Failure to secure manufacturing jobs in new green industries could see Aberdeen repeat mistakes that led Glasgow to become one of Europe’s most underperforming cities, a leading economist warns The warning follows analysis of average income paid across regions of Scotland which shows north-east constituencies comfortably out-performing much of the country – for now. But Professor Keith Bender, from Aberdeen University, warns the oil-rich region risks squandering skills and knowledge – and therefore income – built up over decades by failing to win contracts that could provide high-paying jobs for generations. Prof Bender, who is part of the Just Transition Lab at Aberdeen University, said some pockets of the city benefit from high-level renewables work, but the effect is greatly reduced from earlier oil and gas booms. Wealth is not being spread out to other communities and appears to be reducing steadily over time. A perfect storm Prof Bender believes the region is now facing a “perfect storm” with echoes of how Glasgow suffered from de-industrialisation. He said: “There is a lot of activity around renewables. A lot of the engineering, at least the research and development part of it, is being done by local industry. “But the challenge is that unlike an oil rig where you still need to maintain it and pay good wages for people, offshore wind doesn’t have that same maintenance cost and requirements.” © ShutterstockNorth Sea oil and gas workers. Prof Bender added: “We haven’t done a very good job of thinking about why we aren’t building wind turbines and solar panels here and utilising the high skills base that is in Aberdeen and around the north-east of Scotland. “The challenge I think the area really has is that the skills that Aberdeen has now had for a very long time are extremely mobile. “If people don’t

ADNOC Gas PLC on Monday reported $1.27 billion in net profit for the first quarter, up 7 percent from the same three-month period last year thanks to continued growth in natural gas consumption in the United Arab Emirates. Economic growth at home lifted sales volumes, while efficient management limited the impact of a shutdown program, the gas processing and sales arm of Abu Dhabi National Oil Co. (ADNOC) said in an online statement. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 4 percent year-on-year to $2.16 billion for the January-March 2025 period. Revenue rose 6 percent to $6.1 billion. “Q1 also saw a year-on-year uplift in CAPEX [capital expenditure] of 43 percent as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets”, ADNOC Gas said. It expects to make an FID (final investment decision) on the Rich Gas Development project this year. Free cash flow ex-working capital landed at $1.21 billion, up 6 percent year-over-year. “This has been another outstanding quarterly performance by ADNOC Gas, supported by our resilient business model in a lower oil price market, which significantly exceeded market expectations”, commented ADNOC Gas chief executive Fatema Al Nuaimi. “These results come on the back of successful supply agreements and the optimization of our ongoing shutdown program designed to power our continued growth. “Looking ahead, we will use the strength of our balance sheet to invest through the cycle as we seek to realize EBITDA growth of over 40 percent between 2023 and 2029”. During the quarter ADNOC Gas secured about $9 billion worth of contracts for the long-term supply of liquefied natural gas to India Oil Corp. and Japan’s JERA Co. Inc. ADNOC Gas also announced plans to list on the Morgan Stanley Capital International

The Gas Exporting Countries Forum (GECF) projects a 2 percent increase in natural gas consumption in 2025 on continued growth in the power and industrial sectors. Global production is also forecast to rise 2 percent, driven by the Middle East, according to the GECF’s monthly report for April. The GECF noted of anticipated economic slowdown and a lower inflation rate relative to 2024. The Doha-based intergovernmental body also pointed out energy prices dropped for the second consecutive month in March 2025. “The escalation of US tariffs and retaliatory measures from key trading partners are expected to dampen trade flows, contributing to a broader deceleration in global economic activity”, stated the report on the GECF website. “Moreover, rising trade policy uncertainty and persistently tight global financial conditions pose substantial downside risks to the global outlook”. In the first two months of 2025 gas demand in major gas-consuming countries that account for 60 percent of world gas demand increased 4 percent year-on-year to 543 billion cubic meters (19.18 trillion cubic feet). European Union gas demand last month climbed 5.2 percent from the same period in 2024, totaling 32 Bcm and extending its growth to seven consecutive months. “This increase was primarily driven by higher consumption in the power and residential sectors”, the GECF said. “March 2025 was slightly cooler than the record-breaking March of 2024, with temperatures averaging 6.03°C across European land areas – 0.08ºC lower than the previous year”. “Meanwhile, reduced wind and hydro generation heightened reliance on gas-fired power plants to maintain grid stability”, the GECF explained. “Additionally, industrial gas usage continued its upward trajectory, supported by a rebound in major European economies and the advantage of stabilized gas prices”. In the United Kingdom March 2025 marked a seventh consecutive year-on-year rise in gas consumption, with 6 Bcm recorded. Residential demand,

