This will boost UK energy security, reduce dependence on volatile fossil fuel imports, create more affordable power and grow the economy, with the nuclear industry estimated to generate around £6 billion for the UK economy.

Benchmark futures settled 3.9% higher after another session of sharp price moves. Searing temperatures in parts of the region and global competition for liquefied natural gas continue to provide upward pressure — even as flows from Norway, Europe’s top supplier, return to levels last seen in April.

The Paks II project was launched in 2014 by an inter-governmental agreement between Hungary and Russia for two VVER-1200 reactors (units 5&6) to be supplied by Rosatom.

By 2021, wind, solar, and natural gas provided 48 percent of Germany’s electricity, and provided most of the electricity consumed in Italy (63%), the UK (64%), and the Netherlands (78%).

In 2021, Russia pumped about 150 billion cubic meters of pipeline gas to Europe — more than enough to satisfy the combined annual consumption of Germany, France and Austria. Europe represented two-thirds of the country’s gas exports including flows of liquified natural gas.

“Norway is the only net exporter of oil and gas in Europe, and by implementing these projects we ensure new production from the latter half of the 2020s, so that we can maintain high Norwegian deliveries,”

Under the terms of the deal announced on Friday, Eni will acquire Neptune for $2.6bn, while Vår Energi — Eni’s Norwegian listed subsidiary — will acquire the company’s operations in Norway for $2.3bn.

The two players intend to invest up to 4 billion euros or almost $4.4 billion for the development phase of the project to be spent mostly during 2024-2026, which will enable about 100 bcm of natural gas to be brought on stream, turning Romania into – what OMV Petrom deems to be – the largest gas producer in the EU and a net natural gas exporter.

Preliminary production figures for May 2023 show an average daily production of 1 991 000 barrels of oil, NGL and condensate.

Interpath Advisory was appointed to handle the administration and sale of Toucan last November, as Thurrock Council in Essex revealed it was owed £692 million ($857 million) by the business. Interpath, which has hired advisers from KPMG to oversee an auction of the 53 sites, is hoping to recover losses through the sale of the farms.

Preliminary production figures for April 2023 show an average daily production of 2 035 000 barrels of oil, NGL and condensate.

In order to meet this goal, the UK must produce five times as much solar and four times more wind.

France, which relies on nuclear for the bulk of its electricity supply, has been pushing to allow a greater role for the technology in the energy transition.

Since Western sanctions over the war in Ukraine cut off Russia from many of its established trading partners, state companies from Saudi Arabia and the United Arab Emirates have stepped in to take advantage of discounted prices for Russian products,

Russia has taken control of other energy assets owned by Western investors since the war started.