Union Jack Oil plc has sold for an undisclosed sum its 2.5% interest in the royalty agreement for the Claymore area in the central North Sea. COMPLEX In March 2021, the company signed the £93,730 deal for part of the royalty unit over 20% of the revenues from a complex comprising three fields of Claymore, […]
Tag: offshore oil and gas
OEUK warns EPL will damage UK industry
Offshore Energies UK (OEUK) has described the new taxes imposed on the country’s offshore oil and gas operators as “a backward step”. IMPORTS The industry body warned that the Energy Profits Levy announced today would discourage UK offshore energy investments, resulting in decreases in oil and gas exploration and production and a rise in imports. OEUK’s chief […]
Offshore oil and gas face £3bn shortfall in investment
Some £3bn of investment in offshore oil and gas was deferred in 2020 and 2021 prompting a demand for government support by the industry’s trade association. Oil and Gas UK (OGUK) said lack of funds threatened the UK’s energy transition and hindered the country’s ability to reach a net-zero future. OGUK added that its 2021 […]
OGA calls for company reports to include ESG
Offshore oil and gas companies should include information on the effects of their operations on the climate in their financial reports to address investors’ concerns, said the Oil and Gas Authority (OGA). Figures for flaring and venting emissions, alongside scope 1 & 2 emissions, health and safety statistics, fugitive methane emissions, air and water pollution […]
OGA investigates possible breach of licence
The Oil and Gas Authority (OGA) said it had opened an investigation into a possible breach of reporting requirements under a licence. The investigation follows an enquiry which concluded that there was sufficient evidence of a breach to go ahead. OGA said it would gather and assess further information to enable the authority to reach a decision. The company involved will be offered the opportunity to provide […]
OGA monitors compliance with net zero strategy
The Oil and Gas Authority (OGA) said it will monitor companies to ensure they are abiding by its revised strategy outlining net zero obligations. The strategy, which is now in force, reflects the energy transition and includes a range of obligations on companies in the industry. These cover increasing efforts to reduce production emissions, support […]