Jordan MacDonald MEng CEng MIChemE

Union Jack Oil plc (AIM:UJO, OTCQB:UJOGF) has announced the results of a Carbon Intensity Study on the West Newton gas development project in East Yorkshire. The study, conducted by GaffneyCline & Associates Limited, awarded the project an AA rating for its potential upstream gas and condensate production. It revealed that the West Newton project's carbon intensities are significantly lower than the UK average for similar onshore projects. Specifically, the report estimated that West Newton could produce the equivalent of 2.87 grams of CO2 per megajoule of energy developed. The report highlighted opportunities to further reduce carbon intensity through improved practices, including minimizing flaring and venting emissions and employing gas-to-grid technologies. More at #Proactive #ProactiveInvestors http://ow.ly/SN8U105ugsv

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Chevron is set to exit the North Sea, selling its 19.4% stake in the Clair field, one of the UK's largest hydrocarbon resources. This move, part of their regular asset review, follows previous sales and aligns with their strategy to optimise their portfolio. The sale, potentially raising up to $1bn, comes amid their $53bn acquisition of Hess, currently facing a legal battle with ExxonMobil. Despite Chevron's claim that this decision isn't politically driven, it coincides with the UK's extended energy profits levy and Labour's proposal to increase the tax further. This sale marks a pivotal moment for the North Sea oil and gas industry. Read the full article to learn more about Chevron's strategic decisions and their impact on the UK’s energy sector: https://buff.ly/3WPLE9z #EnergyNews #Chevron #NorthSea #OilAndGas

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Ithaca Energy has agreed to buy nearly all of Eni's UK-based oil and gas producing assets for about 754 million pounds in stock, as it looks to become one of the biggest independent energy companies in the North Sea. The North Sea is an energy-rich region in the Atlantic Ocean that has long been coveted by European oil and gas companies for its potential, but aging reserves and security concerns have made development there challenging. The transaction is part of Eni's broader strategy to develop businesses focused on a geographical area or a specific activity and share the investment efforts with a partner. Reporting with Shanima A. and Francesca Landini for Reuters

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For our second panel this morning at the Future Oil & Gas Conference in Aberdeen, our experts discuss “Making digital twins sustainable in driving business change and digital transformation,” moderated by Glen Milne Production Systems Manager, Spirit Energy. Kris Atkinson, Customer Success Manager, EMEA & APAC, Cintoo, said, “Having access to the digital twin, access to the information, will improve health and safety and sustainability.” John Tillema, Founder & CTO, TWTG, said “From a future perspective digitalization is now able to be built as an end to end solution.” Haavard Oestensen, EVP and CCO, Kongsberg Digital, added, “We’re working on machine vision that can detect if someone is wearing personal protective equipment. The first use cases is improving the safety. Fortunately, we see more companies taking a step back with rising labor costs, inflation costs, supply chain costs, we can’t do it the same way we always have done.” Dr. Edmary Altamiranda, Control Systems Lead R & D, Concept Development & Technology, Aker BP ASA BP, said, “We need to connect to our wireless network to get the data for the work we are doing at this industry level for these high speed network protocols.” 👉 Sign Up to Watch Live > https://lnkd.in/gaBQfJvg #FOG2024 #digitaltwin #digitaltransformation #technology #oilgas

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Energy Update: 29 July 2024 UK Labour’s tax pledge will test plan to cut North Sea emissions, warns Equinor boss (The Financial Times)     Europe’s largest oil and gas supplier has said its plan to electrify extraction operations at the Rosebank oil and gas field in the North Sea will be more “challenging” under UK Labour’s tax proposals. However, Anders Opedal, chief executive of Equinor, which owns an 80 per cent stake in Rosebank, insisted the company was not considering changing its “ambition” to power operations with renewable electricity, which it expects to reduce emissions by more than 70 per cent. The comments are the latest by oil and gas executives, highlighting the risks to projects due to the windfall tax on the sector introduced by the previous Conservative government, which Labour has vowed to increase.      Join the energy leaders — book your stand today: https://lnkd.in/dZmREi29   

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🎉 Congratulations to Wellesley Petroleum on #Gnomoria Appraisal Discovery! 🎉 We're thrilled to extend our congratulations to our client, Wellesley Petroleum, and their license partner Equinor on the recent discovery in the Gnomoria Appraisal (35/10-12 S) well in the North Sea, approximately 100 kilometres southwest of Florø. Our dedicated #wellsitegeologists played a crucial role in this campaign aboard the #COSLPromoter, bringing a wealth of experience and expertise gathered from analysing and delivering over 200 wells on the Norwegian Continental Shelf. Key Highlights 👇❗ ⚡Discovery size: preliminary estimates suggest the discovery holds between 0.8 to 4 million standard cubic metres of recoverable oil equivalent (Sm3 o.e.), which translates to 5 to 25 million barrels o.e. 📍Strategic location: Gnomoria is situated in an area with multiple discoveries, and the licensees are evaluating the potential for a tie-back to existing infrastructure. 📝 Well details: Drilled to a vertical depth of 3,346 metres below sea level (3,805 metres measured depth below sea level) and terminated in the Heather Formation in the Upper Jurassic. 🌊 Water depth: The site is 363 metres deep. ✅ Operations: The well has been permanently plugged and abandoned. While it was not formation tested, extensive data acquisition and sampling were conducted. This discovery represents a significant milestone, and we are proud to have been part of this successful campaign. https://lnkd.in/dsrTDAnk