Shell is evaluating the possibility of mounting a takeover bid for its rival BP, according to media reports. The speculation comes as BP’s share price continues to slide amid a “strategic reset” and “disappointing” Q1 financial results. Bloomberg, citing people familiar with the matter, reported that Shell is working with advisors on a potential acquisition. However, Shell is reportedly waiting for further stock and oil price declines before deciding whether to pursue a bid. Since the start of 2025, BP’s share price has fallen by about 13% amid global economic uncertainty due to US President Donald Trump’s trade policies. Over the past 12 months, BP’s valuation has dropped by almost a third as its shares have lagged behind its supermajor rivals since the departure of former chief executive Bernard Looney. His replacement as CEO, Murray Auchincloss, has since unveiled plans to slash investment in its low-carbon efforts by $5 billion in an attempt to turn BP’s fortunes around. © Supplied by BPBP CEO Murray Auchincloss. A decision on whether Shell will launch a bid for BP will likely depend on whether BP’s share prices continue to fall, Bloomberg said. Industry analysts have long hinted at the potential merger of BP and Shell, particularly in recent years as their stock valuations continue to trail their American rivals. In response to the Bloomberg story, a spokesperson for Shell said: “As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification.” BP declined to comment on the reports. Shell chief executive Wael Sawan told analysts on Friday that while the oil giant “will keep looking at inorganic opportunities” for growth, he currently sees buying back Shell’s own shares as the best value transaction for the firm. Oil and

INEOS has said all ship sections of Europe’s first carbon dioxide (CO2) carrier have been successfully assembled at the Royal Niestern Sander shipyard in the Netherlands. “The completion of all sections of the CO2 vessel is a giant step forward for transportation of CO2 in the EU. This ship is essential to our ambition of establishing the first full-scale CO2 storage facility in the EU”, Mads Gade, CEO of INEOS Energy Europe, said in a media release. With the completion of the ship’s hull, the vessel enters the next phase of construction, which includes retrofitting, commissioning, testing, and sea trials, INEOS said. “We are proud to reach this important milestone together with INEOS for the Project Greensand. The vessel is the first of its kind made in the EU and shows how the maritime industry in the North of the Netherlands can contribute to the energy transition. Construction is progressing steadily and according to plan”, Edwin de Vries, Director of Wagenborg Offshore, added. The vessel is designed to transport liquefied CO2 from onshore capture sites to offshore storage in the Danish part of the North Sea. It will operate regular routes from Port Esbjerg to the Nini West platform, where CO2 will be injected into the Nini reservoir, approximately 1,800 meters (5,905 feet) beneath the seabed. ”The geology in the Danish part of the North Sea is very well suited for safe and permanent storage of CO2. By fulfilling the potential for storage of CO2 deep below the subsurface in the Danish North Sea we can make a significant contribution to achieving both Danish and European climate goals. The CO2 carrier will play a pivotal role for Greensand in establishing and developing the first operational CO2 storage facility in the EU aimed at mitigating climate change”, Gade said. The landmark agreement

Fugro can support the implementation of CCUS projects in the UK by providing critical geo-data and advice for safe capture, transportation, and storage of CO2. Although a crucial aspect of the journey to net zero, it’s fair to say aspects of CCUS (Carbon Capture, Utilisation, and Storage) have been slow to gain momentum. As such, CCUS projects encounter significant uncertainties and risks. Addressing them in a meaningful way can help developers make informed decisions that will allow the sector to embrace the full potential of CCUS as a key component in achieving net zero. We spoke to Molly Thompson, business development manager within Fugro’s commercial team, to find out the essential role Fugro is playing in enabling CCUS projects to get to the next stage through ground investigation. “There are some uncertainties with CCUS projects in the UK and that’s why quite a lot of them have stalled,” explained Molly, “there’s a significant data gap”. “Additionally, many CCUS projects involve the nearshore zone (from the coast to about 40 metres water depth). But for developers, anything in that shallow transition area can pose the greatest risk. Understandably, they may be cautious about new developments or construction in this changeable, tidal zone.” Inform investment decisions & cost-optimisation This is where utilising existing and new geotechnical data can be the key to unlocking informed decision-making. Molly said: “What Fugro can offer is our technical capabilities gained over six decades from working in existing markets like renewable energy, and all the geotechnical and survey techniques that we would use for any offshore or onshore ground investigation. “All of this is highly applicable to CCUS. Our geo-data can reduce uncertainty at an early stage of development – helping clients pick their sites and inform final investment decisions.” Molly continued: “Once we’ve reviewed the existing data,