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National Parks, low gas prices fuel summer travel


Low gas prices and interest in the National Park Service’s 100th birthday are fueling summer travel this year, according to an expert from BJ’s Wholesale Club, who shares tips on how travelers can save money when filling up for vacation.

“Gas prices are significantly lower than last summer, making this a great year for driving vacations,”
said Krystyna Kostka, Vice President of Petroleum at BJ’s Wholesale Club. “The low prices and increased interest in our National Parks is driving more trips to BJ’s Gas ®stations as families fill up for their road trips. We’re also experiencing significant increases in demand for propane as families prepare to head outdoors for camp outs and barbeques.”

Kostka, who is responsible for 128 BJ’s Gas locations serving millions of Members, keeps a close watch on fuel prices and mileage trends.  According to Kostka, fuel prices are down nearly 50 cents a gallon over last year and supply is plentiful, making this a good time for an extra road trip. Propane prices are also near multi-year lows.

Industry analysts expect demand for gas to be the highest since 2007 as more Americans take to the road this year. Adding to demand is the interest in the National Park Service Centennial, which occurs in August.

To help smart families save on their summer fuel costs, Kostka offers five simple guidelines

1. Clubs on the Road. Not surprisingly, travelers can save significantly by filling up at BJ’s Wholesale Clubs before they start their trips. Map out fueling stops ahead of time to track the lowest gas prices near national parks and other attractions.

2. Fill ‘er up. (Tires Too.) Tires play a huge role in fuel efficiency. Properly inflated tires can help increase gas mileage. Also, it’s a good idea to check the recommended tire pressure including the spare before a long road trip.

3. Charge at the Pump.  Some credit cards offer gas discounts. For example, My BJ’s Perks™ MasterCard® holders save an additional 10 cents off a gallon at BJ’s Gas every day.

4. Pack Right. To avoid excessive weight on tires, pack only the essentials. Resisting the urge of bringing extra coolers, toys and clothes will result in a lighter car and better fuel economy.

5. Summer Grilling. Propane is an essential for many cookouts so make sure tanks are filled before your campout or barbecue. BJ’s offers propane refill and exchange at 171 locations.

About BJ’s Wholesale Club, Inc.

Headquartered in Westborough, Massachusetts, BJ’s is the leading operator of membership warehouse clubs in the Eastern United States. The company currently operates 213 clubs and 128 BJ’s Gas® locations 15 states.

BJ’s provides great value in a one-stop shopping destination filled with top-quality, leading brands including its exclusive Wellsley Farms and Berkley Jensen brands along with USDA Choice meats, premium produce and delicious organics in many supermarket sizes. BJ’s is also the only membership club to accept all manufacturers’ coupons and, for greater convenience, offers the most payment options.



Norwegian Unions Say 755 Oil, Gas Workers Could Strike


About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe’s top producer, if a new wage deal is not agreed before a Friday deadline, trade unions said on Monday.

A final round of mandatory talks will be hosted by a state mediator on June 30 and July 1 in an effort to avoid disruption that could start the following day.

The affected fields account for nearly 18 percent of Norway’s oil output and a little more than 17 percent of its natural gas, Reuters calculations show.

Combined oil output was about 285,000 barrels per day in the first four months of the year, with natural gas output at 48.5 million cubic metres (mcm) per day.

Norway currently produces about 1.6 million barrels of crude and 280 million standard cubic metres of natural gas per day. Its combined natural gas liquids (NGL) and condensate output is about 400,000 barrels.

Employers have argued that a plunge in oil prices since 2014 must be accompanied by cost cuts and flexible work practices to help to keep the industry competitive.

Unions, meanwhile, say that members should receive pay increases matching those in other industries.

The Industri Energi union said it would take out 524 members if the talks break down, affecting the Statoil-operated Oseberg, Gullfaks and Kvitebjoern fields.

The SAFE union said it would take out 156 workers on ExxonMobil’s Balder, Jotun and Ringhorne fields.

In addition, 75 workers on Engie’s Gjoea field would also go on strike, the smaller Lederne union said.

Engie said it would shut Gjoea in the event of a strike, while ExxonMobil said a strike would affect its operations.

Statoil declined to comment.

A protracted conflict could ultimately result in more than 7,400 workers going on strike, data from the state mediator’s office showed.

“We do, of course, wish for mediation to lead to a deal, so that conflict is avoided,” SAFE said in a statement.

