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Russian Oil and Gas Challenges
Order Code RL33212 Russian Oil and Gas Challenges Updated June 20, 2007 Robert Pirog Specialist in Energy Economics and Policy Resources, Science, and Industry Division Russian Oil and Gas Challenges Summary Russia is a major player in world energy markets. It has more proven natural gas reserves than any other country, is among the top ten in proven oil reserves, is the largest exporter of natural gas, the second largest oil exporter, and the third largest energy consumer. Energy exports have been a major driver of Russia’s economic growth over the last five years, as Russian oil production has risen strongly and world oil prices have been very high. This type of growth has made the Russian economy dependent on oil and natural gas exports and vulnerable to fluctuations in oil prices. The Russian government has moved to take control of the country’s energy supplies. It broke up the previously large energy company Yukos and acquired its main oil production subsidiary. The Duma voted to give Gazprom, the state- controlled natural gas monopoly the exclusive right to export natural gas; Russia moved to limit participation by foreign companies in oil and gas production and Gazprom gained majority control of the Sakhalin energy projects. Russia has agreed with Germany to supply Germany and, eventually, the UK by building a natural gas pipeline under the Baltic Sea, bypassing Ukraine and Poland. In late 2006 and early 2007, Russia cut off and/or threatened to cut off gas or oil supplies going to and/or through Ukraine, Moldova, Georgia, and Belarus in the context of price and/or transit negotiations — actions that damaged its reputation as a reliable energy supplier. -
Enquest Announces the Appointment of Neil Mcculloch As Head of Its North Sea Business
ENQUEST ANNOUNCES THE APPOINTMENT OF NEIL MCCULLOCH AS HEAD OF ITS NORTH SEA BUSINESS EnQuest PLC is pleased to announce the appointment of Neil McCulloch as President, North Sea, with effect from 1 April 2014. Neil has held a number of senior positions in the oil and gas sector, and joins EnQuest from international oil and gas company OMV AG, where he held the global role of Senior Vice President Production & Engineering. Prior to this, Neil spent 11 years with BG Group in a range of senior UK and international roles, most recently as Vice President & Asset General Manager, UK Upstream, with accountability for the delivery of BG’s UK North Sea business. Neil will succeed David Heslop, who retires from his role as Managing Director UKCS on 1 April 2014. Thereafter David will continue to support EnQuest in an advisory capacity or on special projects. Amjad Bseisu, Chief Executive of EnQuest said: “I am delighted to welcome Neil as head of our North Sea business. With his wealth of technical and management experience in the oil and gas industry and in the UK North Sea in particular, I am confident that Neil will be an excellent member of EnQuest’s senior management team and will make a valuable contribution to the growth and development of EnQuest over the coming years. “The Board and I would also like to express our sincere gratitude to David for his contribution to EnQuest in our formative years; his leadership, knowledge and experience have been key to many of EnQuest’s successes and achievements, and have helped us to build a world class organisation in Aberdeen. -
Economic Impacts of CO 2 Enhanced Oil Recovery for Scotland Final Report
Economic impacts of CO Economic Economic impacts of CO 2 enhanced If you require this publication in an alternative format and/or language please contact the oil recovery for Scotland Scottish Enterprise Helpline on 0845 607 8787 to discuss your needs. Scottish Enterprise Final report Atrium Court 50 Waterloo Street 2 Glasgow Scotland for oil recovery enhanced G2 6HQ Helpline: 0845 607 8787 Led by: with and E-mail: [email protected] Element Energy Limited Dundas Consultants The Institute of 78 Margaret Street 7 Queens Gardens Petroleum Engineering www.scottish-enterprise.com London W1W 8SZ Aberdeen Heriot Watt University Tel: 01223 852496 AB15 4YD Edinburgh EH14 4AS Final report SE/3669/Oct12 Authors Harsh Pershad and Emrah Durusut (Element Energy) Alan Crerar and David Black (Dundas Consultants) Eric Mackay and Peter Olden (Heriot Watt University) For comments or queries please contact: Dr. Harsh Pershad [email protected] +44 (0)1223 852 496 Mr. Emrah Durusut [email protected] +44 (0)330 119 0982 Caveat While the authors consider that the data and opinions in this report are sound, all parties must rely on their own judgement and skill when using it. The authors do not make any representation or warranty, expressed or implied, as to the accuracy or completeness of the report. There is considerable uncertainty around the development of oil markets, CCS technology, and CO2-EOR specifically. The available data and models on sources and sinks are extremely limited and the analysis is therefore based on purely hypothetical scenarios. Any maps, tables and graphs are provided for high-level illustrative purposes only; no detailed location-specific studies have been carried out and no oil company has provided detailed decision-making inputs. -
