UK

The Energy Profits Levy will target profits made from a spike in oil and gas prices as energy demand is going up after pandemic lockdowns ended and the Russia/Ukraine conflict started.

A study of a limited number of decommissioned oil and gas wells in England found no evidence of methane leaks, including four wells found to be leaking in an earlier study.

The new areas are expected to make a significant contribution to the government’s target of capturing and storing 20 million–30 million tonnes of carbon dioxide per year.

As Europe’s second-largest LNG hub after Spain, the UK promises to play a near-term role as an “energy bridge” to ease the EU’s dependence on Russian energy, given that the UK can ship regasified product directly to the continent via subsea pipeline.

The London-listed supermajor says the latest project could help it deliver 30% of the UK's goal to reach 5 GW in hydrogen production capacity by 2030.

Backed by Eni and BP, the two projects have been selected by the UK government to kick-start the country's effort to decarbonize industrial emissions.

The three service operations vessels are committed under a long-term contract at the Dogger Bank wind farm offshore UK.

The plan is designed to facilitate progress toward net-zero-emissions targets by focusing on the government’s 10-point plan for a green industrial revolution.

The moves are part of the company’s plan to consolidate its recently acquired business units to stabilize its business following the global pandemic and economic downturn.

Two technologies that may play a part in the decarbonization of the UK energy business are carbon capture, use, and storage and the use of hydrogen for energy transportation and storage. This approach builds on the UK’s gas-network infrastructure, which can be repurposed to avoid becoming stranded.