EU (and UK) faces headwinds on higher hanging decarbonisation fruits

EU is ontrack to fully decarbonise power by 2050The EU is making good progress and remains the leader on decarbonisation. Focus over the past decade has been on renewable power installation which has been a massive success - only 61% of EU electricity was from renewable sources in 2022 with only 39% from fossil fuels. Power generation accounted for c.25% of emissions in 2021. With continued roll-out of renewables, which is now cost competitive with...

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Chart of the week: Bilateral Hydrogen Trade Agreements and MOUs

 Source: IRENA, as of November 2...

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Jersey Oil & Gas next in line to be Canned?

 Following the UK Government's rejection to approve the Cambo development in the West of Shetlands, leading to Shell's exit from the field, and the scrapping of the Rosebank development by Equinor, it is clear that the UK Government is increasingly turning its focus away from North Sea Oil & Gas. The UK Government is laser focused on the Energy Transition and is supporting the renewable energy development, hydrogen and carbon capture.Against...

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SSE and Equinor developing plans for hydrogen storage in West Yorkshire

 SSE Thermal and Equinor are developing plans for one of the world’s largest hydrogen storage facilities at their existing Aldbrough site on the East Yorkshire coast. The facility could be storing low-carbon hydrogen as early as 2028.The existing Aldbrough Gas Storage facility, which was commissioned in 2011, is co-owned by SSE Thermal and Equinor, and consists of nine underground salt caverns, each roughly the size of St. Paul’s Cathedral. Upgrading the site to store hydrogen would involve converting the existing caverns or creating new purpose-built...

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European gas prices hit decade highs

 NBP is at 75p/therm (~33% increase YTD)TTF is at €30.4/MWh (~65% increase YTD)Despite the sharp rise in European gas prices and arbitrage opportunity for US LNG into Europe, LNG cargoes are being pulled to Asia where prices remain elevated and fetching premiu...

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Norway's offshore electrification grid

The Utsira High network powers a number of key fields on the Norwegian Continental Shelf including:Johan Sverdrup (Equinor)Edvard Grieg (Lundin)Ivar Aasen (Akerbp)Gina Krog (Equinor)Gudrun (Equinor)Sleipner (Equin...

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BP close to selling Shearwater

NEWS: BP is rumoured to be close to finalising a sale of its 28% stake in the Shearwater field to Tailwind Energy, a North Sea explorer headed by ex-CNOOC veteran Steve Edwards and financing to be obtained from shareholder Mercuria.BP has previously agreed to sell the asset to Premier Oil in 2020 but that deal fell through as a result of the collapse on oil prices and COVID-19. Premier Oil had also agreed to buy BP's Andrew asset at the time.BP is also divesting the Andrew asset and it is understood that is being sold to another par...

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