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Energy / EnQuest upbeat as oil industry majors report record profits

Sullom Voe Terminal. Shetland News

THE OWNER of the Sullom Voe Terminal continues developing the site to “progress global scale decarbonisation opportunities”, the company said.

However, in an operations update published today (Tuesday) EnQuest gives little detail what that actually means.

In a week that sees major oil and gas companies report record quarterly profits, EnQuest was equally upbeat about its own performance.

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“We remain on track to deliver our operational targets and, in the prevailing price environment, are focused on driving an accelerated debt reduction programme,” the EnQuest statement said.

With regards to Sullom Voe, which EnQuest took over from BP in 2017, the company said it was developing “cost-effective and efficient plans to transform the terminal and prepare and repurpose the site”.

This would include carbon capture and storage, electrification and green hydrogen.

“EnQuest continues to work collaboratively with potential partners and key stakeholders to progress these opportunities,” the company said.

Shetland News has repeatedly asked EnQuest to put forward a senior executive for interview to update the community of what the company’s plans for the terminal entail. These requests have so far been declined.

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Meanwhile BP, TotalEnergies and other global oil companies have been condemned for raking in record profits in the second quarter of 2022, while annual energy bills are forecast to hit £3,600 per household this winter.

Friends of the Earth Scotland said BP’s profits of £6.9 billion generated during the months of April to June demonstrated how “fundamentally broken” the UK energy system is.

Oil and gas campaigner Freya Aitchison said: “Rising energy prices are a key driver of the cost of living crisis which is plunging millions of people in the UK into fuel poverty, yet bosses and shareholders at BP are getting even richer by exploiting one of our most basic needs.

“A fair and fast transition to renewables must ensure that everyone has access to affordable and clean renewable energy.”

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