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☆ Why Scotland’s ‘ghost’ whisky distilleries are coming back to life
▼ + stars: | 2024-04-13 | by ( Angus Mackinnon | ) edition.cnn.com time to read: +10 min

Courtesy Port Ellen DistilleryAcross the courtyard, the new still room resembles a vast industrial greenhouse with four shiny new copper stills as its exotic plants. “It is important that we recreate that classic Port Ellen character that people love, but we also want to be doing things we’ve not done before,” says McDonald. Courtesy Port Ellen DistilleryA glimpse into that past comes in the musky surroundings of warehouse number two with a dram drawn straight from a cask filled in 1979. Port Ellen is hoping to attract upscale whisky fans to sample a by-appointment-only Atlas of Smoke Experience. “At the moment, Port Ellen is expensive because it is so old and so rare.

Persons: Carol Ann Duffy’s, ” “, Ellen, ”, attar, Port Ellen, Roy Duff, Dramface.com, Ardbeg, Hijiri, Alexander McDonald, McDonald, Port, Port Ellen Gemini, Ellens, There’s, Dramface’s Duff, ” Emily Burnham, “ Organizations: Scotland CNN, Port, Ellen, Diageo, North America —, Smoke Locations: Islay, Scotland, Isle of Islay, Wuyi, Port, Scottish, —, Highland, Brora, Falkirk, Scotland’s, Hong Kong, Kilnaughton Bay, Antrim, Northern Ireland, Mull, Kintyre, North, America, United States

Energy Security Minister Claire Coutinho said that Rosebank would be less emissions-intensive compared with older oil and gas developments because they were designed with mitigations in place. Environmental campaigners had urged the government to halt development of Rosebank, saying it contravened the plan for a net-zero economy. Uplift, a campaign group opposed to Rosebank, said Britain would struggle to benefit from Rosebank as most of the oil would be processed abroad. "By approving Rosebank, Rishi Sunak has confirmed he couldn't care less about climate change," Uplift executive director Tessa Khan said. The North Sea Transition Authority, the UK regulator, said it had taken Rosebank's emissions into account in relation to Britain's climate plan.

Persons: Rishi Sunak, Claire Coutinho, Sunak, Caroline Lucas, Rosebank, Tessa Khan, Sarah Young, William James, Ron Bousso, Kate Holton, Jane Merriman Organizations: Energy, Environmental, Green Party, Labour Party, Ithaca Energy, Ithaca Energy's, Transition, Thomson Locations: Ithaca, Britain, Oslo, Rosebank, Equinor

☆ Rosebank: Britain approves huge, controversial oil and gas field in the North Sea
▼ + stars: | 2023-09-27 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —The British government approved the development of a huge oil and gas field in the North Sea Wednesday, sealing its commitment to keep producing fossil fuels for decades to come. “We have today approved the Rosebank Field Development Plan which allows the owners to proceed with their project,” said a spokesperson for oil and gas regulator the North Sea Transition Authority in a statement. The spokesperson added the decision had been made “taking net zero considerations into account throughout the project’s lifecycle.” Net zero is where the world removes at least as much planet-heating pollution as it emits. UK Prime Minister Rishi Sunak recently said he wanted to “max out” oil and gas developments in the North Sea and issue hundreds of new licenses. “Even when we’ve reached net zero in 2050, a quarter of our energy needs will come from oil and gas.

Persons: “, ”, Rishi Sunak, Sunak, we’ve, ” Sunak, Tessa Khan, Lyndsay Walsh, Rosebank, Claire Coutinho Organizations: CNN, Transition, International Energy Agency, Oxfam, Shell Locations: Shetland, Scotland, Norwegian, North, Rosebank

☆ UK gives approval for controversial Rosebank oil and gas field development
▼ + stars: | 2023-09-27 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A view of Sullom Voe Terminal, an oil and gas terminal in the Shetland Islands on September 2021. LONDON — British regulators on Wednesday gave approval for Norway's energy giant Equinor to develop the controversial U.K. offshore Rosebank field in the North Sea, just off the northwest coast of the Shetland Islands. The North Sea Transition Authority said it has also given the necessary consent. Finance Minister Jeremy Hunt said: "We are accelerating renewables and nuclear power, but will still need oil and gas for decades to come — so let's get more of what we need from within British waters." The approval comes after Britain in July confirmed plans to issue hundreds of new oil and gas licenses in the North Sea, despite its stated target to decarbonize all of the national sectors of the economy by 2050.

