• 1 day PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 1 day Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 1 day Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Iran Ready For OPEC Oil Deal Extension

Iran Ready For OPEC Oil Deal Extension

Iran is ready to take…

Oil Fundamentals Overturn Geopolitical Risk

Oil Fundamentals Overturn Geopolitical Risk

Geopolitical risk from Iraq and…

UK and Norway Sign New Energy Deal

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