News

  • Venezuela Oil Output at Lowest Level Since Jan 03

    Venezuela’s crude oil production, excluding condensate, fell from an average of 1.1 million barrels per day (bpd) in February to an average of 840,000 bpd in March, according to estimates in the US Energy Information Administration’s (EIA) April Short-Term Energy Outlook.   In a statement…

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  • Iran sanctions could lead other producers to fill the breach

    The US’ decision not to extend sanctions waivers for eight countries importing crude oil from Iran could remove around 1.1 MMb/d from global production, according to Rystad Energy.   The analyst now expects Iran’s oil output to fall to 2.27 MMb/d from July onwards. Most…

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  • Two Chinese companies join Novatek’s Arctic LNG 2 project

    Russia’s Novatek has entered into agreements with two Chinese companies under which they will acquire participating interest in Novatek’s Arctic LNG 2 project.   Arctic LNG 2 project is a major liquefied natural gas development led by Novatek on the Gydan Peninsula in Russia. The…

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  • Auction Win Secures Vestas’ Largest Order to Date in Poland

    Vestas has received a 132 MW order from Windfarm Polska III sp z o o, owned by Stadtwerke München (SWM), for the Jasna wind project Pomorskie Voivodship, in northern Poland.   Underlining the strong competitiveness of wind energy, the project was awarded at the Polish…

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  • ExxonMobil to Expand UK Refinery

    Exxon Mobil Corporation has made a final investment decision to expand its Fawley refinery near Southampton, the company reported on the 24th April.   ExxonMobil stated that it plans to increase ultra-low sulphur diesel (ULSD) production at Fawley by nearly 45 percent – or 38,000…

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  • Lundin gets go ahead for North Sea pilot wells

    Lundin Norway will drill two gas pilot wells in North Sea block 16/4, following approval from the Norwegian Petroleum Safety Authority.   The semi-submersible Leiv Eiriksson will initiate the 24-day program next month on wells 16/4-U-2/3/4/5/6 in production licence 359.   Source: Offshore Magazine

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  • Shell strikes oil at Blacktip prospect in Gulf of Mexico

    Oil major Shell has made a significant oil discovery at the Blacktip prospect in the deep water US Gulf of Mexico.   Shell said on the 24th April that evaluation is ongoing and appraisal planning is underway to further delineate the discovery and define development…

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  • Iraq gas production set to triple

    Gas developments in Iraq will overtake oil projects in 2019, measured in resources sanctioned for development, according to analysis from Rystad Energy.   New developments are on track to triple the country’s gas production from just over one bcfd in 2017 to about three bcfd…

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  • ExxonMobil Signs 20-year LNG Agreement With Zhejiang Energy

    ExxonMobil has signed a sales and purchase agreement with Zhejiang Provincial Energy Group for liquefied natural gas supply.   Under the agreement, Zhejiang Energy is expected to receive one million metric tons per annum of LNG over 20 years.   “This sales and purchase agreement…

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