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UK oil and gas reserves enough to sustain production for next 20 years

The UK’s petroleum reserves, including discovered and undiscovered petroleum resources, remain at a significant level, ranging from 10 to 20 billion barrels plus of oil equivalent, which could sustain production for at least the next 20 years and beyond if additional undeveloped resources can be matured, according to new figures by the UK Oil and Gas Authority (OGA).

Iberian peninsula’s biggest floating wind farm receives EIB funding

The first project-financed floating wind farm received funding from the European Investment Bank, which will provide a EUR 60 million loan to Portuguese company Windplus for the wind farm. The project will be the biggest floating wind farm in the Iberian Peninsula.  

Norway approves the sale of North Sea fields interests

The Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance has approved the transaction between concerning the sale of the licenses containing the Draugen and Gjøa fields in the North Sea from Shell to OKEA. The Ministry of Petroleum has also approved OKEA as the new operator for the Draugen field. The transaction between AS Norske Shell and OKEA AS is expected to close on 30th November.

Israel announces 2nd offshore bid round

Energy Minister of Israel announced the launching of its second bid round to grant exploration licenses for natural gas and oil in Israel’s economic waters in the Eastern Mediterranean. The bid round will follow the earlier round which began in 2016 and granted 6 licenses, some are expected to commence drilling in the upcoming months.

Offshore wind is Ireland’s opportunity according to KPMG’s report

New report from KPMG for NOW Ireland reveals that offshore wind can be a great opportunity for Ireland to transform into a low carbon economy. The report identifies the growing renewable energy demand in Ireland and particularly the way in which offshore wind can deliver the supply to meet that demand.

ABS: Guidance on smart function implementation

ABS issued guidance providing the marine and offshore industries an actionable framework for owners, operators and manufacturers to take smart steps today in preparation for an environmentally sustainable future. The ‘ABS Guidance Notes on Smart Function Implementation’ support data infrastructure development, enabling health and performance monitoring, and augmenting vessel operations.

Australia reveals changes on oil and gas taxation

The Australian Commonwealth Changes announced changes to the petroleum resource rent tax, in order to collect increased taxes from oil and gas operators. The PRRT is a tax generally on profits generated from the sale of marketable petroleum commodities.

UK to announce changes on offshore wind auction

The UK government is planning to publish during November the final policy regarding changes to the contract for difference scheme for the third round, which will launch May 2019, regarding offshore wind and other less established technologies. The previous CfD auction took place in 2017.

Ghana starts construction of LNG import project

Ghana’s LNG import project has started construction, as two vessels were contracted to store and regasify the fuel by 2020. The LNG terminal will have the capability of importing 2 mtpa, leaving 0.3 mtpa of supplies for further negotiations. In addition, the project is not subject to finance or any other pending permit.

Eni, Total partner with Sonatrach for offshore exploration in Algeria

Italian oil major Eni and French energy major Total signed an agreement with Algeria’s state-owned oil company Sonatrach, for offshore exploration in the North African country. In parallel, Eni and Total will also pursue obtaining exploration permits that will allow for the rapid completion of the hydrocarbon potential assessment.

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