The UK Government cancelled a planned increase in fuel duty last month. It claimed that this would have caused drivers an extra £15 each time they fill up.
Campaigners claim that the Government should investigate retail outlets for overcharging motorists. Profit margins on petrol are now three times greater than the average.
Although wholesale oil prices dropped last week due to the news about the omicron Covid variation, costs at the pump remain the same. According to data from RAC, a tank of petrol costs £7.20 more than it should.
RWE, Germany, won on Wednesday a tender to construct Denmark’s largest wind farm, according to The Danish Energy Agency. It will also be the first offshore wind farm constructed with actual payments to Denmark. After several bids at a minimum price were received, the lottery was used to draw the winner. This is a setback for Orsted in Denmark, the largest offshore wind developer in the world.
RWE will pay Denmark the first year of production until the cap of 2.8 billion Danish crowns ($426.48million) is reached. This cap is expected to be within a few more years.
Canadian O’Seas Petr (LON: COPL) Completion of USD 8,000,000 Accelerated Bookbuild. The net proceeds of the Placing, in conjunction with COPL’s other financial resources, are intended to be used for a bid for Cuda Energy LLC, or its assets, through the receivership process mandated for Cuda Oil & Gas Inc., a non-operating partner in COPL’s Wyoming assets, and for general working capital.
Royal Dutch Shell PLC, (LSE: RDSB). Shell pulled out of a major North Sea oil project that was supposed to help secure UK energy supplies. This was in addition to lacklustre political support from Westminster and Holyrood.
Cambo, an oil field located off the Shetland Islands, was expected to create approximately 1,000 jobs and produce more than 170m barrels equivalent of oil. This will boost the UK’s oil-and-gas industry as it shifts towards greener energy. Shell owns 30pc of this licence, along with Siccar Point Energy. Siccar Point Energy stated that it is “confident” about the project’s qualities and would “continue engaging” with the UK Government over its future.
Despite all efforts to shift towards renewable energy, oil & gas still account for more than 75pc total energy in the UK fuel most cars, boilers, and 40pc electricity.
Sound Energy PLC (AIM: SOU) Phase 1 LNG Sale & Purchase Agreement Update. Graham Lyon, Sound Energy’s Executive Chairman, commented: “Much work has been completed in the last month and contracts finalised with Ital Fluids. We are confident that all conditions precedent to the LNG GSA will be satisfied imminently and consequently the ‘Notice to Proceed’ with Phase 1 development can be announced once all contracts are executed.”
Malcy’s Blog – Oil price, Sound, Chariot, San Leon, Angus, Orcadian, Prospex & finally
BP PLC (LSE: BP) announced that it plans to build a green-hydrogen manufacturing facility in Northeastern England. The HyGreen Teesside company, FTSE100, hopes that the site will be able to produce 500Mwe (megawatts electrical output) of hydrogen by 2030.
Hygreen Teesside is the latest addition to bp’s integrated UK business portfolio, which includes 3GW gross of offshore wind in the Irish Sea, delivering 16,000 UK charging points by 2030 and bp and Aberdeen city’s partnership deal.
AFC Energy PLC (AIM: AFC ), a provider of hydrogen power generation technologies, has appointed Monika Biddulph, a former Arm Holdings PLC luminary as a director non-executive.
Biddulph holds a PhD from the ETH Zurich in Experimental High Energy Physics. She has over 20 years of experience in technical and commercial areas in international technology businesses, including general management, IP licensing, marketing, and technical roles. She was part of the senior leadership team for IP Product Groups at Arm Holdings until August 2018.
Chariot (AIM: CHAR) announced that the Stena Don drilling rig has commenced its mobilisation to Morocco. Chariot has contracted this rig to conduct drilling operations on the Anchois gas field within the Lixus licence, offshore Morocco, with operations anticipated to commence in mid-December 2021.
The energy crisis that is strangled by red tape,’ bid to start UK power stations
Scirocco Energy PLC (AIM: SCIR) stated that the beginning of a 3D seismic study at Ruvuma PSA, Tanzania was a significant milestone for the company and “represents a material value catalyst”. Scirocco Energy has a 25% working stake in the project.
Tlou Energy Ltd (AIM: TLOU) The Company has signed a Convertible Note Agreement with Botswana Public Officers Pension Fund (BPOPF) and has also agreed with terms for an equity investment by BPOPF.
Aminex PLC, (LSE: AEX) informed investors that the first phase 3D seismic project at Ruvuma in Tanzania has started. ARA Petroleum, the project operator, confirmed that preparations have been ongoing since November 15, and that line clearance work will begin next week.
Malcy’s Blog – Oil price, Scirocco Energy, Savannah Energy, President Energy, Sound Energy & finally
Oracle Power PLC (AIM: ORCP) the international natural resources project developer, is pleased to announce an update relating to the Company’s strategy to develop a green hydrogen production facility in Pakistan, in partnership with PowerChina International Group Ltd (“PowerChina”), one of the largest Chinese state-owned-enterprises
San Leon Energy PLC, (AIM: SLE), has named Julian Tedder its chief financial officer and executive vice-chairman with immediate effect. Oisin Fanning, the chief executive, stated in a statement that “We are delighted and welcome Julian to our team at this time.”
UK drivers fund huge profits for petrol stations
Angus Energy PLC (AIM: ANGS) Lidsey Field Reinterpretation & Saltfleetby Update. The Company’s seismic reinterpretation of the Lidsey field is complete and, having been subject to rigorous third-party verification, will now be considered by our partners in this Licence.
This is the last part of the most comprehensive review of the Lidsey structure ever carried out and includes the reprocessing of all historical seismic lines, the use of a newly acquired east-west seismic line over the field and the data from both the wells on the field and also nearby wells.
Powerhouse Energy Group PLC, (AIM: PHE). informed investors that Hydrogen Utopia International, its partner, has signed a letter stating its intention to Simitli (a city in Bulgaria) to build a Distributed Modular gasification plant (DMG).
Powerhouse technology will be used to transform waste plastics and tires into hydrogen to power the DMG project.
The letter sets out HUI’s intention to build and manage a Distributed Modular Gasification plant (DMG®) using Powerhouse’s technology sited in a commercial sector close to existing waste remediation facilities in Simitli in the south-west of Bulgaria. The project would be subject to approval by Powerhouse.
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