Norway chops oil production forecast for 2019
Norway’s oil and gas regulator reduced its forecast for production this year, as crude output is set to be lower than previously expected.
oil
Saudis raise oil reserves ahead of Aramco’s planned IPO
Saudi Arabia published the first audit of its vast oil reserves since it nationalized its energy industry about 40 years ago, saying its reserves total 268.5 billion, slightly more than the 266.3 billion figure that the government published previously.
Oil cools off after bull run on OPEC and trade
Oil’s taking a breather after bursting into a bull market on growing optimism over OPEC cuts, U.S.-China trade talks and the Federal Reserve’s interest rate policy.
i3 Energy hires Dolphin for three-well campaign, share price jumps
North Sea oil firm i3 Energy has signed a letter of intent with Dolphin Drilling for a multi-well job this summer.
Don’t expect US to blink in battle for oil security
This promises to be a weird year, one where massive uncertainties abound; any one of which could derail current efforts to sustain substantial oil and gas output from the UK Continental Shelf.
WATCH: Oil and gas outlook – What’s next for the UKCS?
Well, how do you sum up a year like 2018? There’s certainly been no shortage of talking points that’s for sure.
Altrad hails record results, says North Sea activity to stay subdued
Altrad said today that its £332m acquisition of Cape in 2017 was the main driver of record financial results at the industrial services giant.
Brent above $60 in longest rally since 2017
Brent oil extended its longest rally in a year and a half, rebounding above $60 a barrel, on hopes of a resolution in the U.S.-China trade dispute.
Updated: DNO takeover of Faroe ‘effectively sewn up’
Norway's DNO is on track to seize control of Aberdeen-headquartered oil company Faroe Petroleum.
Nabors chief takes pay cut after stocks plunge
One of the oil industry’s highest-paid executives is taking a pay cut as his company braces for possibly difficult times ahead after its stock plunged last year.
Norway drugmaker loses millions after turning to oil trade
If you’re a small drugmaker with a successful diabetes treatment, but concerned you lack scale in the global market, what’s your next move? Norway’s Vistin Pharma ASA decided to hire an oil-market analyst and place large bets on the price of shipping fuels.
North Sea firms to sanction wave of ‘small but beautiful’ projects in 2019
Oil firms will launch more “small but beautiful” projects during another “bumper year” for the UK North Sea in 2019, an analyst said yesterday.
New appeal over diver training centre
A businessman has sent a letter pleading with one of the world’s richest men to withdraw his bid on land belonging to an underwater training centre which went into administration.
Oil price rally stretches a supplies tighten
Oil extended its longest run of daily gains in 17 months on renewed efforts between the U.S. and China to reach a trade deal, and expectations the market will be tightened by OPEC’s output cuts.
Expect North Sea exploration fightback in 2019, Woodmac says
A heady cocktail of beefed up budgets and fierce competition for acquisitions will create a “renaissance” for North Sea exploration this year, analysts said.
Hurricane plans ‘seamless execution’ of drilling campaigns off Shetland
The Aoka Mizu vessel was widely expected to have been installed at the Lancaster field by now, with final preparations under way for the long-term oil production trial, beginning in the current quarter.
DNO presses Faroe for ‘transparency’ after downgrade
Norwegian firm DNO has urged its takeover target, Faroe Petroleum, to provide "transparent and timely" operations updates.
Opec cuts still garner support despite oil price drop
Given oil’s plummet at the end of last year, OPEC’s strategy to stabilize the market might look a bust. But where it matters most for the cartel’s members -- petroleum revenues -- it’s still a winner.
West of Shetland dream coming true for Siccar Point
There’s never been a more exciting time on the UK Atlantic Frontier.
OGA and operators work to solve infrastructure puzzle
The Oil and Gas Authority (OGA) is working to solve an “infrastructure puzzle” for what is considered to be the most prospective region of the UK North Sea.
Goldman cuts oil price forecasts, citing US shale resilience
Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a re-emerging surplus of oil and resilient U.S. shale production.
How the wild west can be won
The west of Shetland region may have challenging deep waters, 40m waves and fierce gales but with increasing activity levels and access to infrastructure in place, current and future fields are being brought within easier reach.
New Petrobras boss swears off subsidies, government intervention
The new head of Brazil’s state-controlled oil company criticized its history of government interference and vowed to pursue policies that will boost profit, echoing a wider pledge by President Jair Bolsonaro to reduce the state’s role in Latin America’s largest economy.
Oil on track for biggest weekly rise in 18 months
Brent crude headed for its biggest weekly gain since July 2017 as OPEC’s production cuts outweighed concerns over the health of the global economy.
Updated: DNO not accepting defeat in Faroe takeover bid
Bosses at DNO have warned they will “not go away” after falling short with their hostile takeover offer for Aberdeen-headquartered oil firm Faroe Petroleum.