Category: Highlights

Refinery workers at BP’s biggest refinery in Europe are on a partial strike over demands for higher wages and will not cooperate in efforts to restart the Rotterdam refinery, which is currently offline. Employees at the 400,000-bpd refinery, a major supplier of diesel to northern Europe, threatened earlier this month to go on a strike if their pay rise demands are not met. The Rotterdam refinery accounts for almost 3% of northern Europe’s refining capacity, and delays to its restart could exacerbate the diesel crunch in Europe.    In early November,…

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UK oil and gas companies are facing a bill of some $24 billion, or 20 billion pounds, for plugging unused wells, Reuters has reported, citing figures from Offshore Energies UK, the industry body. There are more than 2,000 old wells and related facilities that would need to be put out of commission over the next ten years. What’s more, the bill will swell particularly fast in the next three to four years, OEUK said, as more and more wells will be shut down. The average cost of decommissioning a well is…

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OPEC’s de facto leader Saudi Arabia and OPEC+’s other members are discussing an oil production increase, OPEC delegates said on Monday, according to the Wall Street Journal. The full group will meet next on December 4 to set out OPEC+’s production plans for January 2023—and the group is reportedly considering an increase of up to half a million barrels a day. The timing of the production target increase—if the group agrees to it—would be just one day before the effective date of both the EU’s Russian oil embargo and G7…

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Europe’s largest battery energy storage system by megawatts per hour will be officially online from today, marking a new era in power diversification in the UK. Harmony Energy Income Trust, which invests in battery energy storage assets in Britain, today unveiled its first portfolio project of 196 MWh in Pillswood, East Yorkshire – which uses Tesla technology to store energy. The Pillswood project employs Tesla 2-hour Megapack technology systems and has the capacity to store up to 196 MWh of electricity in a single cycle – the equivalent capacity to…

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SHARM EL-SHEIKH: A fraught UN climate summit wrapped up Sunday with a landmark deal on funding to help vulnerable countries cope with devastating impacts of global warming — but also anger over failure to push further ambition on cutting emissions. The two-week talks in Egypt’s Red Sea resort of Sharm el-Sheikh, which at times appeared to teeter on the brink of collapse, delivered a major breakthrough on a fund for climate “loss and damage”. A final COP27 statement covering the broad array of efforts to grapple with a warming planet…

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