Thursday, February 2, 2023
spot_img
HomeHeadlinesNorth Sea Producers to Explore Electrifying Oil and Gas Fields

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

North Sea Producers to Explore Electrifying Oil and Gas Fields

North Sea producers BP, Equinor and Ithaca Energy on Tuesday signed an agreement to study the electrification of oil and gasoffshore production facilities in West of Shetland area.

The initiative focuses on three of the North Sea’s largest fields – the BP-operated Clair field, and the Equinor-operated Rosebank and Ithaca-operated Cambo, two large discoveries that are earmarked for development.

Representatives of the three companies signed a memorandum of understanding to “explore electrification options for their West of Shetland oil and gas interests,” according to a joint statement. 

Electrifying offshore platforms would mark an important step towards reaching Britain’s targets to slash greenhouse gas emissions in the coming decades.

But electrifying the West of Shetland region would be complex and expensive due to rough weather conditions and the platforms’ long distance from shore.

Electrification could involve accessing power from shore, possibly using onshore wind, or from offshore wind. Full electrification of the fields would require around 200 megawatts of power, according to the statement.

The future of North Sea oil and gas production was dealt a blow after Prime Minister Rishi Sunak’s government increased a windfall tax on oil and gas producers, raising total taxes the sector pays in Britain to 75%, one of the highest rates in the world.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Bahri sees profits soar in 2022

Saudi Arabia’s Bahri has seen its profits soar by over 400% in 2022 following a boom in tanker rates, boosting the shipping giant’s oil...

Euronav Files Second Arbitration Against Frontline

Euronav NV hereby informs its shareholders that on 28 January 2023 it has filed an application request for arbitration on the merits in relation...

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...