News

  • Oil nears US$49 as brighter demand outlook sparks optimism

    Oil climbed the most in a week as the International Energy Agency and OPEC improved their outlook for demand.   Futures gained as much as 1.8% in New York. The IEA sees global oil demand rising this year by the most since 2015, while OPEC boosted projections…

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  • Premier Oil sells Wytch Farm field

    Premier has announced that it has entered into a sale and purchase agreement to sell its entire interests in Licences PL089 and P534, which contain Wytch Farm field, to Verus Petroleum SNS Limited for a cash consideration of US$200 million (subject to certain customary financial…

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  • UK clears Wood Group, Amec Foster Wheeler merger

    The UK’s Competition and Markets Authority has accepted the solution offered by Wood Group and Amec Foster Wheeler for their planned merger, and this is now expected to go through in October, following receipt of merger clearance in Mexico.   It takes in the majority of Amec Foster…

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  • Goanna Exploration Well Results

    Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, has announced that drilling has reached the target depth on the exploration well 33/9-22 S (Faroe carried interest 30%) in licence PL…

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  • War-Ravaged South Sudan May Scrap Expensive Oil Subsidies

    War-ravaged South Sudan is considering scrapping state subsidies on oil because it has not been able to pay civil servants for four months and diplomatic staff abroad are being evicted over unpaid rent, the deputy finance minister has said.   Ending the subsidies would free…

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