Gas Prices Are Exploding But North Sea Drillers Struggle To Profit
Natural gas producers in the North Sea are in a rush to increase production as a supply squeeze lifted gas prices in the UK and Europe to record highs. But Continue Reading
Aker BP May Have Drilled Its Last Well in the Barents
Aker BP ASA, Norway’s second-biggest oil operator, isn’t planning on drilling for more oil and gas in the Arctic Barents Sea. (Bloomberg) — Aker BP ASA, Norway’s second-biggest oil operator, Continue Reading
Shell evacuates more North Sea project workers on COVID-19 outbreak
Highlights OGUK calls for self-isolation exemption Shell Shearwater infections reach 26, but rate slowing No ‘blanket exemption’ for sector or roles: government Nearly 150 workers have been evacuated or are Continue Reading
The new North Sea players riding the wake of the retreating majors
Private companies’ share of UK oil and gas production reached nearly a third last year — up from just 8 per cent a decade ago as a new breed of Continue Reading
The UK Prepares To Boost North Sea Drilling
The U.K. has announced a ‘Landmark Deal’ to drill new wells in the North Sea securing the future of U.K. oil and saving thousands of jobs while calling net-zero promises Continue Reading
North Sea oil drilling ban ‘unlikely’ but not ruled out by UK ministers: Source
The UK government is unlikely to impose an “outright” ban on new exploration licenses in the North Sea basin, a person close to the matter told S&P Global Platts on Continue Reading
U.K. Lawmakers Mull Ban on New North Sea Exploration: Telegraph
U.K. lawmakers are considering a ban on new oil exploration licenses in the North Sea as a move away from fossil fuels, a step that could hit jobs and the Continue Reading
Exxon Sells UK North Sea Oil, Gas Assets For Over $1 Billion
ExxonMobil will sell most of its non-operated assets in the UK’s central and northern North Sea to private equity fund HitecVision for more than $1 billion, the U.S. supermajor said Continue Reading
Commodities 2021: Confidence slowly lifts in battered North Sea oil, gas industry
The North Sea oil and gas industry enters 2021 picking up the pieces after a vertiginous price collapse, but with an optimism that it has more to give as new Continue Reading
UK North Sea Summary Part I: Licensing, Drilling, Discoveries and Development
Discoveries and Development The global peak in oil and gas production for UK occurred in 1999 and 2000, probably delayed by four or five years by the Piper Alpha tragedy, Continue Reading
Ghost Rigs Could Become The New Normal In Offshore Oil
As Europe moves into yet another wave of Covid-19 lockdowns, there is growing concern surrounding the future of offshore workers. However, a move to digitalize the industry by introducing a Continue Reading
Chinese Oil Giant Could Buy Exxon’s North Sea Assets
Sinopec and a private equity-backed company are among some half a dozen candidates to acquire Exxon’s North Sea assets that the supermajor put up for sale earlier this year. Kuwait Continue Reading
New study confirms extensive gas leaks in the North Sea; recommends stricter guidelines for handling of abandoned wells
Researchers from the GEOMAR Helmholtz Center for Ocean Research Kiel have found that considerable quantities of the greenhouse gas methane escape uncontrolled into the water from abandoned oil and gas Continue Reading
S Korea shifts focus to North Sea from US for light sweet crude imports
VLCC of Forties crude arrives in May for first time in 9 months Q3 North Sea crude, condensate imports may surpass 6 mil barrels Forties-WTI price spread on CFR Asia Continue Reading
Exxon Prepares To Unload North Sea Assets
ExxonMobil is considering moving forward with its sale of some North Sea assets after months of delays, industry and banking sources told Reuters on Thursday. The sale, with the potential Continue Reading
UK DATA: Upstream oil output slumps 7% in Q1 on COVID-19, technical issues
UK oil production slumped by almost 7% on the year to 1.103 million b/d in the first quarter, official data showed Thursday, likely due to COVID-19 disruption as well as Continue Reading
33% Of North Sea Oil Is Now Too Expensive To Extract
The oil price collapse will result in one-third of the North Sea oil left untouched because it will be uneconomical to produce, a new study from the University of Aberdeen Continue Reading
Will the Coronavirus Pandemic Doom North Sea Oil?