The three labour unions will negotiate on behalf of the oil workers, while Norwegian Oil and Gas (NOG) will represent the companies.

In 2012 a 16-day strike among some of Norway’s oil workers cut the country’s output of crude by about 13 percent and its natural gas production by about 4 percent.




Wärtsilä supplies 161 MW Flexicycle power plant to Saudi Arabia


Wärtsilä has signed a major contract to supply a 161 MW Flexicycle (combined cycle) power plant to Yamama Cement Company in Saudi Arabia. Wärtsilä will deliver a full EPC (Engineering, Procurement & Construction) project. In addition to the EPC contract, a 5-year operation and maintenance management agreement and a 10-year spare parts supply agreement have also been signed.

The power plant includes ten 18-cylinder Wärtsilä 50 dual-fuel engines and a steam turbine. The value of the order is approximately EUR 115 million. The contract was included in Wärtsilä’s order book in the first quarter of 2016. The contract announcement was delayed until June 2016 due to the finalisation of techno-commercial details and the operation and maintenance management agreement. The power plant will be delivered in four phases. The first part is estimated to be delivered by the end of 2017 and the complete plant is scheduled to be handed over during the second quarter of 2019. The delivery is aligned with the construction schedule of a new Yamama cement plant.

This is a dual-fuel power plant operating primarily on natural gas with light fuel oil and crude oil as back up fuels. This will be Wärtsilä’s first gas fired Flexicycle power plant in Saudi Arabia. The plant will provide power to run the Yamama facility, which has a daily production capacity of 20,000 tonnes of cement. Because of the plants’ remote locations, most of the cement industry in Saudi Arabia is powered by captive power plants such as this one.

“Wärtsilä has a reputable track record in Saudi Arabia and they have offered an efficient and reliable solution for a harsh operating environment. We consider this relationship a strategic partnership and hopefully it will be rewarding for both parties,” says Mr. Jehad Abdul Aziz Al Rasheed, General Manager, Yamama Cement Company.

“We appreciate and value the partnership with Yamama Cement Company for the power plant project. This will be a landmark power plant in Saudi Arabia because of its combined cycle and dual-fuel capabilities,” says Haidar Mohammad Al Hertani, Managing Director, Wärtsilä Saudi Arabia.




Modi’s $27B Oil Quest Gives Services Firms A Lifeline


India is offering global oilfield service providers starved of new contracts a $27 billion lifeline as the government’s ambition to cut fuel imports drives fresh investment.

Spending plans are ratcheting up and stalled projects restarting after the government in March announced pricing freedom for natural gas from deepsea fields that begin production this year. Coming at a time when the cost of rigs and services has halved, that’s prompted India’s largest explorer Oil and Natural Gas Corp. to launch its biggest development campaign yet. Reliance Industries Ltd. is preparing to restart work at four offshore oil and gas blocks.

The flurry of activity is providing some respite to services companies including Schlumberger Ltd., Technip SA and Halliburton Co. that were stung last year by more than $100 billion in slashed spending by explorers as oil collapsed. Investments in India are growing to meet Prime Minister Narendra Modi’s target of cutting import dependence by 10 percent over six years as increased consumption puts the nation on track to become the world’s third-largest oil consumer.

“In India, there are two to three major identified projects and they are probably bigger than anything else going on in rest of the world,” Technip India’s Managing Director Bhaskar Patel said in an interview. “India is a place where there is work available.”

India’s hydrocarbon resources still remain highly undeveloped and the government’s new liberal approach is nudging companies to invest in tapping them. The measures are expected to boost gas output by 35 million standard cubic meters a day and unshackle projects worth 1.8 trillion rupees ($27 billion), Oil Minister Dharmendra Pradhan had said when the policy changes were announced.

About 90 percent of the new spending would go to companies that provide services from drilling to testing and the laying of infrastructure.

Halliburton is positioned to participate in “the country’s ambitious plans to increase its domestic production,” the company said in an e-mailed response to questions. “India plays a crucial role for sustained development in the region for Halliburton.”

The Indian government’s initiatives will increase the pace of exploration, ONGC Chairman Dinesh Kumar Sarraf said.

ONGC will contract deepwater drill ships and dozens of jack-up rigs for a $5-billion development program in the Krishna-Godavari Basin, he said. The company intends to spend 11 trillion rupees by 2030 to raise output.

