Oil prices hit their highest level since 2014, moving above $74 a barrel and lifting energy companies to the top of global stock indices.
Production cuts by Opec and Russia over the past 16 months have helped crude prices rally, with the latest increase spurred by rising risks to supplies, from Venezuela’s economic crisis to the threat of new US sanctions on Iran.
Brent crude has gained almost 8% this year.
GE Renewable Energy and the UK’s Offshore Renewable Energy Catapult have signed a five-year research and development agreement to test and develop next generation offshore wind technologies. GE’s recently announced Haliade-X 12 MW offshore wind turbine and existing Haliade 150- 6MW will undergo advanced test and demonstration programs that accurately replicate real-world operational conditions to enhance performance and reliability.
Research and development activities will include cooling technologies, converters, loading conditions across mechanical and electrical components, grid testing and design validation. This collaboration ...
The oil and gas industry regulator has raised its forecast of what can be recovered from the waters around the UK over the next three decades. Changes in the way the sector operates are thought to have unlocked the potential for a further 2.8 billion barrels of oil or the gas equivalent.
It is now estimated that 11.7 billion barrels could be recovered between 2016 to 2050.
More than 43 billion barrels have been extracted from UK waters so far. Peak production was ...
Derby’s Rolls-Royce factory has signed a contract with EDF Energy to provide heat exchangers for nuclear island systems at Hinkley Point C nuclear power station. Rolls-Royce was selected in 2016 as preferred bidder for the heat exchangers, along with the primary, liquid and gaseous waste treatment systems and ultimate diesel generators.
A team of 80 Rolls-Royce engineers and supply chain specialists are currently working on the projects at its Barnwood, Derby and Warrington bases.
Hinkley Point C is the first nuclear power plant ...
Bans around the world on single use plastic items such as carrier bags will dent growth in oil demand over the next two decades, according to BP. The UK-headquartered oil and gas firm said it still expects the global hunger for crude to grow for years and not peak until the late 2030s.
The company’s energy outlook report, forecasts demand peaking at about 110m barrels per day between 2035 and 2040, up from around 97mb/d today. Much of the growth comes from ...
Renewable output rose by 27% over 2017 due to windier weather and new capacity coming online, according to the latest Electric Insights report from Imperial College London.
Wind, solar, biomass and hydro together produced 96TWh of electricity during the year – more than enough to power the whole of Great Britain in 1958.
The quarterly report commissioned by Drax shows low-carbon sources, including nuclear, accounted for half of all electricity production, as fossil fuel generation dropped by a tenth. 2017 was a “watershed ...
Brent Crude hit a three-year high of $70 a barrel at the beginning of January, but there are questions about this rally’s resilience. Higher prices threaten to unleash a new wave of US shale output in response.
“The higher the prices go, the harder the shale producers pump,” Tamas Varga at London-based broker PVM, said, adding “An overdue correction could be under way”.
The price of oil has been rising since late June 2017, supported by cuts in supply led by the OPEC ...
One of the UK’s eight remaining coal power stations is expected to cease generating electricity at some point in 2018, the government has said as it laid out new rules that will force all the plants to close by 2025. Ministers will also retain emergency powers to suspend the phase-out in the case of an emergency shortfall in electricity supplies.
While three plants shut in 2016, and most are expected to halt operations by 2022, the last ones standing will be forced ...
The Nuclear AMRC is leading two new R&D projects to address fundamental challenges in nuclear manufacturing. The ‘Inform’ and ‘Simple’ projects, backed by government funding of almost £2.5m, will investigate two contrasting approaches to producing large-scale nuclear components.
CTO of the Nuclear AMRC, professor Steve Jones explained: “Both projects aim to provide significant improvements to UK productivity, potentially cutting manufacturing time and cost by half for a variety of large nuclear components.
“By developing innovative approaches to the fundamental challenges of manufacturing, these ...
The shale revolution in north America means the US is destined to become a net oil exporter within 10 years, for the first time since the 1950s. The International Energy Agency said it expected that American oil production between 2010 and 2025 would grow at a rate unparalleled by any country in history, with far-reaching consequences for the US and the world. The last time the US exported more oil than it imported was 1953, and a ban on oil exports ...