Five European energy companies are to invest as much as €950 million (£807m) each to fund Gazprom’s gas pipeline. ENGIE, OMV, Shell, Uniper and Wintershall have signed financing agreements with Nord Stream 2 AG, the company responsible for the planning, construction and operation of the Nord Stream 2 pipeline. The 1,220-kilometre pipeline will have the […]

The first plant to convert solid biomass such as wood chips and straw directly into diesel fuel opened last week in Austria. Said to be the first of its kind in the world, the BioCRACK pilot plant at a petrochemical refinery in Schwechat extracts the diesel by heating the biomass with heavy oil to over […]

Independent oil and gas company, Faroe Petroleum, has found oil in its first operated exploration well on the Fulla Prospect in the west of Shetland. The well, located 31 kilometres to the north east of the BP-operated Clair field platform, and reservoir quality is said to be better than expected. Graham Stewart, Chief Executive of […]

A group of oil firms led by BP and Shell are planning a £3billion project in the North Sea despite tax levels that many have branded punitive. The oil giants will re-develop two existing oilfields that could produce around 450 million barrels until 2035 and beyond. Bob Dudley, group chief executive at BP said the […]