Energy and Utility Management Consultants

Big gas players accused of holding stocks, Statoil announce new field

May 2013

 

A recent article in the Guardian has suggested that gas suppliers may have been holding back on gas during a day in March when it was claimed that the UK only had “6 hours of gas” remaining. The huge LNG terminals at Isle of Grain and Dragon are reported to have been 40% and 52% full respectively on the same day that prices spiked. Over March LNG stock levels averaged at 30% of capacity. Neither BP nor Centrica were prepared to comment, according to The Guardian.


Statoil, the oil and gas exploration company, has announced that a new discovery of up to 33 million barrels of oil is ready and waiting for extraction from the North Sea’s Grane field, neighbouring several other Statoil fields. Although not a massive volume, the oil here is expected to be tied-in with existing nearby installations, lowering extraction costs and time spent when compared to a similarly-sized, entirely new discovery.


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