UK oil and gas reserves declined again in 2021 as new developments failed to offset production of nearly 500 million barrels, according to new figures from the North Sea Transition Authority (NSTA).
Sweden's Lundin Petroleum said on Monday its Norwegian Luno II field contained a slightly smaller than expected 25million to 120million barrels of oil equivalent (MMboe), pushing the Swedish exploration firm's shares lower.
Oil and gas operator Atlantic Petroleum said yesterday it had enjoyed a record-breaking year, with both profits and turnover rising.
UK-listed oil firm Premier Oil is to become a key Falklands oil and gas player after announcing a £643million deal with Rockhopper Exploration.
Centrica said yesterday its cash offer for Aberdeen's Venture Production was "highly attractive" to the takeover target's shareholders at a time of continued economic uncertainty and market volatility.
MAERSK Olie has made what is described as a significant gas discovery in the Danish sector of the North Sea on block 9/06.
Nautical Petroleum, which focuses on the development of heavy-oil assets in the UK and Europe, said yesterday it was not too concerned about falling oil prices, although heavy oil was typically more expensive to produce than conventional resources.