Company News
INEOS To Challenge Scotland Fracking Ban
Tuesday 16th January 2018
Hy Lok valve purchasers will be interested to hear the latest in the Scotland Fracking ban saga. We reported last year that the Scottish Government had agreed to ban fracking there. This was following significant public pressure to stop the practice. A consultation was run by the Government to gather views on the issue, and ultimately decided to ban fracking last summer, following a moratorium since 2015. This was a blow for the energy industry in…
Trump Administration Promoting Offshore Oil And Gas Exploration
Wednesday 10th January 2018
Ravid
The Trump administration has unveiled plans to open up a significant proportion of the country's offshore waters to oil and gas drilling. Under the proposals announced by secretary for the interior Ryan Zinke, more than 90 per cent of the US's offshore waters could lose their protection and be opened up for drilling operations for fossil fuels in the future. This would cover areas in the Pacific, Atlantic, Gulf of Mexico and off the coast of Alaska…
Oil And Gas Drilling Ban For France
Friday 5th January 2018
Ravid
France is set to ban oil and gas drilling activity within the nation by 2040, it announced this month. Under the law passed by the nation's parliament, all new oil and gas drilling activity in the country will be banned, with no new permits issued, while any existing drilling permits will not be renewed once they expire, Energy Business Review reported. While this may seem like a big step, the publication pointed out that it is likely…
BP And Rosneft Announce Partnership On Arctic Gas
Wednesday 3rd January 2018
Ravid
Rosneft and BP have announced that they are going to work together to develop subsoil resources in the area of Yamalo-Nenets Autonomous Okrug (YaNAO) in northern Russia. This falls under the Kharampurskoe and Festivalnoye licence blocks of this region, where there are total geological reserves of over 880 bcm of gas. The two companies will focus on two deposits - the Cenomanian deposit and the Turonian deposit. The former hosts traditional gas reserves and will be developed,…
INEOS Closes Forties Pipeline System
Monday 18th December 2017
Ravid
The Forties pipeline system run by Ineos, which delivers approximately one-third of the UK's oil in the North Sea, has been shutdown to allow the firm to carry out repair works on what it describes as "a hairline crack" in the pipeline. INEOS revealed that it had discovered the crack during a routine inspection on 6 December, when a small amount of oil seepage was noticed. Despite reducing the pressure in the pipeline, the crack extended…
Alex Salmond Calls For Oil Fund
Friday 8th December 2017
Ravid
Former first minister for Scotland Alex Salmond has called for an oil fund to be established, to ensure that the people in the UK benefit from any rising oil prices, rather than private companies. According to Energy Voice, the politician said that the UK needs to "get control of the resource" if it is to provide the biggest benefits to the country's population. Mr Salmond made his comments at the Renewables After Brexit conference in Dundee,…
Government Industrial Strategy Promises Growth
Friday 1st December 2017
Ravid
Construction companies may need to put in more orders for their hy lok valves, if the Government's aims to improve the construction industry are successful. In a white paper released this week, the Government has pledged to Build a Britain Fit for the Future. This includes promises to invest in R&D, as well as sustainable technologies and innovations. There are four main 'challenge areas' The Government has identified: Artificial Intelligence; Future of Mobility; Ageing Society…
Industry Players Welcome Tax Breaks For Oil & Gas Sector
Tuesday 28th November 2017
Ravid
In the Autumn Budget, chancellor Philip Hammond announced that owners of mature producing fields would be able to pass on tax histories to buyers when selling assets, a move that has been roundly welcomed by firms working in the North Sea. Professional services company EY, for example, said it could potentially have a huge impact on the industry, with head of oil and gas tax Derek Leith explaining that the announcement represents "an unprecedented change to…
UK's Petroleum Reserves 'Will Sustain Production', Say Experts
Wednesday 8th November 2017
Ravid
The use of Hy Lok fittings in the UK's petroleum production industry has been given a boost by the experts at the Oil and Gas Authority, who have revealed that the UK's reserves will safeguard production for at least the next two decades. According to The Independent, recoverable reserves and resources range between 10 and 20 billion barrels of oil (BOE), with 5.7 billion barrels of proven and probable UK reserves. Based on this alone, and not…
New Application For Flow Testing On West Sussex Site
Monday 30th October 2017
Ravid
Cuadrilla, which has faced a lot of opposition from local campaigners, is set to submit a new planning application to West Sussex County Council to allow it to flow test and monitor its site in Lower Stumble, Balcombe. The company has previously been granted permission for this activity, back in May 2014, although the planning permission has now expired. CEO of Cuadrilla Francis Egan explained that the company had been unable to carry out the exploration works…