Persons: Equinor, Claire Coutinho, Jeremy Hunt Organizations: LONDON, Transition, Ithaca Energy, . Energy Security Locations: Shetland Islands, North, Shetland

LONDON (AP) — British regulators on Wednesday approved new oil and gas drilling at a site in the North Sea, a move environmentalists say will hurt the country’s attempt to meet its climate goals. The U.K.'s North Sea Transition Authority said it had approved the Rosebank Field Development Plan, “which allows the owners to proceed with their project.”Britain’s Conservative government argues that drilling in the Rosebank field, northwest of the Shetland Islands, will create jobs and bolster the U.K.’s energy security. One of the largest untapped deposits in U.K. waters, Rosebank holds an estimated 350 million barrels of oil. The field is operated by Norway’s Equinor and the U.K. firm Ithaca Energy, which say they plan to invest $3.8 billion in the first phase of the project. The government says it still aims to reduce the U.K.’s carbon emissions to net zero by 2050.

Persons: ”, Norway’s Equinor, Caroline Lucas, Rosebank, Rishi Sunak’s, Sunak, Claire Coutinho Organizations: —, Transition, Conservative, Ithaca Energy, Green Party, Energy, Rishi Sunak’s Conservative Locations: North, Shetland, Ukraine

☆ Activists cover Rishi Sunak’s mansion in black cloth after climbing onto the roof with ropes and ladders
▼ + stars: | 2023-08-03 | by ( Martin Goillandeau Chris Liakos Laura Paddison | Martin Goillandeau | Chris Liakos | ) edition.cnn.com time to read: +3 min

CNN —Climate activists draped black cloth over British Prime Minister Rishi Sunak’s private mansion in northern England on Thursday, in a protest against his policy to “max out” the UK’s oil and gas resources in the North Sea. Four demonstrators from the environmental group Greenpeace managed to climb onto the Conservative party leader’s manor house in his North Yorkshire constituency of Richmond early Thursday. They used ladders and climbing ropes to access the roof, where they unraveled 200 square meters of “oil-black fabric” to cover part of the mansion, Greenpeace said in a statement. Greenpeace said Sunak’s announcement is a blow to the UK’s environmental goals. “We desperately need our prime minister to be a climate leader, not a climate arsonist,” said Philip Evans, Greenpeace UK’s climate campaigner.

Persons: Rishi, Sunak, greenlighting Rosebank, “, ”, Philip Evans, ” Evans, Downing, Putin, Kirby Sigston Organizations: CNN —, British, ., Greenpeace, Conservative, Richmond, International Energy Agency, Downing Street, CNN, Downing, North Yorkshire Police Locations: England, North, North Yorkshire, Europe, Southeast Asia, greenlighting, Kirby

That has drawn fury from climate protesters who have stepped up their campaigns, disrupting high-profile sporting events, classical music concerts and political speeches. loadingPictures posted online by Greenpeace UK on Thursday showed four protesters atop the property in Yorkshire, northern England, covering it in swathes of black fabric, while a banner read "RISHI SUNAK - OIL PROFITS OR OUR FUTURE?" Around two hours later at 11:00 BST (1000 GMT), four protesters were still on the roof with a sign saying "NO NEW OIL." Greenpeace said they were protesting the government's backing for new North Sea oil and gas licences and a proposed development of Equinor's (EQNR.OL) Rosebank oilfield, which is subject to a final investment decision. "We desperately need our prime minister to be a climate leader, not a climate arsonist," Greenpeace UK said.

