• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 16 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 1 hour Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 20 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 hours Australian power prices go insane
  • 10 days Oil Prices Fall After Fed Raises Rates
  • 15 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Another Disappointing Week For U.S. Oil Rigs

Another Disappointing Week For U.S. Oil Rigs

U.S. drillers remain cautious to…

Shell: UK North Sea Needs Investments In New Oil And Gas Projects

The UK North Sea oil and gas sector needs more investments in new developments as Britain will need domestic fossil fuel resources, Shell’s UK head of upstream Simon Roddy told Bloomberg in an interview published on Monday. 

“There was only one major development consent for the whole of the North Sea last year. I don’t fundamentally think that’s a sustainable position,” Roddy told Bloomberg.

According to Shell’s executive, the UK will continue to need oil and gas, and the more it gets domestically, the lower volumes, likely from higher-emission sources, it would import.

Two weeks ago, Shell took the final investment decision (FID) to develop the Jackdaw gas field in the UK North Sea, following regulatory approval earlier this year.

“Investments like Jackdaw are consistent with the UK’s North Sea Transition Deal and Shell’s Powering Progress strategy, providing the energy people need today while serving as the foundation for investments in the low carbon energy system of the future,” said Shell Upstream Director, Zoe Yujnovich.

Shell plans to invest $24 billion-$30 billion (£20 billion-25 billion) in the UK energy system over the next 10 years, with more than 75% of this intended for low and zero-carbon products and services.

Investment in the North Sea’s oil and gas has been a hot topic in the UK in recent months after the UK government announced at the end of May a 25% Energy Profits Levy, commonly referred to as a “windfall tax”, as part of a package to ease the cost-of-living crisis stemming from huge rises in household energy bills.

The move has long been opposed by the industry, which argues that a windfall tax would add uncertainty to the UK tax regime and hit new investments in the UK North Sea at a time when the UK grapples with reducing reliance on foreign imports of oil and gas and soaring energy bills.  

As the windfall tax became law, the industry’s leading trade body, Offshore Energies UK, said in July that “New laws imposing £5 billion of new taxes on the UK’s offshore oil and gas operators risk driving away investors and undermining the nation’s future energy supplies.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News