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🎉 Congratulations to Wellesley Petroleum on #Gnomoria Appraisal Discovery! 🎉 We're thrilled to extend our congratulations to our client, Wellesley Petroleum, and their license partner Equinor on the recent discovery in the Gnomoria Appraisal (35/10-12 S) well in the North Sea, approximately 100 kilometres southwest of Florø. AGRs dedicated #wellsitegeologists played a crucial role in this campaign aboard the #COSLPromoter, bringing a wealth of experience and expertise gathered from analysing and delivering over 200 wells on the Norwegian Continental Shelf. Key Highlights 👇❗ ⚡Discovery size: preliminary estimates suggest the discovery holds between 0.8 to 4 million standard cubic metres of recoverable oil equivalent (Sm3 o.e.), which translates to 5 to 25 million barrels o.e. 📍Strategic location: Gnomoria is situated in an area with multiple discoveries, and the licensees are evaluating the potential for a tie-back to existing infrastructure. 📝 Well details: Drilled to a vertical depth of 3,346 metres below sea level (3,805 metres measured depth below sea level) and terminated in the Heather Formation in the Upper Jurassic. 🌊 Water depth: The site is 363 metres deep. ✅ Operations: The well has been permanently plugged and abandoned. While it was not formation tested, extensive data acquisition and sampling were conducted. This discovery represents a significant milestone, and we are proud to have been part of this successful campaign. https://lnkd.in/dsrTDAnk

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BP CEO Murray Auchincloss last week left the door open to the UK major producing more oil and gas in 2030 than previously guided. While many investors would welcome rolling back earlier plans for a steep cut in output, not knowing for sure whether this will happen might be the worst of both worlds. Learn more >> https://bit.ly/3ysHUAt #bp #corporatestrategy #oilandgas #competitiveintelligence Need more intelligence on bp? Explore the Analyst Dashboard for our latest news, analysis, research and data from the Competitive Intelligence Service >> https://bit.ly/41SE5zx

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Shell, Exxon near deal to sell North Sea assets to Viaro, sources say   Shell opens new tab and Exxon Mobil are nearing the southern North Sea to independent British producer Viaro Energy, three industry and banking sources said. 🔽 Find more info in comments below 🔽 #Shell #Exxon #Deal #Sell #NorthSea #Assets #Viaro #Sources #ExxonMobil #SouthernNorthSea ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

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Viaro Energy in talks to buy ExxonMobil, Shell North Sea assets Independent #energy producer Viaro Energy is reportedly nearing a deal to buy Shell and ExxonMobil’s jointly-owned #gas fields in the southern North Sea. Citing three industry and banking sources, Reuters said that the potential deal is valued around $500 million. The proposal would see Viaro Energy take the two supermajors’ stakes in the Clipper and Leman Alpha field clusters. According to Reuter’s sources, the deal is close to being agreed but there are no guarantees that it will be signed. Larger #oil companies have been retreating from the ageing North Sea basin in favour of newer and more profitable regions. Industry rumours pointed to Chevron as another supermajor aiming to exit the UK North Sea and end the company’s 55-year history in the area. Chevron’s UK North Sea assets include a 19.4% stake in the bp-operated Clair oilfield in the West of Shetland, as well as interests in the Sullom Voe #oil terminal and the Ninian and SIRGE pipeline systems. The deal would mark ExxonMobil’s exit from the North Sea, where it has been present since 1964, after selling most of its assets in the central and northern North Sea to Neo Energy in 2021. It would also mark the dissolution ExxonMobil and Shell’s Esso joint venture, which entered the North Sea in 1965. Viaro Energy has been expanding across the North Sea with several major acquisitions in recent months. The group was given the regulatory green light to join one of the largest undeveloped #oil finds in the UK North Sea. It acquired a 15% stake in the Bressay project and the EnQuest Producer FPSO in a £46m deal, marking its expansion into the Northern North Sea from its core operating grounds in the Central and Southern sector. It also acquired a 100% working interest the P2593 licence in the West of Shetland through its wholly owned subsidiary, RockRose Energy. This included the Tuck #gas discovery and 50% interests in each of the Boulmer, Cherry and Sammy exploration prospects.