Reliance has held meetings with oilfield-services companies to restart work at four offshore oil and gas blocks, including one of India’s biggest natural gas discoveries, people with knowledge of the plan said in May. It plans to drill 21 wells in four offshore areas, including the deepwater KG-D6 block in the Bay of Bengal, the people said.

ONGC shares were up 0.5 percent to 211.15 rupees as of 9:32 a.m. in Mumbai on Tuesday, while Reliance gained 0.3 percent to 958.85 rupees.

India’s exploration binge still won’t be enough to compensate for canceled projects around the world as oil prices settle below 50-a-barrel of crude from more than $100 two years ago. Worldwide, the oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the price slump, consultant Wood Mackenzie Ltd. said this month.

Investing during the current down-cycle ensures lower costs for explorers as well as future returns over four or five years once oil recovers, Technip India’s Patel said.

ONGC has reduced the cost of its Krishna-Godavari basin block by almost a third from earlier estimates of about $7 billion as prices slide for the contract rate for rigs and oilfield equipment and services.

Offshore jack-up rigs, which used to cost $80,000 to $90,000 a day, are now available for less than $50,000, ONGC’s Sarraf said. “We could say there is 20 percent to 50 percent reduction in the cost of goods and services.”

Despite the price competition, service providers are finding that an India strategy is critical given the scarcity of spending elsewhere. Finnish company Wartsila OYJ’s Indian unit sees opportunity here given the tough global environment.

“In the exploration segments, if projects are coming up of course it’s an opportunity for us,” Kimmo Kohtamaki, president and managing director of Wartsila India, said. “We have matching products and no one else is investing. Everyone is laying off, it’s a tough market.”




Brexit – What’s next for investors?


A nation voted. With a 72.2% turnout, 17.4 million (51.9%) votes were cast to leave the EU, compared with 16.1 million (48.1%) to remain, according to the Electoral Commission. It was unlikely that a decision of such scale would take place without significant ramifications and as it stands, Brexit has divided the nation. The economy is now in a position of indefinite uncertainty, with calls for Article 50 to be invoked as soon as possible in order to clarify the economic position for both the UK and the countries remaining within the EU. The months and years ahead will be a turbulent and volatile time for private and corporate investors. With the right guidance and expertise of experienced investment professionals, amongst the confusion, there are still opportunities to invest in new opportunities with either short or long term rewards. We find out more about the post Brexit economic landscape, and the response from the Rycal Investment Group.

Building The Post Brexit Future

For anyone with an interest in business and the economy, waking up on Friday 24th June 2016 was the start of a journey into the unknown. As the markets opened, the FTSE 100 plunged by 8.7pc, with the FTSE 250 falling by 7.2pc, the worst performance since Black Monday. This drop cost £25bn to the value of the index, with almost a quarter lost from the value of some stocks. Bloomberg reported that some of the hardest hit by these losses were Britain’s billionares with an overall loss of $5.5bn (£4bn) on Friday. Leave supporter Peter Hargreaves, the co-founder of Hargreaves Lansdown was amongst these numbers, with his net worth falling 19pc to $2.9bn (£2.1bn).

One of the main concerns for London is the loss of the EU Passport to allow banks and financial institutes to operate across Europe’s capital market. The relocation of branches and companies to outside of the UK could cause huge financial losses for the economy of the Capital. In an ongoing pattern of change, Moody’s downgraded the UK’s credit outlook to negative following the Brexit decision. Colin Ellis of Moody’s was interviewed by BBC Radio 4** where he explained “Following the vote there is clearly likely to be a prolonged period of uncertainty now. That will have a negative impact on the UK’s credit standing and we don’t know how big that impact will be.”

He continued, reaffirming concerns from before the referendum took place, “Uncertainty has real consequences – we expect spending decisions by households and firms to be delayed. That will have an impact on confidence and that will have an impact on growth.”

In a report from the Institute for Public Policy Research (IPPR) (Saturday 25th June) IPPR’s chief economist Catherine Colebrook stated that the fall of the pound would have a disproportionate impact on the poorest 10pc of households.

She explained in the analysis: “Because poorer families spend a higher proportion of their disposable income, the poorest 10 percent of households will be hit the hardest by these developments.”

