UK Oil Production Up 9% In First Quarter

31/05/2019 08:36 Oil Market

news

The UK’s crude and natural gas liquids (NGL) production increased by 9 percent annually to reach 1.18 million bpd in the first quarter of 2019, S&P Global Platts quoted statistics from the UK Department of Business, Energy & Industrial Strategy as showing on Thursday.

The UK’s crude oil production alone increased by 11 percent to 1.08 million bpd in Q1, according to the government statistics quoted by Platts—a welcome sign for the UK oil and gas industry which has managed to reverse a years-long downward trend in recent months, thanks to start-ups of projects in the North Sea.

 

According to the UK Department of Business, Energy & Industrial Strategy, provisional figures for 2018 showed that UK crude oil and NGL production rose by 8.9 percent compared to 2017, mainly due to multiple new projects on the UK Continental Shelf (UKCS) coming online in late 2017 and 2018 and increasing production through the year.

Source: oilprice.com

Daily (15.11.2019): The German spot power contract lost 16.4% on Thursday, amidst a sharp rise in wind output

15/11/2019 11:07:00

A build in U.S. crude inventories and higher oil production reported for this week put pressure on crude oil prices on Thursday. However, OPEC’s potential deepening of supply cuts later this year limited losses. Hence, Brent crude fell by 0.1% to $62.28 a barrel, while WTI futures dropped by 0.6% to $56.77 a barrel.

<READ MORE

Gazprom Export supplies 1st LPG from Russia to China by rail

15/11/2019 09:28:00

Gazprom Export has for the 1st time supplied liquefied petroleum gas by rail from Russian Federation to the People’s Republic of China. This was done as part of the preparations for exports from the Amur gas processing plant, which is under construction at the moment.

READ MORE

Ørsted greenlights 460MW solar and battery storage project

15/11/2019 09:24:00

Ørsted has started the construction of a new 460MW solar power and battery storage project in the US.

READ MORE