Investors have given the green light for the development of an oil and gas field off the coast of Aberdeen. Neptune Energy along with its partners BP & Japex has agreed with a final investment decision to obtain Seagull field for production by the end of 2021. The expected initial production of Seagull is about 50,000 barrels of oil and gas per day over its 10-year lifespan. The subsea pipelines...Continue Reading

ENI, an Italian energy giant announced its oil and gas discovery in North Sea on Tuesday in production license 869 by its subsidiary Var Energi. According to the company’s press release, ENI holds 69.6% share of jointly owned Var Energi and 30.4% interest in HitecVision who have found this resource through a drilling exploration well 24/8-14s and horizontal appraisal well 24/9-14A in the Froskelar Main prospect. The wells were drilled...Continue Reading

Within 15 years, Royal Dutch Shell plans to become the world’s biggest power company. This move suggests it identifies climate change as a bigger threat to its business compared to electricity weak returns. According to Maarten Wetselaar, director of Shell’s integrated gas and new-energies unit, Shell spends as much as USD 2 billion a year on its new-energies division as a means to grow in the power sector, seeing that...Continue Reading

London-listed Independent Oil and Gas, which is seeking a partner to help build a new gas hub in the southern part of the North Sea, has rejected a takeover proposal from RockRose Energy. RockRose which is also buying Marathon Oil, a UK business of US upstream company said it had proposed a cash takeover of IOG on March 1 where the value is GBP26.6 million (USD 35 million), which is...Continue Reading

Equinor together with its partners Petoro, ConocoPhillips and Repsol have made an oil discovery in Telesto exploration well of North Sea from Visund A platform containing estimated resources of 12-28 MMbbl of recoverable oil. “We are pleased to have made a new discovery on Equinor-operated acreage on the Norwegian continental shelf (NCS). These are profitable barrels that can be quickly tied into existing infrastructure and generate substantial revenues for society....Continue Reading