UK North Sea
BRENT OIL PRICES OVER THE YEARS August review
1
YEAR AGO
- BRENT OIL PRICE 2020 - $44.74 Oil rose the most in nearly two weeks, tracking a move in stronger equities, as economic data from the U.S. to Europe and Asia signalled a flicker of life in languishing demand.
“Columbus is part of Serica’s ongoing capital investment programme which is aimed at boosting production in the second half of this year and beyond,” Serica Energy’s CEO Mitch Flegg said. Neptune Energy awarded in July a subsea inspection contract for its operated Cygnus gas field in the UK southern North Sea to Geodata specialist Fugro. Fugro will use advanced inspection technologies, enabling data processing to be carried out onshore, reducing time and costs. “By using our ROC in Aberdeen, we can complete these scopes from onshore while maintaining our high standards of data collection,” Daniel Jones, Fugro’s Director IRM Services for Europe and Africa, said. Harbour Energy plc said on 15 July it had become a signatory to the World Bank’s ‘Zero Routine Flaring by 2030’ initiative. Harbour Energy is taking significant steps within its operations to reduce emissions and achieve its commitment to be net-zero for Scope 1 and 2 emissions by 2035, the company said.
Linda Z. Cook, CEO of Harbour Energy
“At Harbour Energy our purpose is to play a significant role in meeting the world’s energy needs through the safe and efficient production of hydrocarbons, while creating value for our shareholders,” Linda Z. Cook, CEO of Harbour Energy, commented. Orcadian Energy has filed a revised concept selection for its Pilot field to include a significant improvement in process heat management and power generation efficiency. To further improve emissions performance Orcadian has also chosen to include a floating wind turbine in the development concept. Following a review by Crondall Energy Limited, these initiatives combined have the potential to reduce expected Scope 1 emissions from the development by over 80%, to 2.6 kgCO2e/bbl, Orcadian Energy said.
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U.S. manufacturing expanded in July at the fastest pace since March 2019, while factories across the euro area posted their first expansion in one-anda-half years. In China, a private gauge showed the country’s factory activity grew at a faster pace in July than at any point since January 2011. Equities strengthened with the S&P 500 Index rising as much as nearly 1%. Yet the deal between the Organization of Petroleum Exporting Countries and its allies to ease production cuts is keeping oil prices from rallying higher.
5
YEARS AGO
- BRENT OIL PRICE 2016 - $45.84 A team of scientists from CoorsTek Membrane Sciences, the University of Oslo (Norway), and the Instituto de Tecnología Química (Spain) has developed a new conversion of natural gas to liquids without CO2 emissions. The procedure used natural gas as raw material for aromatic chemicals and a ceramic membrane to make the direct, non-oxidative conversion of gas to liquids possible for the first time. It not only reduces cost and eliminates multiple process steps, but it also avoids any carbon dioxide (CO2) emissions. The resulting aromatic precursors are source chemicals for insulation materials, plastics, textiles, and jet fuel, among other products.
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- BRENT OIL PRICE 2011 - $110.22
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Shell finally stopped the leak from its faulty oil pipeline in the North Sea, ending the flow of oil undersea after 10 days of the worst oil spill in UK waters for a decade. Divers closed a relief valve which was the source of a small secondary leak, discovered after the first major leak in the pipeline at the Gannet Alpha platform had been plugged. Government officials opened an investigation into how the leak occurred and whether the correct procedures were followed. They also decided whether Shell should pay for government expenses incurred in the clean-up operation. Shell was fined £22,500.
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