Oil, Gas & Coal Production
Upstream oil and gas production and operations identify deposits, drill wells, and recover raw materials from underground. They are also often called exploration and production companies. Europe producing 25% of the oil and almost half of the gas it uses. While reliance on imports is likely to remain important, recent domestic exploration & production dynamics suggest high remaining potential for decades to come. Eight of the biggest offshore oil and gas fields in Europe are located in Norway and the other two belong to the UK.
The European Union has seen an “unprecedented” 19% year-on-year decline in coal-fired power generation in the first half of 2019. In Europe, the fall is primarily attributed to the EU’s carbon cap-and-trade system, the Emissions Trading Scheme. Prices on the EU carbon market have risen from around €5 in 2017 to around €25 per tonne of CO2 emitted in 2019, pushing coal plants to halt production.