• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 21 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Reality catching up with EV forecasts
  • 10 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 hour Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 5 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
European Natural Gas Prices Surge Ahead Of Cold Spell

European Natural Gas Prices Surge Ahead Of Cold Spell

European natural gas prices are…

How Bulgaria Became The World's Third-Largest Buyer Of Russian Oil

How Bulgaria Became The World's Third-Largest Buyer Of Russian Oil

Bulgaria, currently the third-largest buyer…

Scotland: North Sea Oil Can’t Fill The Russian Supply Gap

North Sea oil and gas fields cannot in the short term fill the gap that Russia is leaving in the UK and global supply of crude, because expanding production would take years, Scotland's First Minister Nicola Sturgeon said on Thursday.

Alongside the U.S. ban on imports of Russian energy, the UK said on Tuesday that it would "phase out imports of Russian oil in response to Vladimir Putin's illegal invasion of Ukraine by the end of the year."

Russian imports account for 8 percent of total UK oil demand, with the highest share in diesel, the UK government said.

ADVERTISEMENT

"The UK is a significant producer of oil and oil products, plus we hold significant reserves. Beyond Russia, the vast majority of our imports come from reliable partners such as the US, Netherlands and the Gulf. We'll work with them this year to secure further supplies," UK Business and Energy Secretary Kwasi Kwarteng said.

Responding to ideas that North Sea oil production needs to be increased to offset the Russian supply, First Minister Sturgeon said in Parliament today, as carried by Herald Scotland:

ADVERTISEMENT

"Even if we were to put to one side the environmental considerations, given the timescales and the practicalities involved, it's not credible to suggest that the short-term solution to this lies in increasing North Sea production."

"Existing fields in the North Sea are not currently operating under capacity. Expanding existing fields is possible but that would take months if not years and new fields take years if not decades to plan and develop," Sturgeon added.

A day before Russia invaded Ukraine, the UK's Energy Minister Greg Hands said that there was a future for more domestic UK oil and gas supply, and Britain would continue to grant new licenses for oil and gas development projects in the North Sea.

Despite the net-zero pledge, the current UK government continues to see the UK North Sea oil and gas industry as vital to energy security. But authorities have recently proposed that new project developments pass a so-called net-zero compatibility test.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment
  • Nick Ramage on March 11 2022 said:
    UK energy policy is in a mess. The timescales for bringing more North Sea oil and gas online are far shorter than the alternatives. Many viable projects eg Jackdaw are in a queue because of the policy of creating greater environmental based barriers to production. Some eg Cambo have been abandoned.The country was not well placed even before the Ukraine crisis to deliver a robust energy system. The government minister responsible for developing energy, Kwasi Karteng has not grasped the importance of secure supplies. The only positive note is that the Scottish First Minister, Nicola Sturgeon has no power to determine the future of North Sea projects.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News