• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 1 hour The Truth about Chinese and Indian Engineering
  • 3 hours Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 58 mins China wields coronavirus to nationalize American-owned carmaker
  • 54 mins China's impending economic meltdown
  • 4 hours Why Oil could hit $100
  • 18 hours The World is Facing a Solar Panel Waste Problem
  • 11 hours Pompeo upsets China; oil & gas prices to fall
  • 3 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 6 hours Brent above $45. Holding breath for $50??
  • 2 hours Open letter from Politico about US-russian relations
  • 1 day Sell Natural Gas Benefits to Grow the Market!
  • 2 days The Core Issue Of US Chaos..Finally disclosed
  • 1 day Trump Suggests Delaying Election Amid Fraud Claims
  • 2 days Rational analysis of CV19 from Harvard Medical School
Rig Count In Cowboy State Falls To Zero

Rig Count In Cowboy State Falls To Zero

The last active drilling rig…

U.S. Shale Faces Another Round Of Bankruptcies

U.S. Shale Faces Another Round Of Bankruptcies

The United States oil industry…

UK and Norway Sign New Energy Deal

David Cameron was the first British Prime Minister to visit Norway in 26 years, when he made his recent trip to finalise an energy deal between the two nations with his counterpart Jens Stoltenberg.

Despite all the renewable energy intentions that the UK government may profess to have it is clearly going to rely on oil and gas for the next decade or so. The new agreement will create over 1,600 jobs and ensure the steady, cheap supply of oil and natural gas for UK energy demands.

The deal also mentioned an increase in renewable energy investment between the two countries. Norwegian companies have heavily invested in the world’s largest offshore windfarm at Dogger Bank; costing $30 billion, it will provide more than ten percent of the UK electricity demand.

Cameron announced that, “there is no stronger energy partnership than between Britain and Norway. In the past five years, British companies have invested more than £13bn in Norwegian oil and gas.

In turn, Norway is meeting over a quarter of the UK's entire energy needs. And Norwegian companies are major investors right across our energy sector – of course in our pioneering oil and gas industry but also in Dogger Bank … and in crucial projects to connect up our electricity grids and so improve energy security and affordability for both our countries.

Tomorrow we will take this vital relationship to the next level with a new UK-Norway energy partnership. This will mean more collaboration on affordable long-term gas supply, more reciprocal investment in oil and gas and renewables, and underpinning all of this – a set of major new business deals creating thousands of new jobs and adding billions to our economies.”

Many fear that the deal, which focuses more on natural gas and oil than renewable energy technologies, will tie the UK to fossil fuels for the next 30 years or so, and damage its renewable energy sector and any efforts to reduce carbon emissions. Fatih Birol, the chief economist at the International Energy Agency (IEA) predicts that “renewable energy may be the victim of cheap gas prices if governments do not stick to their renewable support schemes. A golden age for gas is not necessarily a golden age for the climate.” It appears that he may be onto something.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment
  • Mel Tisdale on June 09 2012 said:
    What more is there to expect with short-term parliaments and long-term problems? Until we get a better method of selecting governments that is capable of putting people who can take the long view of long-term problems, I guess we will have to wait until the climate shows its teeth and forces the issue, which it seems to have begun doing, if the increasing number of extreme weather events is any indication.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News