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    3 Permits Awarded For Full Scale CO2 Storage In Denmark

    Italy Intends To Be Energy Hub of Europe With Funds From EU

    Reduced Saudi Crude Prices Expected For 4 Months Straight

    Offshore Gas Field Nod From The US To Trinidad And Tobago

    Uganda Begins First Oil Drilling Project Under $10bn Scheme

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

    Uganda expects oil production by 2025 with new drilling activity

    Trillion Energy to increase gas production at SASB gas field with three new side-track wells

    Total-Eni partnership in offshore gas drilling

    PETRONAS awards three production sharing contracts offshore Malaysia

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

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    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

    Aramco announces second quarter and half-year 2020 results

    bp agrees to sell its petrochemicals business to INEOS

    bp agrees to sell its petrochemicals business to INEOS

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Time To Tell If New Energy Policies Are Effective In Europe

venkat by venkat
September 17, 2022
in News, Upstream
0

Another historic week has passed for the European energy markets, with policymakers taking the lead in defending consumers and companies from skyrocketing energy costs.

Although there have been murmurs in certain places that the energy transition has been managed poorly thus far, the energy issue has been directly attributed to Russia’s weaponization of gas supply. Prime Minister Liz Truss launched a $174 billion ($150 billion) package of price-capping measures on her second full day in office as part of the latest effort to combat energy inflation in the UK.

The passing of Queen Elizabeth II stifled discussion about this two-year bundle of policies, but worries about the size of the Truss administration’s inflation-easing risk were mirrored in the foreign currency and bond markets.

Germany is one of the member states of the European Union that has been gradually announcing its own policies. Germany announced a second support package for residential and commercial users last week, totaling €65 billion ($65.5 billion), with both Nord Stream pipelines currently inactive.

This week, price caps were most recently announced by France and Denmark.

EU institutions made an effort to handle the issue more cooperatively, but a council of energy ministers encountered opposition to suggestions to control Russian gas prices. Hungary led the opposition, but other key players in the conflict to reduce reliance on Russian gas exhibited hesitation as well.

Ursula von der Leyen, the president of the European Commission, supported a strict ceiling on natural gas prices.

Kadri Simson, the EU’s energy commissioner, gave her a dose of reality by warning that a general price ceiling on gas imports might make it harder to get liquefied natural gas shipments this winter due to Asian competition.

Von der Leyen reiterated plans for a fresh windfall tax on profits from fossil fuels, dragging the can down the road on price caps. She also presented a strategy to limit profits made by electricity providers who benefited from rising gas prices without actually using this fuel.

Slowly but surely, the European reaction to Moscow’s energy extortion is taking shape, and so far, it appears to strike the proper mix between toughness and practicality.

Although the EU is right to require them to shoulder some of the burden rather than reaping tremendous profits with a clear conscience, renewable energy producers feel empowered to provide continuous support for the energy transition.

When the UK government banned green charges on utility bills, no one was surprised, but Truss also upended long-held beliefs of the economically conservative Conservative Party by strongly interfering in the free market.

Not everyone agrees that doing this is a wise decision.

They can understand the authorities’ concerns about dramatic price volatility, but they are unsure of instances in which price controls have traditionally been successful. Blair Thomas, CEO of the US investment vehicle EIG Global Energy Partners, said last week that they are not certain why individuals believe price restrictions can work this time.

The majority of observers who are familiar with economics view such actions as a calculated risk for extraordinary times.

The price controls and subsidies that they are currently witnessing could be the social cohesion cement that Europe requires to escape from the Russian winter. However, it could also serve as the prelude to a terrifying inflationary spiral. What happens can only be determined by time.

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