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Hartshead Resources NL and UK North Sea independent Viaro Energy Ltd are pleased to announce that their respective wholly owned subsidiaries, Hartshead Resource Ltd (HRL) and RockRose Energy, have agreed amendments to the Farm-out Agreement and Joint Operating Agreement, providing Hartshead with an option to divest an additional 20% equity interest in its UK Southern Gas Basin License P2607, in return for an uncapped free carry of all gross costs for the Phase 1 project development. The Financing Backstop may be exercised after Final Investment Decision has been taken and upon full expenditure of the current RockRose carry for Phase 1 project development costs. Chris Lewis, Hartshead CEO, commented “The execution of the amendments to the farm-out agreement and joint operating agreement with RockRose, allows us to advance the Phase I development of the Anning and Somerville gas fields by securing the option of an uncapped carry for our interest of the project. Hartshead is in a unique position as it has the added ability of being able to retain its 40% interest via alternative financing whilst ensuring it is now able to progress to take Final Investment Decision and progress towards project development, now that it has a Financing Backstop provided. The Joint Venture team between Hartshead and RockRose has integrated exceptionally well over the last few months and I would like to personally thank RockRose for their support in the Joint Venture on licence P2607 and the significant progression of the Phase 1 development." Francesco Mazzagatti, CEO of Viaro Energy, commented “I am quite pleased with the restructuring of our original farmin agreement with Hartshead, as it provides us with complete certainty that the development of Anning and Somerville will be fully funded to completion. Giving our partner the option of a financing backstop ensures stability for the JV, a particular challenge for North Sea operators nowadays with the shrinking pool of traditional capital providers for E&P opportunities. With the amendments in place, we can now confidently proceed to the FID. I am grateful to the Hartshead team for a smooth and seamless cooperation at every stage of our developing partnership.” Read more: https://lnkd.in/gejZzHwk #HHR #energy Chris Lewis Bevan Tarratt Nathan Lude   

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Justin Jackson, Chairman, ExxonMobil Gas Marketing Europe, spoke at #Flame2024 last week about #LNG playing a critical role in the global energy mix. Review some of his most important points below.   “It enables what we call the ‘and equation’ — which is meeting the world’s energy needs and reducing emissions,” Jackson said. He said some 40% of the world’s electricity currently was still generated by coal. “So, there is a near-term opportunity for gas to substitute coal in power generation.” “The key element of LNG is its inherent flexibility in terms of it being able to go to markets based on demand and price signals.” “The challenge now is how do we ensure that the LNG comes to Europe at a point when it really needs it. The reality is that Europe is only the premium market until it isn’t.” Read more on this initiative, courtesy of Reuters here: https://bit.ly/3Qn4wZx.    

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CalEnergy Resources Limited seeks to drill two new North Sea exploration #wells CalEnergy Resources Limited is seeking a partner to #drill two new exploration and appraisal #wells, according to data from the North Sea Transition Authority’s (NSTA’s) Pathfinder database. While the specific location of the wells is currently being finalised, the #drilling will be based in the Southern North Sea near infrastructure owned by the Saturn Banks joint venture. CalEnergy Resources Limited anticipates that one open water well will be drilled within the 53/1b block. This will be drilled to a nominal depth of around 8,000 feet with work taking place over a maximum of 45 days. The second well will be drilled to a nominal depth of around 10,500 feet with an anticipated work duration of up to 60 days. The tender also comes with the potential for a further four open-water or platform-based #wells. In addition, there is potential for up to three well abandonments across two fields in up to roughly 30 metres water depth, including platform based wells that will require a drilling unit to assist with platform interfacing. The tender is expected to go out from 1 August 2024 and has a value of less than £25 million. CalEnergy Resources Limited has also put out a call for a contractor to assist with #decommissioning two wells at its Elland development in block 49/21 in the Southern North Sea. The company is seeking a vessel-based conductor to perform cutting and retrieval on the 49/21-10 and 49/21-10A open-water E&A wells, both categorised as AB2. The group intends to complete the final abandonment of two wells by severing and recovering two #subsea conductor stumps. The scope of work for the completion of the well abandonments is to recover both conductors from at least 10 feet below the mudline, requiring the supply of cutting equipment and a suitable means of applying sufficient force to recover the equipment. Like the first tender, this contract has a value of less than £25 million and is expected to go out from 1 August 2024. Thistle decommissioning EnQuest also released calls for work to plug and abandon #wells on its Thistle development. The two tenders cover seabed clearances and the removal and disposal of COS Tanks and SALM Base. The tenders are expected to go out on 1 September 2024 and both have values below £25m. The Thistle discovery well was drilled in July 1973, with the field using a 60 slot platform for its 51 development wells. In October 2019, Thistle Alpha was downmanned and production was temporarily suspended before being re-manned to enable well plug and abandonment to recommence. Thistle Alpha is scheduled to go to Aker Solutions’ yard in Norway for dismantling, some time from 2025 onward. Several P&A campaigns have already been executed, in parallel with production operations.

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