London, February 24, 2025 (Oilandgaspress) –- BP will this week abandon plans to radically increase green energy generation and instead ramp up oil production, according to reports. The British energy giant will ditch its plan to increase renewable generation 20-fold by 2030, Reuters reported.
The move is expected to be announced at an investor meeting on Wednesday and comes after Murray Auchincloss, the BP chief executive, promised a “fundamental reset” of the company’s strategy.BP is expected to refocus on its lucrative fossil fuels business as it turns away from green energy. Read More
Volodymyr Zelenskyy said on Monday that Ukraine will insist that a tribunal be set up to hold those responsible for the war accountable “even when we go to diplomacy”, as Russia’s full-scale invasion enters its fourth year. “When we speak about just peace, it is difficult to find what is just about this war. We will never forget and we cannot forget. These people will answer,” the Ukrainian President said in response to a question from Euronews. “Of course, we will work on (a) tribunal, even after the hard part of this war, even when we go to diplomacy.”
Zelenskyy, speaking in Kyiv alongside several world leaders who made the trip to mark the third anniversary of the start of Russia’s full-scale invasion of Ukraine, expressed hope that the war could end “this year”... Read More
National Grid is inviting communities to comment on its latest proposals for North Humber to High Marnham, a planned new overhead electricity transmission line that would run for approximately 90 km between two new substations at Birkhill Wood and High Marnham. The eight-week public consultation begins on Tuesday 18 February and runs until Tuesday 15 April 2025.
The proposals for North Humber to High Marnham will reinforce the electricity transmission network and help provide much-needed additional capacity between the North of England and the Midlands. As part of The Great Grid Upgrade, the project will help the country meet future energy demands. National Grid previously consulted communities on its early proposals for the project at two non-statutory consultations in 2023 and 2024. Since then, it has carefully reviewed the feedback received alongside the outcome of technical and environmental studies. This work has fed into the development of detailed plans, including a preferred route alignment. National Grid is now seeking feedback on these detailed plans ahead of submitting an application for development consent to the Planning Inspectorate next year….. Read More
LionLink interconnector announces Walberswick as the preferred landfall location for the new subsea interconnector between the UK and the Netherlands*.
Why Walberswick? The decision to select Walberswick as the preferred landfall location follows extensive environmental and technical analysis and two community consultations. Key reasons for this choice include**:
Lower environmental impact: The overall environmental impact of the project will be less at Walberswick. Fewer heritage trees, hedgerows and waterways will be affected by the route. Reduced disruption for residents: The shorter route will reduce traffic disruption. By using existing farm tracks for access, local roads can be avoided to minimise the impact on Walberswick. Sustainability: Walberswick is less susceptible to coastal erosion and flooding, making it a more sustainable option for the long-term operation of LionLink.
Shorter onshore cable route: The Walberswick site requires a shorter onshore cable route (19.9 km) compared to the Southwold route (32.8 km). This will reduce the environmental impact and disruption to residents. LionLink is a vital first step towards an integrated North Sea Grid. It will be the first time that an interconnector links to an offshore windfarm at scale as well as enabling the transfer of energy between the UK and Dutch electricity grids. This means fewer connections from the sea to the land and less impact on coastal communities.
LionLink will bring renewable offshore wind energy to the UK and connect the Dutch and UK energy grids, enhancing the UK’s energy security and lowering household bills. 84% of LionLink’s cable is offshore and all of the onshore cable will be buried underground. Read More
National Grid plc (“National Grid”) today announces that it has agreed to sell its National Grid Renewables US onshore renewables business to Brookfield Asset Management and its institutional partners including Brookfield Renewable Partners.This transaction is another important step in delivering National Grid’s previously communicated strategy to focus on networks and streamline our business, as announced in May 2024. The terms of the transaction imply an enterprise value for National Grid Renewables of $1.735 billion. The final cash consideration will be subject to customary completion adjustments.
Completion of the transaction will be subject to certain consents and regulatory approvals. Subject to these clearances, National Grid expects that the transaction will complete in the first half of the financial year ending 31 March 2026. Read More
Euronews Business looks at how residential electricity and gas prices have evolved since Russia’s invasion of Ukraine and compares prices with pre-invasion levels. Three years ago, on 24 February, Russia invaded Ukraine. The war is still ongoing and has had a significant impact on energy prices, with the share of Russia’s pipeline gas in EU imports dropping from over 40% in 2021 to about 8% in 2023, according to the European Council.
A massive Russian military build-up and escalating hostile rhetoric in 2021, signalling a planned attack on Ukraine, had already triggered a sharp surge in energy commodity prices throughout the year. While European governments implemented various policies to ease the impact on households, household energy prices continued to rise gradually throughout 2021 and surged further following the invasion.
Selecting a baseline for price comparisons is challenging. To better illustrate the impact of price fluctuations on households, we use multiple comparisons based on the Household Energy Price Index (HEPI), compiled by Energie-Control Austria, MEKH, and VaasaETT.
