UK

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.

The UK’s offshore oil and gas industry has committed to halving operational emissions in the next decade, confirming its pathway to becoming a net-zero emissions basin by 2050.

The savings result in part from the depreciation of global currencies against the US dollar, as most operating expenses in oil and gas production are realized in local currencies. Brazil leads in savings.

Westwood Global Energy’s analysis looks at production, cost, and revenue estimates in the UK and Norway, should oil prices remain low. The research group also provided an outlook on drilling activity.