“In the weeks and months following this initial financial market reaction, we will be hit by the perfect storm of reduced consumer spending power; a reduction in business investment as businesses put their plans on ice; and the heightened risk of a downturn across Europe.”

As it stands, uncertainty is the overriding concern. No investment is ever without risk, but in a turbulent climate, anyone considering the long term performance of a current portfolio, or expansion within the EU, is less able make informed decisions based on facts, past performances and projections. As yet, no one can predict how long negotiations will take place in order to leave the EU, but there is much groundwork to be done even before discussions can commence, such as appointing trade associations which do not currently exist. To re-establish confidence could take years. For investors, this could be the ideal to time to look outside the European Union……

Simon Calton, CEO of Rycal Investment Group, a UK based company but with US offices discussed; “The US is still the safest place, invest in U.S dollars…. diversify and look for a long term strategy”

For investors from the UK, investments conducted entirely between the USA and UK are an attractive proposition and a viable diversity option. The relationship between the US and UK is unlikely to be negatively impacted by a Brexit. State Spokesman Kirby stated last Friday “We have a close historical relationship with the UK economically and politically and we will consider how the UK, as it negotiates with the EU, fits into our strategy of pursuing broad trade partners”

“The special relationship remains a special relationship,” he said. “We’re confident that, no matter what the implications are of this vote, that the relationship between the United States and UK will remain as strong as ever.”

Areas of growth within the US have been identified by Carlton James borrower Sky Watch Group. For example, demand for hospitality in the US in certain areas exceeds supply. Hotels located in the proximity of development sites, which drive a number of channels of revenue, such as oil fields and highways, can quickly reach capacity leaving those without accommodation to have to travel further afield, costly and time consuming. Carlton James Skywatch Inn Ltd have established an innovative scheme to acquire hotels and hospitality in these high demand areas, with an opportunity for investors that leverages strategic planning by the Carlton James. Investors can opt for early returns or a longer term investment plan, dependent on their own preferences, and, although no investment is without risk, the due diligence processes carried out on each opportunity make these options attractive to those seeking diversification and increased yields from their portfolio.

Naturally, Brexit has attracted significant controversy and media coverage, and as yet, the long term market performance cannot be predicted. It may not be only the UK that choose to take this path with German Chancellor Angela Merkel stating that the EU must respond to citizens of the remaining 27 states who question what benefits they get from membership. It is likely that for the foreseeable future the European market will remain uncertain, however, increasing options to diversify outside of the EU can offer investors exciting new opportunities.




Vos Prodect contracted for cable hang-off testing


Vos Prodect Innovations has recently been contracted by Siem Offshore Contractors GmbH, regarding testing and delivery of sealed cable hang-off systems for the 2 x 155kV HVAC cables between 2 offshore substations in German waters.

With respect to the scope of work, Vos Prodect has performed an endurance test with the HVAC cable, clamped in the temporary hang-off section. A weight of 4400 kg has been hanged on the temporary clamps in order to simulate the real life scenario with a safety factor. Successful completion of the test marks a major milestone towards launching a cable hang-off system for high voltage cables, to be used at the offshore wind farm projects.

As a specialist in design, testing and delivery of cable hang-off systems, we have a strict focus on maintaining the quality of cooperation with our customers. In this respect, we are able to support the projects from preliminary design to project realization.




Canada Oil Output to Fall This Year on Wildfires, Low Prices


Canadian oil output is forecast to decline this year for the first time since 2009 after a wildfire in northern Alberta curtailed more than one million barrels a day for a month and low commodity prices hit producers.

Total Canadian oil output will drop to 3.82 million barrels a day in 2016, less than the 3.85 million barrels a day produced last year, the Canadian Association of Petroleum Producers said in its annual forecast released Thursday. In 2017, production will rise to more than 4 million barrels a day, the country’s industry lobby group said.

“It’s been a very difficult year for our industry,” CAPP President Tim McMillan said in an interview. “The fire was a big incident. Very fortunately the facilities weren’t damaged and it was a unique event.”

Oil-sands sites halted production last month after wildfires forced the evacuation of the city of Fort McMurray and caused Alberta’s most expensive natural disaster. The fires came as companies such as Suncor Energy Inc. and Cenovus Energy Inc. were already reducing investment to cut costs and weather the commodity downturn.

“People have adjusted by protecting their companies for the medium- and long-term and getting their costs in line,” McMillan said.

