Shell invests in water injection for Vito field
23/08/2024 by Mark
Shell plc, through its subsidiary Shell Offshore Inc., has announced that it has made a final investment decision (FID) to proceed with a waterflood project for the Vito field in the US Gulf of Mexico.
Global oil demand may not absorb increased OPEC+ production
19/08/2024 by OilStoreAdministrator
Industry sources and analysts have told Reuters that limited growth in the demand for crude oil may fail to compensate for extra production.
BP approves sixth Gulf of Mexico hub
08/08/2024 by Richard
Oil major BP has made a final investment decision to proceed with an offshore project in the US waters of the Gulf of Mexico.
Kuwait reveals plans to almost double oil production in a decade
02/08/2024 by OilStoreAdministrator
The boss of Kuwait’s state-owned oil company has indicated that the country hopes to almost double its hydrocarbons production by 2035 with the help of international oil companies.
OPEC+ announces compensatory cuts
01/08/2024 by OilStoreAdministrator
The Secretariat of the Organisation of the Petroleum Exporting Countries (OPEC) has announced 2.284 million barrels per day (bpd) of production cuts.
OPEC+ unlikely to change output quotas
26/07/2024 by Richard
Reuters reports three sources from the OPEC+ group of oil-producing countries as saying that the group’s next ministerial meeting is unlikely to result in any major policy shifts.
Kuwait discovers huge offshore oil and gas reserves
25/07/2024 by OilStoreAdministrator
The fifth biggest producer in OPEC, Kuwait, has had its hydrocarbon reserves boosted following a discovery of large volumes of oil and gas in the Al-Nokhatha field.
ExxonMobil planning seventh Guyana development
23/07/2024 by Richard
The government of Guyana has disclosed that ExxonMobil plans to develop a seventh project offshore of the South American country.
BP expects world's demand for oil to peak next year
17/07/2024 by OilStoreAdministrator
UK-based oil major BP has published its Energy Outlook for this year, in which it predicts that the demand for crude oil in the world will peak as soon as next year.
US shale production not set to peak for years
02/07/2024 by Mark
According to analysts at HSBC Holdings Plc., the production of shale oil in the US still has some years of growth left, which may clash with the OPEC+ group’s expectation of a quicker slowdown.
Castrol to offer re-refined oil products
26/06/2024 by Mark
When seeking to decarbonise operations, most people think of electrification, but there are ways to improve sustainability without investing in the next generation of equipment.
IEA predicts oil surplus this decade
19/06/2024 by Richard
In this year’s report on the medium-term outlook for the crude oil market, the International Energy Agency (IEA) has forecasted that the markets will be oversupplied this decade.