The Energy Profits Levy, which puts a marginal tax rate of 75% on North Sea oil and gas production, will remain in place for the next five years while oil and gas prices remain higher than historic norms – but this will fall back to 40% when prices consistently return to normal levels for a sustained period.
TGS, in a strategic collaboration with SLB, has announced the start of the Engagement 4 Ocean Bottom Node (OBN) multi-client acquisition in the U.S. Gulf of Mexico. Acquisition of the 152 OCS block, sparse OBN survey is now underway, extending contiguous data coverage from prior phases into western Green Canyon.
Ørsted and Vestas, global leaders in renewable energy, have announced a commercial sustainability partnership. Ørsted will procure low-carbon steel wind turbine towers and blades made from recycled materials from Vestas in all joint offshore wind projects.
Ørsted will host a Capital Markets Day on 8 June 2023 to present recent progress and strategic updates on its ambition to become the world’s leading green energy major. Ørsted confirms its fully self-funded ambition of ~50 GW installed renewable capacity by 2030 and expects to invest DKK ~475 billion in the period 2023-2030.
Barryroe Offshore Energy has announced that, in direct consequence of the decision by the Minister for the Environment, Climate and Communications, Eamon Ryan TD, to refuse to grant the Lease Undertaking over SEL 1/11, as announced on 19 May 2023, the Company has decided that it can no longer proceed with the proposed Placing and Open Offer to raise corporate working capital, as previously announced on 6 April 2023.