The “Pre-Invasion One-Year Average” represents the 12-month period from February 2021 to January 2022, while the “Three-Year Post-Invasion Average” covers from February 2022 to January 2025. ... Read More
Nissan already reeling from failed merger talks with Honda, just suffered another blow. Moody’s this morning downgraded its credit rating to ‘junk’ status, citing weak profitability and an aging vehicle lineup.A junk credit rating signals to investors that lending money to Nissan is now considered a very risky bet. In turn, the company, which sold the fifth most cars in the U.S. in 2024, will likely have to pay higher interest rates to borrow money. Read More
Every energy supplier will be required to offer energy tariffs with low or no standing charges so customers can choose to pay these costs as part of the unit rate, under plans published by Ofgem today.
The regulator has launched a consultation on how proposals to introduce an option under the price cap that will cover zero standing charge tariffs, where the fixed costs covered by standing charges would shift to unit rates, could work in practice. Ofgem’s proposal is for these tariffs to be available for next winter (2025/2026).
Standing charges cover the fixed costs of delivering energy to peoples’ homes and businesses, including the cost of essential maintenance and infrastructure upgrades. Tens of thousands of consumers responded to Ofgem’s call for input and asked for standing charges to be removed altogether, saying that reducing or removing standing charges would make it easier for them to manage their bills or pay back debt.
However the regulator is clear that it cannot remove the costs that make up the standing charge from the system, it can only moved from one part of the bill to another. This means that tariffs without a standing charge will have a higher unit rate. These may be better suited to those who are low energy users but will not automatically equate to a cost saving for all consumers. . Read More
OVO, one of the largest energy suppliers in the UK, has confirmed it will move into a new office in the city centre in early 2026. OVO will vacate 1 Rivergate and move to Crescent in Temple Quay as its main Hub in Bristol. The energy supplier has 4,500 employees, with nearly 1,000 people working in Bristol. Designed with both people and planet in mind, the new office prioritises both sustainability and wellbeing. Its design is focused on reducing environmental impact. By reusing the existing structure, the building avoided 3,200 tons of CO2e, helping to lower its carbon footprint. The building also includes energy-efficient systems, more sustainable materials, and a bike-friendly design. Employees will continue to enjoy OVO’s way of working, which includes a flexible and sustainable approach to benefits, working and annual leave, as well as discounts on OVO products and services designed to help reduce their carbon footprint.
In total, OVO will have 22,000 square feet of space in the building. The building offers a range of shared amenities, including a café for informal catch-ups and a fitness studio to help OVO’s people stay active. . Read More
The Board of Wood notes the recent media speculation and confirms that it has received an approach from Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (“Sidara”) in relation to a possible offer for the entire issued and to be issued share capital of the Company (the “Proposal”).
Wood shareholders are advised to take no action in relation to the Proposal.
There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made when appropriate. In accordance with Rule 2.6(a) of the Code, Sidara is required, by not later than 5.00 p.m. on 24 March 2025, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
The person responsible for arranging the release of this announcement on behalf of Wood is John Habgood, Company Secretary. Read More
John Wood Group PLC was awarded a $120 million contract extension by Shell UK Limited to provide brownfield engineering, procurement and construction (EPC) to onshore and offshore assets across the UK.
The two-year, cost-reimbursable contract extension, centres on providing brownfield EPC services, as well as subsea and integrity management, at the Shell UK-operated St Fergus and Mossmorran onshore terminals and the Nelson, Gannet and Shearwater offshore assets. New to the contract scope, Wood is also providing EPC services on the Penguins FPSO.
Ken Gilmartin, CEO at Wood said: “We are proud to continue our decades-long relationship with Shell in the UK, focusing on the continued delivery of safe, reliable energy supply. The extension is recognition of our people and their commitment to deliver best-in-class outcomes for our clients.”
The contract extension will be supported by around 240 Wood employees. Wood secured the original EPC contract in 2021. Read More
Further to its release on 23 December 2024 announcing a comprehensive financial restructuring plan, and its subsequent market update on 25 January 2025, the Petrofac provided the following updates: The Company has finalised agreements with key stakeholders to enable it to commence the court proceedings in relation to the Restructuring. Accordingly, the Convening Hearing will be held on 28 February 2025. The Sanction Hearing remains scheduled for 26 March 2025 and the Restructuring Effective Date is expected to take place on or around 31 March 2025.
The Group has now secured agreements with financial investors to facilitate the release of US$80 million of cash collateral which will be used to secure a performance bond in respect of a key E&C contract. This arrangement replaces the provision of New Guarantee Facilities by a Funded Creditor as described in the 23 December 2024 announcement.
Based on interest, the Group expects to upsize the equity raise by US$30 million, taking the total equity raise to US$224 million. This would increase the total new funding raised as part of the Restructuring to US$355 million.
In addition, in consultation with key investors and Bondholders, the Group will offer certain creditors the opportunity to participate in the equity raise by up to an incremental US$25 million, at the same price as other investors.
On the Restructuring Effective Date, the existing shareholders of the Company are expected to be allocated 2.2% of the Company’s total share capital (versus the 2.5% outlined in the 23 December announcement). 73.7% of Bondholders have now committed to support the restructuring plan by acceding to the Lock-Up agreement. This represents an increase of c. 16.7% since the launch of the restructuring and constitutes over half of the secured creditor class. Discussions with other secured creditors continue. Following the Convening Hearing, the Company will commence the subscription period during which secured creditors can elect to participate in the new money options available to them under the terms of the Restructuring. Further information regarding the process, timing and documentation will be made available through Kroll Issuer Services Limited as information agent. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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