Coos County Gas Pipeline Minimal Infrastructure
CURZON ENERGY PLC 2 IMPORTANT NOTICE By attending this presentation and/or accepting these slides you agree to be bound by the following conditions and It is not intended that the Presentation Materials be distributed or passed on, directly or indirectly, to anyone other will be taken as having represented and undertaken that you have agreed to do so. These presentation slides and than a Relevant Person. Persons of any other description, including those that do not have professional experience in accompanying verbal presentation (“Presentation Materials”) have been prepared by Curzon Energy PLC (“Company”) matters relating to investment, should not rely or act upon the Presentation Materials. Any investment, investment in relation to (i) the proposed acquisition by the Company of Coos Bay Energy LLC, a Nevada corporation which owns activity or controlled activity to which the Presentation Materials may ultimately relate is available only to Relevant coalbed methane gas accumulations in Coos Bay County, Oregon, USA; (ii) the proposed admission of the ordinary Persons and will be engaged in only with such Relevant Persons. share capital of the Company to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules) and The Presentation Materials are confidential and being supplied to you for your own information and may not be to trading on the London Stock Exchange’s main market for listed securities and (iii) the proposed placing of ordinary reproduced, further distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other shares in the capital of the Company. The Presentation Materials do not comprise an admission document, listing person or published, in whole or in part, for any purpose whatsoever. -
Offshore Wind Operations & Maintenance a £9 Billion Per
OFFSHORE WIND OPERATIONS & MAINTENANCE A £9 BILLION PER YEAR OPPORTUNITY BY 2O3O FOR THE UK TO SEIZE OPERATIONS & MAINTENANCE SUMMARY New data compiled by the Offshore Renewable Energy (ORE) Catapult reveals the UK offshore wind operations & maintenance (O&M) market will grow faster in relative terms than any other offshore wind sub sector market over the next decade. By 2O3O, it will be the UK’s second largest sub sector market after turbine supply: a projected £1.3 billion per year opportunity. The Rest of the World (excluding UK) offshore wind O&M market opportunity is even greater. We project it will be valued at £7.6 billion per year by 2030. To discuss commercial dynamics in offshore wind O&M, we conducted an interview with energy industry leader Sir Ian Wood, which is summarised below. His comments highlight that offshore wind O&M is an area that plays to the UK’s existing strengths in offshore oil and gas services and associated technologies. O&M already has the highest level of UK content of any part of the offshore wind supply chain. In short, there is a sizable opportunity for the UK to create internationally significant service businesses in offshore wind O&M, learning from experience from the North Sea oil and gas industry. We already have the vital elements to capture this opportunity but investment in infrastructure to create the environment for collaborative development and demonstration of the enabling technologies and services is required. DEFINING OFFSHORE WIND O&M A clear definition of offshore wind O&M comes from a report published by GL Garrad Hassan: Offshore wind O&M is the activity that follows commissioning to ensure the safe and economic running of the project. -
Prospective Decommissioning Activity and Infrastructure Availability in the UKCS
NORTH SEA STUDY OCCASIONAL PAPER No. 122 Prospective Decommissioning Activity and Infrastructure Availability in the UKCS Professor Alexander G. Kemp and Linda Stephen October, 2011 DEPARTMENT OF ECONOMICS ISSN 0143-022X NORTH SEA ECONOMICS Research in North Sea Economics has been conducted in the Economics Department since 1973. The present and likely future effects of oil and gas developments on the Scottish economy formed the subject of a long term study undertaken for the Scottish Office. The final report of this study, The Economic Impact of North Sea Oil on Scotland, was published by HMSO in 1978. In more recent years further work has been done on the impact of oil on local economies and on the barriers to entry and characteristics of the supply companies in the offshore oil industry. The second and longer lasting theme of research has been an analysis of licensing and fiscal regimes applied to petroleum exploitation. Work in this field was initially financed by a major firm of accountants, by British Petroleum, and subsequently by the Shell Grants Committee. Much of this work has involved analysis of fiscal systems in other oil producing countries including Australia, Canada, the United States, Indonesia, Egypt, Nigeria and Malaysia. Because of the continuing interest in the UK fiscal system many papers have been produced on the effects of this regime. From 1985 to 1987 the Economic and Social Science Research Council financed research on the relationship between oil companies and Governments in the UK, Norway, Denmark and The Netherlands. A main part of this work involved the construction of Monte Carlo simulation models which have been employed to measure the extents to which fiscal systems share in exploration and development risks. -