The industry has shed about 44,000 workers since the slump in oil prices began, with producers making the biggest two-year investment cut since 1947, according to previous CAPP estimates. West Texas Intermediate crude, the benchmark for North America, is hovering around $50 a barrel, about half the value of its mid-2014 peak.

Canada’s oil industry likely won’t see the kind of record levels of investment from past years anytime soon as companies focus on trimming costs, Cenovus Chief Executive Officer Brian Ferguson said in April. Reducing costs is still at the “core” of future investment plans, McMillan said Thursday.

Oil Sands Growth

Despite the recent disruptions caused by fires, Canada’s oil sands won’t see a drop in output this year. Oil-sands production will total 2.39 million barrels a day this year, up from 2.37 million barrels last year.

Oil sands are where much of the country’s oil output growth will happen in the coming years, with output forecast to rise to 3.67 million barrels in 2030. Companies are racing to find ways, including development of new technology, to make crude production from sticky bitumen competitive with shale producers in the U.S.

New pipelines are needed to accommodate the rising volumes of crude Canada will produce in 2030, when total daily production will reach 4.93 million barrels, CAPP forecast. That’s 400,000 barrels per day lower in 2030 compared to the estimate made in last year’s report, the group said.

“The need to build new energy infrastructure within Canada is clearly urgent,” McMillan said in a statement released with the report. Kinder Morgan Energy Partners LP’s Trans Mountain expansion, which recently won regulatory approval, will likely be the first large domestic pipeline to get a green light from the federal government, he said.

“Public sentiment is increasingly supportive of pipelines and energy projects,” he said. “People are more knowledgeable about energy issues than they were a few years ago.”




US Oil Drillers Cut Rigs After 3 Weeks of Additions


U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices pull back after a recent rally to an 11-month high over $51 a barrel.

Despite a decline in U.S. crude to below $48 a barrel on Friday after Britain voted to leave the European Union, several companies said recently they plan to boost spending on new drilling with futures for the balance of the year and 2017 topping $50 a barrel.

Analysts and producers have said U.S. crude prices over $50 was a key level that would trigger a return to the well pad. Drillers removed seven oil rigs in the week to June 24, bringing the total rig count down to 330, compared with 628 a year ago, Baker Hughes.

Before this week, drillers added oil rigs in only four out of 24 weeks this year, cutting on average eight rigs per week for a total of 199. Last year, they cut 18 rigs per week on average for a total of 963, the biggest decline since at least 1988. Analysts, however, expect the rig count to climb in most weeks for the rest of this year with prices expected to rise in prices months. Looking forward, futures for the balance of the year were trading below $49 while calendar 2017 was nearly at $51.

To capture those rising prices, several producers in recent weeks said they plan to spend more money on new drilling and the completion of already drilled wells to boost output, including Devon Energy Corp, Pioneer Natural Resources Co and Energen Corp. “We expect rig counts to keep rising into year-end as prices rise, but the backlog of drilled-but-uncompleted wells (DUCs) could slow the pick-up in drilling as producers potentially look to reduce the backlog of DUCs before adding rigs,” analysts at U.S. bank Citigroup said in a report. Citi said production from DUCs is crucial to production growth, noting it expects oil and natural gas production to respectively fall by 760,000 barrels per day and 1 billion cubic feet per day in 2016 versus 2015 and 160,000 bpd and 3.5 bcfd in 2017.

But with DUCs being completed, Citi forecast production might only decline by about 600,000 bpd for oil and even rise by 0.1 bcfd for gas in 2016, and rise by 160,000 bpd for oil and 1.2 bcfd for gas in 2017. Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, expect the number of oil rigs to increase in the third quarter with about four rigs added per week in the second half of 2016, four to five per week in the first half of 2017, five per week in the second half of 2017 and seven per week in 2018.




Greater Enfield oil development approved


Woodside advises that with Joint Venture participant Mitsui E&P Australia, the Greater Enfield Project has been approved for development.

Located 60 km off Exmouth in Western Australia within Commonwealth waters the project will develop the Laverda Canyon, Norton over Laverda (WA-59-L) and Cimatti (WA-28-L) oil accumulations. These reserves will be produced via a 31 km subsea tie-back to the Ngujima-Yin floating production storage and offloading (FPSO) facility, located over the Vincent oil field.

