Norway set to generate record oil and gas revenues
13/10/2022 by Richard
With the production of oil and liquids set to increase markedly next year, Norway’s draft budget predicts that petroleum revenues will reach a new record high next year.
New round opens for UK oil and gas licenses
12/10/2022 by OilStoreAdministrator
The UK Government has initiated a new licensing round for oil and gas exploration in the North Sea, with it covering almost 900 locations, divided over up to 100 licenses.
OPEC+ cuts crude oil production
11/10/2022 by Mark
The OPEC+ group of oil producing countries, which includes OPEC members and some participating non-member countries, has agreed to cut crude oil production by 2 million barrels per day (bpd), which is higher than analysts’…
OPEC production highest since 2020
06/10/2022 by Mark
A survey by Reuters reports that total crude oil production among OPEC member nations in September was at its highest level since 2020 at 29.81 million barrels per day (bpd), with production increasing by 210,000…
Oil prices rise as Gulf of Mexico operators shut off production
03/10/2022 by Mark
Despite falling to a nine-month low, Brent Crude prices started to recover as the approach of Hurricane Ian prompted operators in the US Gulf of Mexico—such as BP and Chevron, the owners of the Castrol…
Exxon Mobil and Shell launch North Sea assets sale
03/10/2022 by Richard
Reuters reports three sources in the oil industry and the banking sector as saying that Exxon Mobil and Shell have launched a coordinated process to sell off a substantial package of their North Sea assets…
US rig count increases despite falling oil prices
29/09/2022 by Richard
According to data from industrial service company Baker Hughes, the number of drilling rigs actively operating in the United States edged up by one, despite crude oil prices decreasing from high levels.
UK lifts moratorium on shale gas production
27/09/2022 by Katie
The UK has officially lifted the prohibition on shale gas production through hydraulic fracturing, which is commonly referred to as fracking
World’s demand for crude oil dropped in July
24/09/2022 by greg
Fresh data from the Joint Organizations Data Initiative (JODI) has revealed that the global demand for crude oil dropped by 1.1 million barrels per day in July, a month that normally sees
UAE to speed up oil production boost
23/09/2022 by Richard
The United Arab Emirates is planning to maximise its revenue from crude oil by increasing its production capacity at a faster rate than was previously announced, according to Bloomberg sources acquainted with the matter.
Oil exports from Basra terminal return to normal
22/09/2022 by OilStoreAdministrator
The Basra Oil Company (BOC) of Iraq has announced that loading and export activity at the Basra oil terminal has returned to normal rates after an oil spill caused it to scale back operations.
South Sudan to prioritise growing oil production
21/09/2022 by Mark
Riek Machar, the First Vice President of South Sudan, has said that his country will proceed with its goal of increasing crude oil production to 230,000 bpd within two years, even if it means leaving…