Latest news
Russia to increase its oil and gas production
Deputy Energy Minister, Kirill Molodtsov, declared that Russia is likely to increase its oil production by 0.3% to 525 million tons in 2014, about 10.54 million barrels per day, which could be the highest level Russia has attained since the collapse of the Soviet Union. The significant growth was attributed to changes in tax law, which has stimulated development of new fields and hard-to-recover reserves.
read more... 14/02/2014
UK registered a 44% increase in its oil fields in the North Sea
According to a new report by Deloitte's Petroleum Services Group (PSG) the number of fields which started producing oil and gas in the UK, last year hit its highest level in five years, as a number of operators have done more attention on development activity.
read more... 29/01/2014
UK: new round of oil licences in the North Sea
The 28th UK licencing round was opened currently and North Sea firms would have the possibility to claim new territory in the region. The British economy has historically relied heavily on oil and gas profits from fields in the North Sea.
read more... 27/01/2014
Dutch government to curb gas production from huge Groningen gas field over tremors
The Netherlands announced that it will curb gas production from the Groningen gas field by 15% to 20% per year amid concerns of local residents about earth tremors.
read more... 21/01/2014
Chevron gets the green light to develop UK’s Alder field in North Sea
The oil major Chevron unveiled it has reached a final investment decision and got the green light from the U.K. government to proceed with the development of the Alder Field in the Central North Sea.
read more... 15/01/2014