Woodside CEO Peter Coleman said that monetising Greater Enfield was made possible by breakthroughs in the development concept, technology and contracting.“We have achieved investment spend at the low end of our guidance range by leveraging the latest technologies and using existing FPSO infrastructure. This allows us to accelerate the development of previously stranded resources.

“Greater Enfield is a demonstration of our phased and sustainable approach to growth,” he said. The Greater Enfield Project requires development of six subsea production wells and six water injection wells. Production will be supported by subsea multiphase booster pumps in the Laverda area and gas lift in the Cimatti area.

The project is targeting development of gross (100%) 2P reserves of 69 MMboe (net Woodside share of 41 MMboe) from the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations. Woodside reserves will increase by 41 MMboe in conjunction with the approval of the project for development.

The total investment for the project is approximately US$1.9 billion total cost (approximately US$1.1billion Woodside share) with first oil expected in mid-2019.

The Greater Enfield Project is a joint venture between Woodside Energy Ltd (Operator, 60%) and Mitsui E&P Australia Pty Ltd (40%).




Brexit: Adverse Impact for UK’s Oil, Gas Industry Unlikely


The people of the United Kingdom’s decision to leave the European Union is unlikely to have a major adverse impact on the country’s oil and gas industry, companies and organizations involved in the sector said. But they also called for clear leadership from the UK government on the way forward for the industry in order to minimize uncertainty.

Airswift, one of the world’s biggest oil and gas recruitment firms, noted that a poll it conducted prior to the June 23 referendum revealed that only around one-third of energy sector workers would have voted to remain in the EU. Airswift CEO Peter Searle said:

“That said, this result could create uncertainty for North Sea operators, particularly around the need to source talent for projects in and around the EU. However, leaving the EU could ultimately signal a more prosperous future for the UK North Sea. Norway, a key player in the energy industry, already exists successfully outside of the EU and now it’s the UK’s time to carve out its own future.”

“The only worry would be the reluctance of some foreign or overseas oil companies investing into the North Sea further, or into other exploration projects either on the mainland in other areas of the United Kingdom or in other energy sectors,” Searle told Rigzone in a telephone interview.

“That would be a worry…which could have an impact on jobs and the ability for people from the UK in the engineering world to find employment…It may affect negatively salaries, because of that reluctance to invest because of the long term instability over the next three or four years. There’ll be no clarity of vision on this for some time about what the real long term impact of not being attached and an intimate part of Europe is going to be,” he added.

Michael Burns, an oil and gas partner at law firm Ashurst, commented:

“The most immediate concern is that Brexit’s potential economic impact may exacerbate the already challenging environment created by lower oil prices. This, combined with the possibility of a further Scottish independence referendum, has created even more uncertainty in an existing pool of uncertainty for the industry. However, it is important to remember that legal frameworks will not change immediately (if they are to change at all). What is needed now is clear leadership on the way forward – and quickly!”

In a statement, trade association Oil & Gas UK noted that the UK oil and gas industry is at “a critical juncture” and that the UK Continental Shelf needs to continue to attract investment.

“We hope that all those involved will now come together and work constructively to make this transition as smooth as possible and we ask that the UK Government clearly outlines the process which will follow to minimise any potential period of uncertainty,” the statement said.

“We will be consulting closely with our members in the coming weeks and look forward to engaging with all governments to play our part in this process.”

Integrated energy company SSE said that the result presents no immediate risk to how it will operate, but warned that the UK Government should be mindful of the importance that the harmonization of the GB energy market with the countries in Europe can have on efforts to deliver clean and secure energy.

“SSE agrees with the UK Government that collaboration with other European countries on energy matters is important for UK consumers. It therefore hopes that the UK Government and the European institutions will provide clarity on future plans for the UK’s involvement in the IEM,” said SSE in a company statement on its website.

Following the vote, Royal Dutch Shell said it would work with the British government and European institutions on any implications for its business from Britain’s decision to leave the European Union. The company was in favour of Britain remaining in the EU and said that its priority was to continue supplying energy to customers in Europe and the UK.

Engie CEO Isabelle Kocher echoed Shell’s sentiment and said the company remained committed to investing in the UK, but said that she regretted the British people’s decision to leave the European Union. Kocher said the vote does not affect the firm’s view of Britain, where it currently employs around 17,000 people. BP also announced that its headquarters would remain in the United Kingdom, despite Britain voting to leave the EU.