate change talks, said “the phase-out of fossil fuels is inevitable”, marking his strongest statement yet on the future of the coal, oil and gas in a warming world. However, Al Jaber, who also heads the state-owned Abu Dhabi National Oil Co., did not suggest a time frame for phasing out fossil fuels. Instead, he used a speech in Bonn, Germany, on Thursday to reiterate his call at the COP28 summit in November to boost other efforts, specifically tripling renewable energy, doubling energy efficiency and doubling…
ADNOC Drilling Co. PJSC has purchased two new jack-up rigs that will be commissioned in the fourth quarter expanding its existing fleet of over 100 owned rigs. The $220 million Gusto MSC CJ46 drilling units will be delivered in Abu Dhabi waters, with initial revenue expected next year, Abu Dhabi National Oil Co subsidiary said on Tuesday. (ADNOC) in a press release. “The acquisition of these premium jack-up rigs will support one of our major customers, ADNOC Offshore, with their drilling and completion services requirements by providing accelerated production capability,” said the executive director of ADNOC drilling, Abdulrahman Abdulla Al-Seiari,…
In a new report sent to Rigzone, Macquarie strategists Vikas Dwivedi and Walt Chancellor announced that they remain “short-term bullish but structurally bearish” on the oil market following last weekend’s OPEC+ meeting. “We continue to believe that the large 3.5 to 4.0 million bpd increase in refinery operations, off-season ME energy consumption and OPEC+ cuts will tighten direct balances of crude during 3Q23,” the analysts said in the report. “From there, we expect a correction in 4Q23 and 2024 due to growth in US and N. Sea sweet production, the OPEC+ default and slowing demand due to recessionary effects,” they…
The second stage of the Gorgon field project off the coast of Western Australia has started producing gas, operator Chevron Australia said. Eleven wells have been added in the Gorgon and Jansz-Io fields and pipelines and offshore structures have been installed to service gas processing facilities on Barrow Island, Chevron’s Australian unit said on Tuesday body Chevron Corp. calls the Gorgon venture “one of the largest LNG projects in the world and the largest resource project in Australia’s history,” as described on the global energy giant’s website. Expected to last more than 30 years, the three-train linked project includes a…
Enagas SA has decided to launch a proper auction following a “high level of participation” in a non-binding bidding activity for logistics rights for a liquefied natural gas (LNG) terminal in northern Spain that carries a inactive decade The binding round for the Asturias province’s El Musel facility aims to award 100 percent of capacity, loading, unloading and storage, with “long-term” contracts, the company said on Monday in a statement. Enagás has set June 30 as the deadline for the submission of offers. Sixteen shippers had expressed interest during the non-binding phase held in March, according to the media release.…
Eni SPA has signed an agreement with Kazakhstan’s KazMunayGas (KMG) to build a 250 megawatt (MW) hybrid gas and renewable power plant in Kazakhstan’s Zhanaozen region, Mangystau, the Italian state-owned energy company said on Thursday. The hybrid power plant will be the first of its kind in the Central Asian nation, Eni said in a press release. The project will include a solar power plant, a wind power plant and a gas power plant for the production and supply of stable, low-carbon electricity to KMG’s subsidiaries in the area. The hybrid model helps diversify and decarbonize the energy supply for…
The European Union has begun work on a key element of its plans to achieve climate neutrality by mid-century: storing captured carbon dioxide underground. The European Commission, the bloc’s regulatory arm, is seeking public input to shape a strategy that could set infrastructure targets to store carbon in 2040 and 2050, according to documents released on Friday. It could also explore how to remove CO2 from the atmosphere as part of its climate goals. Carbon capture and storage (and carbon removal) is a controversial technology, with environmental groups arguing that such efforts distract from the primary goal of reducing emissions.…