Oil

Equinor to lead North Sea output

Equinor to lead North Sea output

Norway’s Equinor will lead production in the North Sea over the coming seven years a new report by GlobalData has discovered. The report that focused on the North Sea area including the UK, Norway, Denmark and the Netherlands found Equinor will be leading a number of big projects due to […]

BP chief: US sanctions on Russian oil would damage Europe

BP chief: US sanctions on Russian oil would damage Europe

BP chief executive Bob Dudley has said further US sanctions on Russian oil and gas companies could have severe implications for energy systems in Europe. At the Oil and Money 2018 event in London the CEO of BP, which holds just under 20% of Rosneft, said: “I do not think […]

OPEC General Secretary criticises IPCC report

OPEC General Secretary criticises IPCC report

OPEC Secretary General Mohammad Barkindo has criticised an UN report calling for radical action to fight climate change, stating it was ill-advised to say that the world’s future rested on renewables energy and that a “bombardment” of green advocacy could be damaging. The UN International Panel on Climate Change (IPCC) […]

Saudi meets US promise to replace Iranian oil

Saudi meets US promise to replace Iranian oil

Saudi Crown Prince Mohammed bin Salman has said the country has met its promise to the US to make up for lost Iranian supplies from US sanctions. Last week, Prince Mohammed told Bloomberg: “The request that America made to Saudi Arabia and other OPEC countries is to be sure that […]

Iranian stake threatens Sercia Energy’s North Sea

Iranian stake threatens Sercia Energy’s North Sea

People close to Sercia Energy’s deal to buy out BP and Total from a number of North Sea oil and gasfields could be brought to a close in November, if the US does not provide a waiver allowing it to operate one of the assets that the National Iranian Oil […]

US oil exports drop as India turns to Iran prior to sanctions

US oil exports drop as India turns to Iran prior to sanctions

Shipping intelligence company Kpler has said that Indian buyers have reduced US crude purchases, instead turning to Iranian supplies ahead of next month’s US sanctions. Data from the shipping intelligence firm showed US oil exports to India went from a record high of 347,000 barrels per day in June to 84,000 […]

Big Oil under pressure to invest

Big Oil under pressure to invest

After years of reduced spending, executives at the world’s largest oil producers have become under increasing pressure to invest in replenishing reserves in order to take advantage of a boost in prices and prevent declines. Oil prices have recently reached four-year highs of over $85 per barrel, company boards are […]

Equinor strikes deal for Chevron North Sea stake

Equinor strikes deal for Chevron North Sea stake

Norwegian energy giant Equinor has reached a deal with Chevron to acquire its stake in the Rosebank oilfield in the North Sea, which could release one of the last big finds in the UK sector. Equinor will acquire a 40% stake of the project in the deal that highlights Norway’s […]