BP profit drops to $1.8bn in third quarter

BP has reported a fall in profits in the third quarter of this year. It fell from $3 billion (£1.94bn) in the same period last year  to $1.8 billion (£1.16bn) this year. The result shows the impact of “sharply lower oil and gas prices”, it claims. It also shows the benefits of “a continuing strong downstream environment and performance and steadily lower […]

China ‘could cut energy use in metal sector by recycling scrap’

The best opportunity for China to cut energy usage in the metal sector is by producing it from scrap. That’s according to a new report by the US Energy Information Administration (EIA). In 2012 the Chinese iron and steel industry used 16 quadrillion British thermal units (Btu) of energy and the nonferrous metals industry used 2.1 quadrillion […]

Chevron to cut up to 7,000 jobs

US oil giant Chevron could cut up to 7,000 jobs. The firm made the announcement earlier today however it hasn’t said when it will happen. It follows a fall in its profits in the third quarter of this year. Chevron’s average price for a barrel of crude oil and natural gas liquid plummeted 51.7% from $87  (£56/Bbl) a […]

Chinese firm buys stake in 1.1GW UK wind project

A Chinese energy firm has signed an agreement to buy a stake in a 1.1GW offshore wind farm in Scotland. The deal allows China Three Gorges Corporation (CTG) to buy up to 30% stake in the Moray offshore wind project. It will initially invest between 10%-20% when the UK Government announces a new Contract for Difference […]

Oil firm fined £497k for environmental offences

An oil company has been ordered to pay a fine worth more than £497,000 for environmental offences. Essar Oil UK has also been fined £40,000 in relation to two separate incidents which occurred in 2012. According to the Environment Agency (EA), the roof of an oil storage tank failed under pressure at Stanlow Oil Refinery […]

UN: World’s climate pledges keep door open to 2°C limit

Nations can cost effectively meet their target of keeping the global temperature rise under 2°C. That’s according to a report released by the UN Framework Convention on Climate Change (UNFCCC), which analysed climate plans of 146 countries that represent 86% of global emissions. They are known as “Intended Nationally Determined Contributions” (INDCs) which the UN believes […]

New national wind energy college seeks experts

A new National College for Wind Energy is calling on industry experts interested in becoming a skills provider. Plans to establish the college was announced last year, with the Humber Region chosen as the headquarters. It aims to help the UK close the skills gap, enabling young people to gain professional qualifications. The Humber Local […]

Seismic data from underexplored North Sea areas collected

The first stage of collecting new seismic data in unexplored areas of the North Sea as part of a £20 million campaign has been completed. Funded by the UK Government, the project saw WesternGeco acquire 20,000km of new 2D seismic shoot using the Vespucci vessel (pictured), according to the Oil and Gas Authority (OGA). The […]

Gas system oversupplied – DMR

The UK gas system is oversupplied, according to npower’s daily market report. The linepack is forecast 10mcm long. Demand is low due to temperatures are three degrees above seasonal normal levels. Exports via the UK Interconnector are still higher than previous years. Tim Carter from npower’s Optimisation Desk said: “Latest temperature revisions have also been increased […]

Energy on Infrastructure Commission’s agenda, will oversee £100bn investment

George Osborne has committed to spending £100 million in infrastructure projects, including energy, by the end of the decade. Launching the new National Infrastructure Commission, led by former Cabinet Minister Lord Adonis, the Chancellor set out plans today to “get Britain building”. The new eight-strong Commission panel is an independent body that will determine the […]