Petroleum Geology of Northwest Europe: Proceedings of the 4Th Conference Volume 1 Petroleum Geology of Northwest Europe: Proceedings of the 4Th Conference
Petroleum Geology of Northwest Europe: Proceedings of the 4th Conference Volume 1 Petroleum Geology of Northwest Europe: Proceedings of the 4th Conference held at the Barbican Centre, London 29 March-1 April 1992 Volume 1 edited by J. R. Parker Shell UK Exploration and Production, London with I. D. Bartholomew Oryx UK Energy Company, Uxbridge W. G. Cordey Shell UK Exploration and Production, London R. E. Dunay Mobil North Sea Limited, London O. Eldholm University of Oslo A. J. Fleet BP Research, Sunbury A. J. Fraser BP Exploration, Glasgow K. W. Glennie Consultant, Ballater J. H. Martin Imperial College, London M. L. B. Miller Petroleum Science and Technology Institute, Edinburgh C. D. Oakman Reservoir Research Limited, Glasgow A. M. Spencer Statoil, Stavanger M. A. Stephenson Enterprise Oil, London B. A. Vining Esso Exploration and Production UK Limited, Leatherhead T. J. Wheatley Total Oil Marine pic, Aberdeen - 1993 Published by The Geological Society London THE GEOLOGICAL SOCIETY The Society was founded in 1807 as The Geological Society of London and is the oldest geological society in the world. It received its Royal Charter in 1825 for the purpose of 'investigating the mineral structure of the Earth'. The Society is Britain's national learned society for geology with a membership of 7500 (1992). It has countrywide coverage and approximately 1000 members reside overseas. The Society is responsible for all aspects of the geological sciences including professional matters. The Society has its own publishing house which produces the Society's international journals, books and maps, and which acts as the European distributor for publications of the American Association of Petroleum Geologists and the Geological Society of America. -
A Historic North Sea Oil Discovery
AA historichistoric NorthNorth SeaSea oiloil discoverydiscovery 1616 AugustAugust 20112011 Sigrid Borthen Toven, VP Exploration North Sea South 1- Aldous Major South A new giant discovery “right in our back yard” High impact discovery in our core area • Utsira High, Greater Sleipner area • ~140 km west of Stavanger • 35 km south of Grane • Water depth: 112 meters Stavanger • Reservoir depth: ~ 1900 meters • Drilling rig: Transocean Leader 16/2-8 Aldous Major South PL265 license operated by Statoil • Statoil 40% • Petoro 30% • Det norske oljeselskap 20% ILLUSTRATIVE • Lundin 10% 2-2 - Aldous and Avaldsnes combined potential Probably largest NCS discovery since mid-80s Aldous • Oil/water contact confirms communication Major North • Combined discovery in PL 265 and PL 501 between 500 million and 1.2 billion barrels of PL 501 Avaldsnes recoverable o.e. (est.) discovery well • 200 to 400 million barrels proven by well 16/2-8 PL 265 with strong indications from well data of another Avaldsnes 200 to 400 million barrels in the same structure appraisal 5km • 100 to 400 barrels previously estimated in PL 501B Avaldsnes Aldous Major South • Aldous Major North well 16/2-9 (PL265) will clarify discovery well further upside potential and eventual Avaldsnes communication with Aldous/Avaldsnes appraisal PL 502 • Further appraisal drilling in licence PL 265 next year to clarify the full volume potential Aldous (PL 265) Avaldsnes (PL 501) • Statoil 40% (operator) • Lundin 40% (operator) • Petoro 30% • Statoil 40% • Det norske 20% • Mærsk 20% • Lundin 10% -
Net Zero North Sea a Managed Transition for Oil and Gas in Scotland and the Uk After Covid-19
Institute for Public Policy Research NET ZERO NORTH SEA A MANAGED TRANSITION FOR OIL AND GAS IN SCOTLAND AND THE UK AFTER COVID-19 Joshua Emden, Luke Murphy and Russell Gunson December 2020 ABOUT IPPR IPPR, the Institute for Public Policy Research, is the UK’s leading progressive think tank. We are an independent charitable organisation with our main offices in London. IPPR North, IPPR’s dedicated think tank for the North of England, operates out of offices in Manchester and Newcastle, and IPPR Scotland, our dedicated think tank for Scotland, is based in Edinburgh. Our primary purpose is to conduct and promote research into, and the education of the public in, the economic, social and political sciences, science and technology, the voluntary sector and social enterprise, public services, and industry and commerce. Other purposes include to advance physical and mental health, the efficiency of public services and environmental protection or improvement; and to relieve poverty, unemployment, or those in need by reason of youth, age, ill-health, disability, financial hardship, or other disadvantage. IPPR 14 Buckingham Street London WC2N 6DF T: +44 (0)20 7470 6100 E: [email protected] www.ippr.org Registered charity no: 800065 (England and Wales), SC046557 (Scotland) This paper was first published in December 2020. © IPPR 2020 The contents and opinions expressed in this paper are those of the authors only. The progressive policy think tank THE IPPR ENVIRONMENTAL JUSTICE COMMISSION Caroline Lucas Hilary Benn Green party MP for Brighton Pavilion -
