The UK's energy regulator has identified 33 new North Sea projects with a potential output of 1.3 million barrels of oil and gas.
The North Sea Transition Authority (NSTA), which is responsible for licensing and regulating the exploration and development of the UK's energy, said the initiatives will bolster the nation's energy security.
During its annual performance review of the nation's performance, it said 890 million barrels identified in the projects could be approved as early as next year.
It said exploration and appraisal activity is expected to return to pre-coronavirus levels, with 20 wells per year forecast from 2022 to 2024.
“The appetite for exploration remains, and bodes well for NSTA plans to hold a new licensing round later this year,” it said.
The meeting gathers the managing directors of the sector’s 22 largest operators to review the performance of the basin.
Dr Andy Samuel, NSTA chief executive, said the new projects identified will “strengthen” energy security.
“This meeting once again provided a good platform for positive action, supported by our suite of benchmarks and data insights,” he said.
“I am encouraged by the open, frank and productive dialogue. Many best practices and learnings were shared across the different operators.
“Companies are now progressing new projects that will strengthen energy security, while generating tax revenues, and creating and safeguarding thousands of UK jobs as part of an orderly transition to net zero.
“Importantly the industry reconfirmed commitment to halve production emissions by 2030 with progress well under way. The growing momentum on clean power to offshore installations, carbon capture storage and hydrogen was also very evident.”
It was also revealed that carbon dioxide emissions for the UK oil and gas industry fell by 14 per cent last year.
The has NSTA challenged industry chiefs to sustain these lower levels in 2022, when gas production is expected to rise.
The meeting was told that 80 per cent of operators have forward plans covering asset upgrades, emissions reduction and platform electrification, which will be crucial to meeting, and exceeding, targets.
“The sector already has well-developed proposals for electrification projects and a number of operators are involved in government-backed industrial decarbonisation clusters focused on carbon capture and storage [CCS] and hydrogen, currently being progressed,” it said.
“One of the areas highlighted in last year’s meeting was the need for a step change in well decommissioning and highly positive signs are now evident, with campaign contracting models gaining traction and the NSTA Energy Pathfinder portal listing 470 wells awaiting decommissioning.
“The discussion this year also covered excellent opportunities to repurpose infrastructure for decarbonisation projects, such as CCS and H2, which are now a key area of focus. The NSTA will be launching a carbon storage licensing round shortly.”
The North Sea Transition Deal commits industry to reduce emissions from production operations by at least 50 per cent by 2030, against a 2018 baseline, on the path to net zero by 2050.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
UAE currency: the story behind the money in your pockets
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Read more about the coronavirus
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
