"The UK continental shelf is in urgent need of fresh investment to boost exploration and drive activity, particularly for the supply chain," Oil and Gas UK chief executive Deirdre Michie said, going on to call for additional government efforts to encourage investment.
The $45bn complex pipeline project running from Azerbaijan to Italy and consisting of four mega projects – Shah Deniz 2, South Caucasus Pipeline expansion (SCPX), Trans-Anatolian Pipeline (Tanap), and the Trans-Adriatic Pipeline (TAP) – would be delivered and will come in under budget, eventually delivering 16-32bn m³/yr.
Preliminary production figures for August 2016 show an average daily production of 1 929 000 barrels of oil, NGL and condensate, which is a decrease of 202 000 barrels per day (approx. 9.5 percent) compared to July.
From January 1 to September 13, 2016, Gazprom supplied 8 billion cubic meters of gas to France, which was 27.3 per cent higher than in the same period of 2015.
The governments of Argentina and the UK have agreed to work toward removal of restrictions on oil and gas work offshore the Falkland Islands.
“This important contract is a key milestone for the Nord Stream 2 project: It will provide the logistical back-bone for the construction phase and is fully in line with our project schedule,” said Nord Stream 2 chief project officer Henning Kothe. “We are also pleased that Wasco will be co-operating with the ports, which successfully participated already in implementation of the existing Nord Stream.”
The UK’s natural gas imports from Norway are forecast to increase up to 15% year on year this winter. In the months from October to March, the UK will likely import between 60-136 mcm per day of gas from Norway. At the high end of this range, imports would be up 18 mcm per day in the same period a year earlier. Imports of Dutch and Belgian gas are also projected to increase amid predictions that flows from the UK Continental Shelf (UKCS) may fall by 4% this year to as low as 70 mcm per day.
“There are no easy buttons to push. It’s not simply about the oil price, the Paris Agreement or the still incomplete single market. It’s about the interdependencies and how these factors amplify each other. At the end of the day, economic as well as social and ecological interests must be in balance with supply security in Europe.”
LetterOne, Russian billionaire Mikhail Fridman's investment vehicle, is looking at acquisitions in renewable energy and oil assets in the North Sea outside of Britain, its executive chairman John Browne told.
The decline is a result of a combination of simpler development concepts and more efficient drilling. Lower prices for work and equipment are also a contributing factor.