Oil and Gas Industry Roundup

Oil and Gas Industry Roundup May 2017 (2)

Welcome back to our latest industry roundup, where we bring you the biggest stories from the month in a bitesize roundup. 

May was a big month in the world of oil and gas – BP began got first oil from their multi-million-pound Quad 204 Project in the West of Shetland, whilst news that one of the world’s largest offshore wind farms is now operating at full tilt. The Gemini wind farm off the coast of the Netherlands in the North Sea has been built as part of the Dutch government’s plan to significantly increase their renewable energy by 2020.

This month we also saw an insight into businesses in the oil and gas industry with the EIC’s latest report showing that just 8% of oil and gas companies are turning to innovation, instead of export in order to try and survive the downturn. This suggests that more needs to be done from the government to help companies export.

Not only has there been oil and gas news from the UK, but in the USA, President Donald Trump has announced plans to sell half of the US’s oil stockpile. Though it is expected that selling the oil will gain the US approximately $500 million by 2018, the plan breaches the current legal requirement for a certain threshold, which is likely to face opposition from Congress. 

You can read our full industry roundup here

Please join us again next month where we will have another roundup that looks at the biggest oil and gas stories from June. Until then, follow us on Twitter and LinkedIn where we share news and updates daily. 

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