Oil

Canada’s output higher than capacity

Canada’s output higher than capacity

A new National Energy Board report has found that Western Canada is producing more oil than its pipeline infrastructure has capacity for. The report said that as of September 2018, Western Canada has produced 4.30 million barrels of crude per day, while capacity was only 3.95 million bpd. Canada’s largest […]

Over 100 new oil and gas projects to be approved in 2019

Over 100 new oil and gas projects to be approved in 2019

Rystad Energy has predicted a “strong outlook for contractors” in 2019 with over 100 new offshore projects forecast to be sanctioned globally. In its latest report, the consultancy said £166 billion is expected to be spent on offshore oilfield services and contractors will begin to see revenues grow again next […]

OPEC to release production cut country quotas

OPEC to release production cut country quotas

OPEC plans to publish a document detailing voluntary output cut quotas for its members and allies, including Russia, in an effort to secure oil prices. The release of the document was confirmed in a letter written by OPEC’s secretary general, which had been seen by Reuters. Mohammad Barkindo said the […]

Faroe board tells shareholders to reject DNO bid

Faroe board tells shareholders to reject DNO bid

North Sea producer Faroe Petroleum has encouraged its shareholders to turn down an offer from rival firm DNO, which is pursuing a hostile takeover attempt. Norwegian firm DNO has offered shareholders 152p per share, valuing Faroe at £610 million on a fully diluted basis. However, this off was dismissed as […]

Scotland promotes possibility of exploration incentives

Scotland promotes possibility of exploration incentives

Scotland’s energy minister Paul Wheelhouse has suggested Scottish and UK ministers could join forces to provide incentives for North Sea exploration. The minister said more UK discoveries were needed to ensure self-sufficiency ahead of the UK’s low carbon transition, as demand for oil and gas remains high across the UK. […]

Oil and gas projects to accelerate in 2019

Oil and gas projects to accelerate in 2019

A new report has found that the number of new oil and gas projects is expected to rise to five times that of a depression in 2015, although spending is not expected to be enough to meet future demand. Although company boards are expected to stay in line with spending […]

Oman to cut output buy 2%

Oman to cut output buy 2%

Oman is to cut its oil production by 2% from January for a six-month period as part of its commitment to OPEC supply cuts. A letter sent to customers of Omani Oil, by the nation’s oil and gas ministry said the reduction is part of the country’s pledge to follow […]

Trump’s pro-fossil fuel stance gains momentum

Trump’s pro-fossil fuel stance gains momentum

The US this week held a side-event at the COP24 conference and declared that fossil fuels are here to stay and will help to end energy poverty in the developing world. The event held at COP24 on Monday gave the US administration a platform to promote President Donald Trump’s pro-fossil […]