Increasing domestic gas production WOULD lower UK gas prices
Prices are set using marginal pricing
UKCS gas is obviously cheaper than LNG imports
More UKCS gas means the most expensive LNG cargoes are displaced which means the marginal source of supply is cheaper
Which means the gas price is cheaper
Jackdaw alone could displace price setting LNG for between 2 and 4 months of the year which would be a bigger reduction than simply removing the most expensive LNG
My report sets out the mechanism of price formation from first principles... You should read it
https://t.co/gbGhfn2Kwu
Great news that the Jackdaw gas field project has finally been approved.
However, let’s be clear it's the bare minimum needed to revive our industry and the dither and delay by Labour and Tory governments over these consents, along with the SNP's presumption against new oil & gas has been hugely damaging for the industry.
Consents like this would be straightforward in any other country, and
I remain disappointed that the approval letter from the Minister of State for Energy still reiterates the ban on new licences and is silent on Rosebank.
So I call on Andy Burnham to urgently approve other projects like Rosebank and as well as backing new exploration, so that we can maximise our own resources whilst reducing imports and overall emissions and ensure that we protect jobs, tax revenue and energy security.
The SNP should not be showing their face in Aberdeen with this industry mocking conference.
The SNP were the first party to call for a presumption against new oil & gas. During this conference, they've had most of their members still calling for that to continue.
They've invited the Green Party along, showing once again that they prefer shady backroom deals over backing jobs and industry.
And they still will not back Jackdaw, Rosebank or any new drilling. Despite the obvious fact that we will need oil & gas for decades under every scenario, meaning, less North Sea oil &gas just means more imports with higher emissions whilst we get less jobs, less tax, less industry & less energy security.
A farce indeed.
"Burnham must get off the Tik-Tok and urgently approve the Jackdaw and Rosebank fields"
Pleased to have written this article on why the PM must get back to the day job and start tackling Britain’s energy and industrial crisis. And that needs to start with the immediate approval of production from Jackdaw & Rosebank fields.
https://t.co/0we0vQJHor
Britain risks running out of gas stockpiles by the end of winter, raising fears of an energy crisis crippling the country.
A new report from Europe’s gas transmission operators said on Thursday that UK storage facilities could be completely depleted if harsh conditions sweep the country in the next few months.
🔗 https://t.co/Aw975fZSkg
The “optics are awful” is the understatement of a century.
The Greens at the SNP conference is another kick in the teeth for Aberdeen and the Oil & Gas industry & highlights why the SNP cannot be trusted on Industry.
The SNP were the first party to call for a presumption against new oil & gas. And time and time again they have shown that rather than back jobs and industry, they would rather back shady deals that keep them in power.
News that the Greens and Maggie Chapman MSP are expressing their “solidarity” with Oil & Gas workers is a new low in crocodile tears hypocrisy.
When folk lose their jobs in the industry, we must be clear that it is the direct result of deliberate policy attacks on the industry.
Attacks led by all the legacy parties, but where the Greens are the loudest and most ludicrous.
To genuinely back North Sea jobs & workers, legacy politicians need to admit the damage their Net Zero agenda has done to jobs. Approve new projects like Jackdaw and Rosebank, approve new licences and drilling and allow the industry to get on with maximising recovery from the basin.
The problem is that nothing you're doing is right.
You're simply carrying out what you've had in mind since your 2020 Foreign Affairs paper, without taking the current situation into account.
In IR, we call that utopianism.
Our sprint for clean power will deliver homegrown energy we control and create industries and jobs across the country. If we get this right, we leave a lasting legacy of investment, jobs and skills in our community.
This is just some skin saving BS from the Lib Dems and the SNP administration as we get closer to the election in May.
They are fully fledged anti-car cheerleaders who fully backed the bus gates & every other daft scheme going.
They were told at every stage the damage that they would do and are doing. They had plenty of opportunities to change tack but they doubled down against the clear wishes of the public and city businesses.
BREAKING: France is running out of fuel. 11% of France's stations nationwide are now out of petrol or diesel, one in nine, with 16% of stations short in Grand Est, 15% in Pays de la Loire, 14% in Occitanie, and 13% in Centre-Val de Loire, per government figures published this morning.
The official count only registers a station as short if it has no petrol at all or no diesel at all, so a station out of one grade but holding another is not counted, meaning the real shortage is much larger. French diesel averages €2.406 a litre, about $10.45 a gallon.
Europe is facing its worst energy crisis in history.
Britain’s energy debate needs more realism. In this Humans in the Loop podcast, I argue that UK deindustrialisation has helped cut territorial emissions, but left us with some of the highest electricity costs in the developed world.
https://t.co/BcHgQ54AfE
#climaterealism
@Dieter_Helm made it very clear why our electricity is so expensive, and what we should do about it.
Sadly, those in government, especially those sitting on the committee he just gave evidence to, seem to have deliberately misconstrued it.