For decades, the oil rigs rising out of the North Sea off Scotland provided Britain with hundreds of thousands of jobs in a thriving industry and billions in tax revenue. Continue Reading
North Sea Oil Faces Crisis
Oil and gas production in the North Sea became viable due to the 1973 oil crisis. The Arab-Israeli conflict caused a serious disruption that led to skyrocketing prices. Energy security Continue Reading
Offshore workers’ jobs at risk in ‘double-edged’ crisis, union warns
Oil rigs in the Cromarty Firth Oil price wars and the public health pandemic could drive the North Sea oil and gas industry over the edge, putting tens of thousands Continue Reading
Total Shortlisted For $7 Billion Wind Project
Total is among the shortlisted bidders for an offshore wind power project that has been estimated to cost some $7 billion, Bloomberg reports , citing unnamed sources in the know. Continue Reading
The North Sea’s Most Important Energy Play Isn’t Oil
Things have not been looking good for North Sea energy. In fact, last November, Oilprice went so far as to declare that “ North Sea Oil Is Doomed With Or Continue Reading
Wildcat Well Comes Up Dry In Norwegian Sea
German energy group Wintershall Dea found no gas in the second wildcat exploration well that it has drilled in one license in Norway’s Norwegian Sea, after it found gas at Continue Reading
North Sea industry faces new pressures over climate, resource shortfall
Rising oil and natural gas production and an easing of the UK’s political crisis are giving rise to optimism in the North Sea. But concerns loom over an expected longer-term Continue Reading
Johan Sverdrup: Norway’s big bet on a rosy future for oil
In the middle of the North Sea, four metal platforms perched on yellow supports and weighing 100,000 tonnes sit above more than $1oobn of black gold. The Johan Sverdrup field, located Continue Reading
Giant North Sea Oilfield Boosts Production To 350,000 Bpd
The huge Johan Sverdrup oilfield in Norway’s North Sea is already producing 350,000 barrels of oil per day, two months after coming on stream, a senior executive at Equinor, the Continue Reading
North Sea Oil Is Doomed With Or Without Brexit
The uncertainty of the future of Brexit has left the United Kingdom’s economy in stagnation as business investment falters on the eve of the nation’s December general election. While Boris Continue Reading
Oil Major Makes 100 Million Barrel North Sea Discovery
Norway’s energy giant Equinor has made one of this year’s biggest discoveries in the North Sea estimated to contain up to 100 million barrels of oil equivalent in the most Continue Reading
North Sea oil’s fight-back: Johan Sverdrup boosts an embattled industry
Norway’s Johan Sverdrup oil field is ramping up production to levels not seen in years in the North Sea. It is one of many changes underway in an industry characterized Continue Reading
Another Beneficiary Of The OPEC Deal Emerges
US shale won’t be the only beneficiary of higher oil prices if the commitment of OPEC and its Russia-led allies to extend their oil production cuts into March 2020 manages Continue Reading
Delek’s Ithaca to buy Chevron’s North Sea interests for $2 billion
Ithaca Energy Limited is buying Chevron’s British North Sea oil and gas field interests for $2 billion, the unit of Israel’s Delek Group said on Thursday. Delek said last month Continue Reading
North Sea Oil Production Struggling
North Sea oil production is struggling, according to independent energy research and intelligence business Rystad Energy. The company’s North Sea oil output forecast – which looks at crude and lease Continue Reading
Faltering North Sea Oil Production Set To Tighten Global Markets
Crude and lease condensate production in the North Sea is set for lower levels in the summer months, further tightening the global oil market which is already grappling with production Continue Reading
Israel’s Delek says made offer for Chevron’s North Sea oilfields
Israel’s Delek Group confirmed on Sunday it submitted a proposal through its Ithaca unit to buy Chevron’s oil and gas fields in the British North Sea. Last week Reuters reported Continue Reading
Tackling North Sea talent shortages
The North Sea is a mature oil and gas basin, which has seen its fair share of hard times over the last few years. But recent reports show cause for Continue Reading
Marathon Oil Exits UK North Sea In Continued Focus On U.S. Shale
Marathon Oil said on Monday that it would be exiting the UK North Sea as it continues to focus on high-return U.S. shale oil operations. Houston-based Marathon Oil has signed Continue Reading
Shell to go ahead with Shearwater gas expansion in North Sea
Royal Dutch Shell said on Monday it would expand the Shearwater gas hub in the British North Sea, its seventh project to get the green light in the aging basin Continue Reading
Blockchain platform goes live for North Sea crude oil trading
Oil majors and trading firms can start finalizing crude oil deals on a live blockchain-based platform for the first time, in a move that could revolutionize the market. Commodities trading Continue Reading
Dismantling the oil industry: rough North Sea waters test new ideas
Scottish marine salvage group Ardent is adapting the tanks it used to refloat the Costa Concordia, the cruise ship wrecked off the Italian coast in 2012, to decommission North Sea Continue Reading
Can North Sea Oil Stay Profitable?
The UK continental shelf in the North Sea has recently drawn attention with several significant asset sale deals that have seen Chevron reduce its exposure to the legacy production area Continue Reading
Chevron becomes first oil major to exit Norway
U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to Continue Reading
North Sea Oil Renaissance Could Flop
Last year, when Oilprice wrote about a rush of investments into North Sea oil and gas, it looked like that part of the oil world was undergoing a seismic shift, Continue Reading
U.S. grants BP, Serica license to run Iran-owned North Sea field
The United States has granted BP and Serica Energy a new license to run a North Sea gas field partly owned by Iran in a rare exemption by U.S. President Continue Reading
UK drilling continues to fall, risking North Sea industry: lobby group
Industry group Oil & Gas UK warned Tuesday of a continued drop in North Sea drilling needed to sustain output levels in the longer term. Receive daily email alerts, subscriber Continue Reading
Equinor Raises Resource Estimate At Giant North Sea Oil Field
Equinor has raised the resource estimate for its giant oil field Johan Sverdrup in the North Sea and said it was able to drive development costs for the project further Continue Reading
The Next Major Challenge For Norway’s Oil Industry
The next challenge for Norway’s oil industry may not come from another oil price crash. It could come from a political uncertainty over which new areas Western Europe’s biggest oil Continue Reading
New oil from British North Sea expected by 2021
First oil from the second phase of the Buzzard field in the British waters of the North Sea is expected in three years, a partnership announced. Nexen leads a partnership Continue Reading
Equinor moves rig to Norwegian field slated for 2019 startup
The Norwegian government gave Equinor consent to start production drilling in an oil field in the Norwegian Sea set for a production start next year. “We have given Equinor consent Continue Reading
Work stoppage begins at Total platforms
An offshore union said Monday that production at three North Sea platforms operated by Total was shut down as a result of a labor strike. “We can confirm that the Continue Reading
The Reported Death of Peak Oil Has Been Greatly Exaggerated
It was expected by many, me included but more importantly UKOGA and a couple of the bigger oil and gas consultancies, that UK offshore oil production would increase significantly from Continue Reading