A Personal Journey Presentation by Tony Craven Walker to Scottish Oil Club – Edinburgh 16 May 2019
FIFTY YEARS IN THE NORTH SEA: A PERSONAL JOURNEY PRESENTATION BY TONY CRAVEN WALKER TO SCOTTISH OIL CLUB – EDINBURGH 16 MAY 2019 Ladies and Gentlemen. I am delighted to be here today. As we are in Scotland, the home of whisky, I was tempted to call this talk “Tony Walker – Started 1965 - Still Going Strong”. Then I read about Algy Cluff’s retirement last week described as “The Last Man Standing” so I was tempted to call it “The Last Man Still Standing”. But I decided on FIFTY YEARS IN THE NORTH SEA: A PERSONAL JOURNEY. With around one hour allotted that works out at around one year per minute so I had better get a move on! Actually it has been 54 years since I joined the oil industry but what a journey it has been. One which is not over just yet as far as I am concerned and one which has given me great challenges and great pleasure. Before diving into things I thought it might be fun to mention that Anton Ziolkowski, your President, and I go back way into the 1950’s when we were neighbours living next door to each other as small boys in London. It is curious and always amazing how the world works to find that we are in the same industry and he has invited me to speak today. I will keep to myself some of the pranks that Anton and I got up to as youngsters, “tin-can tommy” and “mud-ball sling” spring to mind, as I certainly don’t want to embarrass your president. -
Economic Impact of Aberdeen Harbour Nigg Bay Development
BiGGAR Economics Economic impact of Aberdeen Harbour Nigg Bay Development A final report to Scottish Enterprise th 19 December 2013 BiGGAR Economics Midlothian Innovation Centre Pentlandfield Roslin, Midlothian EH25 9RE 0131 440 9032 [email protected] www.biggareconomics.co.uk CONTENTS Page 1 EXECUTIVE SUMMARY ....................................................................................... 1 2 INTRODUCTION ................................................................................................... 4 3 POLICY CONTEXT AND PROJECT DESCRIPTION ........................................... 7 4 ECONOMIC AND MARKET CONTEXT .............................................................. 13 5 APPROACH ........................................................................................................ 23 6 BASELINE ECONOMIC ANALYSIS ................................................................... 26 7 ASSUMPTIONS ABOUT FUTURE DEVELOPMENT ......................................... 37 8 REFERENCE CASE ............................................................................................ 47 9 FULL DEVELOPMENT SCENARIO ................................................................... 50 10 BASIC DEVELOPMENT SCENARIO ............................................................... 53 11 SUMMARY AND CONCLUSIONS .................................................................... 57 12 APPENDIX 1 - SENSITIVITY ANALYSIS ......................................................... 60 13 APPENDIX 2 – GLOSSARY ............................................................................ -
World Oil: Market Or Mayhem?
Journal of Economic Perspectives—Volume 23, Number 3—Summer 2009—Pages 145–164 World Oil: Market or Mayhem? James L. Smith nergy analysts sometimes speak of oil’s “golden era,” that 100-year stretch between 1874 and 1974 when the real price was relatively stable within a E range from $10 to $20 per barrel (BP, 2008) in 2007 dollars. Figure 1 shows that in recent decades, that stability has ended. In October 1973, several Arabic members of the Organization of the Petroleum Exporting Countries (OPEC) announced that in response to U.S. support for Israel during the 1973 Arab–Israeli war, they would place an embargo on oil exports to the United States. That action caused real oil prices to soar from $12 to $53 per barrel within four months. Later in the 1970s, political turmoil in Iran and the Iran–Iraq war again rattled the market and by January 1981 pushed the real price up to $95. Eventually, oil prices fell back to earth with a thud, bottoming out at $21 per barrel in July 1986. The roller coaster ride of prices has continued more recently. After oil prices skidded to a low of $12 per barrel in December 1998 in the wake of the Asian financial crisis, oil stabilized again around $30 during 2000–2004 before a breathtaking ascent that reached $145 per barrel by July 2008—only to dip below $40 per barrel again before the end of 2008. A unique combination of economic circumstances surrounds oil markets. A short list would include extremely high price volatility; the prominent role and unusual longevity of a major cartel (OPEC); the absolute size and scope of the oil industry and its important links to industrialization, economic growth, and the global distribution of wealth; nagging doubts about the sustainability of the re- source base; substantial volumes of petroleum-related CO2 emissions that pull oil y James L.