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No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by means electronic, mechanical, photocopying, recorded or otherwise without the prior permission of the copyright holder. www.erpecnewslive.com McLean Events BP to earn £200m by selling North Sea pipeline BP is expected to net £200 million if it sells its historic Forties pipeline in the North Sea to chemicals producer Ineos. The pipeline was built to bring oil from the giant Forties field to the UK’s Grangemouth refinery, near Edinburgh, Scotland. Its opening in 1975 marked a key milestone in the North Sea oil boom. Grangemouth is now owned by Ineos. The refinery was the scene of a bitter dispute between the billionaire and trade unions which saw him threaten to shut the plant. The Forties pipeline still carries 40% of UK oil production, or 450,000 barrels a day, from about 80 fields. A source close to the deal said: “Just 12 percent of that is from BP, so it is no longer strategically significant to BP, but it is to Ineos because of Grangemouth.” BP is selling assets in the southern North Sea, but is investing west of Shetland and in the northern North Sea, including in the Clair field, which holds an estimated 8 billion barrels of oil. Global oil price likely to remain at about $55 per barrel Russia’s second-largest oil producer Lukoil expects oil prices to remain at about $55 this year, company CEO Vagit Alekperov said. “Lukoil feels quite comfortable, we are fulfilling all our investment programs,” he said. “We have kept the budget based on oil prices of $40 per barrel. We think that oil prices will remain at the level of $55 dollars,” he said. “The Russian Energy Ministry’s efforts jointly with the OPEC countries have produced their results, that’s why we are optimistic,” he said. Alekperov said in December that Lukoil expects oil prices to range between $40-50 per barrel in 2017 and to rise to $60 in 2018. He said his company can endure prices of $20 or even $15 per barrel if it cuts its investment programs. The Lukoil CEO also said that his company’s budget will be based on oil prices of $40 in 2017, $50 in 2018 and $60 in 2019. Shell signs $25M partnership to fund energy tech research Shell International Exploration and Production has entered into a five-year research agreement with University of California Berkeley’s Energy Biosciences Institute (EBI) to fund research that meets the growing demand for energy in ways that are economically, environmentally and socially responsible. The agreement is to spend up to $25 million over five years on fundamental research in the areas of global energy transition and new energy technology. The agreement will make EBI a global leader in energy technology research to make next-generation fuels a competitive, sustainable alternative to fossil fuels. “Shell is pleased to enter into a multi-year research collaboration agreement with the Energy Biosciences Institute,” said Shell chief technology officer Yuri Sebregts. “The overarching objective is to harness the power of renewable energy sources to develop the fuels of the future, create robust options for energy storage, build capabilities in computational material science and chemistry, and probe the potential of the bioscience pathways across the energy system. This agreement is an important step in Shell’s long-range research program aimed at developing more and cleaner energy to support the ongoing energy transition.”The collaboration will also focus on creating new energy technology that will enable fuels derived from sustainable sources to be readily available alongside conventional fossil fuels in the market. EBI’s research focus to date has been on enabling feedstock availability — a goal shared with Shell, which currently holds 50 percent equity in Raízen, the world´s largest producer of one of the lowest-CO2 biofuels available on the market today. Jaguar debuts its first EV on the streets of London Jaguar has unleashed its first electric vehicle – the I-Pace – on the road for the first time. The car was driven on the streets of London’s 2012 Olympic Park ahead of the announcement of more details and media/ VIP drives in late 2017 and sales in the second half of 2018. Jaguar design director Ian Callum said: “The feedback on the I-Pace concept has been fantastic. We’ve torn up the rule book to create a vehicle with supercar inspired aesthetics, sports car performance and SUV space, in one electric package.” The I-Pace will rival Tesla models with acceleration to 60mph in around four seconds and a range of “more than 500km” using a 90kWh lithium-ion battery. Jaguar claims the car can be recharged to 80% in 90 minutes - using 50kW DC charging. Compact, light electric motors at the front and rear axles generate a combined output of 400PS and 700Nm of torque, with the all-weather benefits of all-wheel drive. 2 erpecnews is published by McLean Events, Conferences and Media Ltd.
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