The rumour mill has kicked into overdrive amid discussion that Repsol is considering the acquisition of NEO Energy, even while politics has overshadowed the energy sector. While some companies are moving away from the North Sea, others are choosing to stick it out, Ryan explains, on the basis that it can’t get any worse.

Prax has taken a similar line, signing a deal to buy assets from TotalEnergies in the Shetlands. The buyer has taken an innovative stance and now offers a smaller-scale integrated oil company, hoping that this will allow it to stay ahead of tough times.

Shell has pressed pause on its ambitious SAF plans in Rotterdam this week, as the company’s broader outlook for energy transition opportunities dims. The supermajor does still have enthusiasm for some transition opportunities, such as CCS, but with costs rising and the future uncertain, biofuel dreams are suffering.

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