Latest news
The Electrification Of UK Offshore Oil & Gas
The British government has set a goal to reach net zero emissions by 2050. Electrification of oil and gas platforms on the UK continental shelf (UKCS) should play an important role in efforts to achieve this target, as a Rystad Energy analysis shows that UK oil and gas production will remain significant for decades to come. After a small decline over the next several years, output forecast to rebound to approximately 2 million barrels of oil equivalent per day by around 2035. UK emissions from oil and gas production in the North Sea are the highest among the region’s producers, reaching 13.1 million tonnes of CO2 in 2019, according to Rystad Energy emission data. Extraction emissions account for 10.1 million tonnes of CO2, with flaring making up the rest.
read more... 21/09/2020
Iran Boosts Oil Output At Oilfields Shared With Iraq
Iran has raised oil production from the oilfields in its southwest it shares with Iraq to 400,000 barrels per day (bpd) from 70,000 bpd in the past seven years, Shafaq News quoted Iranian Oil Minister Bijan Zangeneh as saying on Tuesday.
read more... 16/09/2020
Daily (13.08.2020): Oil prices hit their highest level since March 2020
Oil prices jumped on Wednesday amid a drop of 4.5 million barrels in U.S. crude inventories for a third week in a row, according to EIA report. However, the recently increase in coronavirus cases around the world limited their gains. Hence, Brent crude added 93 cents, or 2.1% to settle at $45.43 a barrel. Similarly, WTI futures rose by around 2.6% to end at 42.67.
read more... 13/08/2020
Equinor, Aker BP agree 3 oil, gas licenses in North Sea
Area with these licenses contain recoverable resources estimated at more than 500 million barrels of oil equivalents
read more... 12/06/2020
Daily (11.06.2020): U.S. WTI crude gained 1.7% on Wednesday despite an unprecedented level of U.S. crude inventories
Crude oil prices gained ground on Wednesday despite news that crude oil stockpiles rose by 5.7 million barrels last week, as shown by EIA. Hence, Brent crude for August delivery rose by 55 cents, or 1.3%, to settle at $41.73 a barrel. At the same time, U.S. WTI crude gained 66 cents, or 1.7%, to end at $39.60 after falling more than 2% in the session.
read more... 11/06/2020