China and Shell to share shale gas

Oil giant Shell and China’s semi-state oil firm CNPC will share their Chinese shale gas activity including exploration and production after a deal announced yesterday. Shell said it will be the first shale gas Production Sharing Contract (PSC) ever signed in China. Covering the Fushun-Yongchuan block in the Sichuan Basin, the contract area is roughly […]

Labour MP says Davey is wrong on gas standard

Labour MP Alan Whitehead has slammed Ed Davey’s plans for gas power stations saying they’ll make a mockery of climate change targets. Mr Whitehead, who sits on the Energy Select Committee said the Energy Secretary was wrong to set the gas Emissions Performance Standard at a level of 450g/kWh, as he believes this will do […]

Budget 2012: Osborne thirsty for North Sea oil

Chancellor of the Exchequer George Osborne has guaranteed tax relief for the decommissioning of North Sea oil and gas as he aims to stimulate investment in Britain’s energy sector. Mr Osborne said his 2012 Budget would support renewable energy, but warned that “environmentally sustainable has to be fiscally sustainable too.” Mr Osborne told Parliament he […]

Chancellor says energy in mind for Budget

After receiving the boost of an Emissions Performance Standard from DECC this weekend, the gas industry was told by George Osborne he would work on securing further investment for the North Sea. The Chancellor or the Exchequer said: “As we work towards a new gas strategy in the autumn, Treasury ministers will host a roundtable […]

A pot of oil at the end of the rainbow

Ireland’s first commercially viable oil well is flowing at double the amount previous estimates suggested, according to the oil and gas firm which operates it. Providence Resources announced its successful tests at the well in the North Celtic Sea Basin off the coast of southern Ireland, brought up 4,000 barrels of oil equivalent a day. […]

UK ramps up gas plant planning to dismay of green charity

Environmental charity Friends of the Earth has claimed the UK energy suppliers are planning to build too many gas plants, which could produce unnecessary extra emissions. According to its analysis up to 9GW of new gas-fired electricity generation could come on line by 2016, nearly twice the additional 4.9GW the Government projects may be needed […]

International economic woes hit gas prices

Negative employment figures in Germany and US industry weaknesses affected gas prices, according to npower’s fortnightly market report. Magali Hodgson, npower Optimisation Desk Manager said “poor German employment data, disappointing US manufacturing data and low UK demand” meant gas prices finished down. In contrast oil prices “continue to make strong gains”, trading consistently above $120/bbl, […]

Mozambique at heart of East African gas boom

Mozambique is at the heart of a rush for East African gas, according to analysts at the Economist Intelligence Unit. They believe firms are looking in new locations for gas because historically producing areas such as the Middle East are tricky to break into. Peter Kiernan, Energy Analyst claims the “biggest story” is offshore gas […]

Will Centrica boss do a Hester and waive bonus?

Campaigners are calling for Centrica’s chief executive to give up his bonus after criticising him for lining his “bulging pockets” at the expense of ordinary householders. Greenpeace want Sam Laidlaw to waive his bonus like Stephen Hester, the boss of taxpayer-bailed out bank RBS, who recently gave up one million-pound’s worth of shares under pressure […]

Centrica profits up in ‘tough year’

Centrica made £52 profit from every home it supplies last year. It revealed this today in its annual report, which showed earnings were £1.3 billion. A fifth of Centrica’s profits were made in the domestic sector, while the bulk came from the upstream oil business (42%) which made £1,023 million. Centrica said British Gas’s residential […]