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Oil and Gas

Oil & Gas News, November 2017

Published 23rd November 2017
The shale revolution in north America means the US is destined to become a net oil exporter within 10 years, for the first time since the 1950s. The International Energy Agency said it expected that American oil production between 2010 and 2025 would grow at a rate unparalleled by any country in history, with far-reaching consequences for the US and the world.  The last time the US exported more oil than it imported was 1953, and a ban on oil exports ...
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Category: Oil and Gas

Oil & Gas News, November 2017

Published 5th November 2017
The oil and gas offshore industry regulator has reduced its estimates of the amount of known oil and gas left under UK waters. The amount in known reserves and capable of extraction has dropped from 6.3 billion barrels to 5.7 billion, over the year to the end of 2016. The central estimate by the Oil and Gas Authority (OGA) was 7.8 billion barrels at the end of 2014.   The study points out that 43.5 billion barrels of oil and its gas equivalent ...
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Category: Oil and Gas

Oil & Gas News, October 2017

Published 17th October 2017
Opec expects stronger demand for its crude oil next year due to stronger consumption growth and lower estimates for supply from outside the cartel, as prices near $50 a barrel boost driving and crimp output.   The cartel’s monthly market report said its in-house analysts see demand for Opec’s oil reaching 33.1m barrels a day in 2018, up by roughly 200,000 barrels per day from last month’s forecast with the increase largely split between stronger demand and lower estimates of non-Opec supply.   The increase ...
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Category: Oil and Gas

Oil & Gas News – September 2017

Published 21st September 2017
North Sea oil and gas producers have pulled out of the “death spiral” that had threatened to send the basin into precipitous decline according to industry leaders.   However, exploration remains at its lowest level since the 1970s and the UK faces a battle to compete against lower cost oil and gas elsewhere in the world.   The chief executives of Royal Dutch shell and BP, the UK’s largest oil groups and pioneers of the North Sea industry, both said they were optimistic about the ...
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Category: Oil and Gas

Oil & Gas News – July 2017

Published 8th August 2017
Maersk Oil announces it is on track to deliver first gas from a major North Sea oil field in 2019. The Culzean field, which lies around 145 miles east of Aberdeen is expected to produce 60-90,000 barrels of oil per day. Maersk claimed the field could meet 5% of the UK gas demand by 2020-21.
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Category: Oil and Gas

Oil & Gas News – May 2017

Published 31st July 2017
Oil has begun flowing from a North Sea field which is part of a wider project aimed at unlocking 100 million barrels of additional reserves. Operator Repsol Sinopec Resources UK said first oil had been achieved at the Shaw field, about 200km (124 miles) east of Aberdeen. Shaw is part of the Montrose Area Redevelopment (MAR). Repsol Sinopec said MAR could extend the life of a number of fields in the area to beyond 2030. The project has involved modifying and expanding ...
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Category: Oil and Gas