WTI (Nov) $70.67 +28c, Brent (Dec) $74.45 +23c, Diff -$3.78 -5c
USNG (Nov) $2.35 -2c, UKNG (Nov) 98.0p -0.84p, TTF (Nov) €39.38 -€0.44

Oil price

Oil falls today as talks of a ceasefire follow the death of the Hamas leader, the actualite may be somewhat different…

Next week the blog will come from Trinidad where I am visiting, I look forward to reporting back and also publishing the blog…

Union Jack Oil 

Union Jack has advised that further to the RNS dated 17 October 2024 the operator of Wressle, Egdon Resources UK Limited, has now been informed by North Lincolnshire Council that following receipt of legal opinion and in light of the Finch Supreme Court decision, NLC will not seek to resist the proposed legal challenge brought in respect of NLC’s decision to grant the planning consent for further development of the Wressle well site (see RNS dated 16 September 2024). The proposed legal challenge is based on NLC omitting to request data that details the likely Scope 3 GHG (greenhouse gas) emissions as part of its process in granting planning approval.

Having sought their own legal advice, the Wressle Joint Venture partners have concluded they would not be in a position to defend the proposed legal claim. As such it is fully expected that the planning consent will be quashed once the court process has concluded.

The forward plan, on conclusion of the court process, is to seek a new screening opinion from NLC with additional supporting data that details the likely Scope 3 GHG (greenhouse gas) emissions. Depending on the outcome of this screening opinion either the existing “live” application would be redetermined by NLC or an Environmental Impact Assessment would be submitted.

This decision has no effect on the ongoing current operations or production at Wressle, which remains profitable.

Following my comments yesterday I am not surprised at all that the NLC has done what it has and ceded to the Finch ruling and accepted the challenge on emissions at Wressle. So the JV partners are back to the drawing board and will have to submit Scope 3 emission data and restart the process.

Only in this country could we handle a properly regulated and low carbon existing operation in such a ludicrous manner. Unfortunately this only looks like getting worse and not better, again from yesterday thank goodness for investments outside the UK…..In the you couldn’t make it up category.

Europa Oil & Gas

Europa advise that further to the RNS dated 17 October 2024 the operator of Wressle, Egdon Resources UK Limited has now been informed by North Lincolnshire Council that following receipt of legal opinion and in light of the Finch Supreme Court decision, NLC will not seek to resist the proposed legal challenge brought in respect of NLC’s decision to grant the planning consent for further development of the Wressle well site (see RNS dated 16 September 2024). The proposed legal challenge is based on NLC omitting to consider the likely Scope 3 GHG (Greenhouse gas) emissions in determining if the proposed development required an Environmental Impact Assessment. 

Having sought their own legal advice, the Wressle Joint Venture partners have concluded they would not be in a position to defend the proposed legal claim. As such it is fully expected that the planning consent will be quashed once the court process has concluded.

The forward plan, on conclusion of the court process, is to seek a new screening opinion from NLC with additional supporting data that details the likely Scope 3 GHG (Greenhouse gas) emissions. Depending on the outcome of this screening opinion either the existing “live” application would be redetermined by NLC or an Environmental Impact Assessment would be submitted.

This decision has no effect on the ongoing current operations or production at Wressle, which remains profitable.

I have to reiterate I’m afraid,

Following my comments yesterday I am not surprised at all that the NLC has done what it has and ceded to the Finch ruling and accepted the challenge on emissions at Wressle. So the JV partners are back to the drawing board and will have to submit Scope 3 emission data and restart the process.

Only in this country could we handle a properly regulated and low carbon existing operation in such a ludicrous manner. Unfortunately this only looks like getting worse and not better, again from yesterday thank goodness for investments outside the UK…..In the you couldn’t make it up category.

Rockhopper Exploration

Rockhopper has announced that, following discussions with the Falkland Islands Government (“FIG”), FIG has agreed to extend all of the Company’s North and South Falkland Basin Petroleum Production Licences such that the licences will now run until the 31 December 2026.

Sam Moody, CEO of Rockhopper, commented:
“We are pleased to have extended the licences, enabling us to continue progressing our work in the Falkland Islands.”

Nothing new to add to this news today, this was expected and is of course more good news for Rockhopper for whom things are actually coming together and watch out, there may be activity in them there Falklands…

KeyFacts Energy Industry Directory: Malcy's Blog