Persons: Rishi Sunak, Rishi, Read, Sunak, YouGov, Vladimir, Putin, William James, Farouq Suleiman, Kate Holton, Giles Elgood Organizations: Greenpeace, British, Greenpeace UK, Wednesday . Police, Sunak's Conservative, Thomson Locations: Yorkshire, England, Britain, California, Ukraine, Sunak's

Equinor became Europe's top natural gas supplier last year after exports from Russia were mostly choked off following Moscow's invasion of Ukraine. Europe cut demand, increased domestic output and imported liquefied natural gas (LNG) at huge cost in response to the drop in Russian gas supplies, which accounted for around half of the region's supply in 2021. "Trying to replace 150 billion cubic metres of (Russian) gas is a massive task. "The weather in Asia can set the gas price in Europe," Opedal said. Equinor produced over 2 million barrels of oil equivalent of oil and gas in 2022, when it reported a record adjusted operating profit of $75 billion on the back of soaring oil and gas prices.

☆ Norway's Equinor nears deal to buy Suncor's UK oilfields
▼ + stars: | 2023-03-01 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - Norway's Equinor (EQNR.OL) is close to reaching a deal to buy Suncor Energy's (SU.TO) British North Sea oil and gas assets for around $1 billion, three sources familiar with the matter told Reuters on Wednesday. The deal includes Suncor's 40% stake in the Equinor-operated offshore Rosebank oil and gas project, located some 130 km (80 miles) northwest of Shetland Islands, and one of the largest developments in the ageing basin. Equinor, which already owns 40% of Rosebank, had previously estimated the project's cost at about 4.3 billion pounds ($5.22 billion). The windfall tax led many companies, including Equinor, to warn that they could reduce their UK North Sea investments. The acquisition of the Suncor assets gives Equinor a large amount of tax losses that it could use to offset future investments in the basin, the sources said.

☆ Davos 2023: Climate activists protest over big oil hijacking debate
▼ + stars: | 2023-01-15 | by ( Maha El Dahan | ) www.reuters.com time to read: +2 min

[1/5] Climate activists display a banner during a protest ahead of the World Economic Forum (WEF) 2023 in the Alpine resort of Davos, Switzerland, January 15, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 15 (Reuters) - Climate activists protested in Davos on Sunday against the role of big oil firms at this week's World Economic Forum (WEF), saying they were hijacking the climate debate. The annual meeting of global business and political leaders officially opens in Davos on Monday. More than a hundred protesters gathered in a snowy Davos square chanted, "change your diet for the climate, eat the rich", while some booed oil firms cited during a speech. Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for.

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

☆ Equinor evaluating impact of British windfall tax on projects
▼ + stars: | 2022-11-22 | by ( Ron Bousso | ) www.reuters.com time to read: +1 min

LONDON, Nov 22 (Reuters) - Norwegian oil company Equinor (EQNR.OL) said on Tuesday it is evaluating the impact of Britain's windfall tax on its oil and gas projects, including the giant Rosebank development. The British government's decision last week to raise the windfall tax on North Sea producers to 35% from 25% "does not help investor confidence," Equinor said in a statement. "Uncertainty makes it harder to take investment decisions, especially the uncertainty around the longevity of the EPL (Energy Profits Levy)," Equinor said, referring to the tax. The Rosebank project is estimated to bring 26.8 billion pounds to the British economy through tax payments and investments, Equinor said. Equinor and Suncor Energy (SU.TO) each have a 40% interest in the Rosebank project, while newly-listed Ithaca Energy (ITH.L) has the remaining 20%.

Nov 8 (Reuters) - North Sea oil and gas producer Ithaca Energy's (IPO-IHEG.L) planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. The planned IPO of Ithaca - owned by Tel Aviv-listed Delek Group (DLEKG.TA) - on the London Stock Exchange on Wednesday has been closely watched in an IPO market starved of activity since Russia's invasion of Ukraine. Delek bought Ithaca in April from private equity-backed Siccar Point Energy, already flagging its intention to float. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean ENOG.L in 2018. Reuters Graphics($1 = 0.8716 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi Aich and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

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