Greenhouse gas emissions from oil will reach record levels in future, according to a new study presented by the EBB. It urged the European Commission to take this into account in the implementation of its fuel quality and renewable energy directives so as not to give fossil fuels an advantage over other fuels. The research, carried out by environmental consultancy ERA, argued that more intensive use of existing oil fields is hiking emissions from conventional oil. In addition, the depletion of oil wells is reducing production of conventional oil, which must then be replaced by unconventional oil, the emissions from which are up to 2.5 times greater as a result of more energy-intensive extraction techniques.
Greenhouse gas emissions from oil will reach record levels in future, according to a new study presented by the EBB.
It urged the European Commission to take this into account in the implementation of its fuel quality and renewable energy directives so as not to give fossil fuels an advantage over other fuels.
The research, carried out by environmental consultancy ERA, argued that more intensive use of existing oil fields is hiking emissions from conventional oil. In addition, the depletion of oil wells is reducing production of conventional oil, which must then be replaced by unconventional oil, the emissions from which are up to 2.5 times greater as a result of more energy-intensive extraction techniques.
Total is investing £2.5bn to develop entirely the Laggan and Tormore gas fields in the deep North Sea, more than 80 miles West of Shetland. The fields had been ruled too expensive for commercial exploitation, because they are widely dispersed and lie in a highly hostile environment where the sea is 600 metres deep and, in winter, can produce 20 meter-high waves. But recent tax changes aimed at boosting investment in the UK's dwindling North Sea oil and gas sector, and a recessionary drop in industry contracting costs, have changed the economics of the programme, the French oil giant said.
Total is investing £2.5bn to develop entirely the Laggan and Tormore gas fields in the deep North Sea, more than 80 miles West of Shetland.
The fields had been ruled too expensive for commercial exploitation, because they are widely dispersed and lie in a highly hostile environment where the sea is 600 metres deep and, in winter, can produce 20 meter-high waves.
But recent tax changes aimed at boosting investment in the UK's dwindling North Sea oil and gas sector, and a recessionary drop in industry contracting costs, have changed the economics of the programme, the French oil giant said.
yeah, it's all about lower tax rates, and has nothing to do with the fact that oil companies are expect oil to remain above $60 for the long term when, just a few years ago, they invested on the basis of $18 oil... Wind power
