Equinor buys 49% stake in Russian oil exploration venture from Rosneft

It has bought the shares in KrasGeoNac (KGN), which holds 12 conventional onshore exploration and production licences in Eastern Siberia

Production capacity at Johan Sverdrup oil field increasing to 500k barrels a day

The increase is around 60,000 barrels more than the original basis when the field came on stream over a year ago

‘US oil production will not recover to pre-Covid-19 levels in 2021’

US monthly output is not likely to exceed 11.7 million barrels per day before 2022, according to a new report

US oil production to be cut down by 30,000bpd between May and June, says new study

The ongoing Covid-19 pandemic and the subsequent drop in demand have resulted in production cuts around the world

Eni unveils 55GW clean power goal for 2050

The Italian oil and gas company has set a renewable target of 5GW by 2025 with investments of €2.6bn during the period

First oil flows from giant $7.7bn UK North Sea development

The Mariner field is estimated to produce more than 300 million barrels of oil over the next 30 years

New ‘stringent’ environmental permit approved for Surrey oil site

It imposes several improved conditions required to meet the environmental standards within which industry can operate

Oil supply could fall behind demand by 2020

Global oil supply could struggle to keep pace with demand after 2020 unless new projects are approved soon. That’s according to the latest five-year oil market forecast from the International Energy Agency (IEA), which says this would be likely to cause a sharp increase in prices. The report suggests the global picture appears comfortable for the next […]

OPEC members acheive 91% of oil cuts

The 10 OPEC members obligated to cut oil production achieved 91% of their target in January. That’s according to a report from S&P Global Platts, which says output has fallen by 1.14 million barrels a day (b/d) since October, just under the reduction target of 1.2 million b/d set in a landmark agreement last year. The group […]

UK oil production up, new field developments down

The UK saw an increase in oil production by around 100,000 barrels per day (b/d) last year but new field developments have declined. The largest contribution came from fields that were brought online in the second half of 2014, according to the US Energy Information Administration (EIA). It added “significant” increases also came from fields […]