Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2015-08-05 18:20:00

NORTH SEA OIL

NORTH SEA OIL

Oil and gas production from the North Sea is expected to increase for the first time in 15 years despite a global slump in the price of crude and hundreds of job losses in the industry.

Offshore watchdog Oil and Gas UK has said that output from the UK Continental Shelf (UKCS) over the first six months of this year could be 2.5pc higher than the same period last year. On these estimates, the body believes that the North Sea could increase production this year for the first time since 2000.

While production has climbed, oil and gas operators in the North Sea and Aberdeen have slashed jobs and cut costs aggressively since last November, when the Organisation of the Petroleum Exporting Countries triggered a collapse in the price of oil. Brent crude - a global benchmark for oil - is now trading at just over 50pc down on 2014 at $50 per barrel.

"Clearly the oil price – which has more than halved since this time last year – continues to really challenge the industry. However, [the production increase] can indeed be attributed to the effort and investment industry has put into improving the integrity and performance of UKCS assets," said Deirdre Michie, chief executive, Oil & Gas UK, in a statement.

The longevity of oil supplies in the North Sea was a key battleground of the Scottish independence referendum last year, with former Scottish National Party leader Alex Salmond claiming that the region could produce enough crude to sustain an independent Scotland.

In March, the Chancellor George Osborne offered some relief to oil and gas operators in the North Sea by cutting taxes on the region. Tax rates on production from older oil and gas fields were cut from 80pc to 75pc, falling to 67.5pc from next year. For newer fields, effective rates were trimmed from 60pc to 50pc.

Combined with other incentives, the Treasury claimed that these measures would lead to more than £4bn of new investment and the production of a further 120 million barrels of oil over the next five years.

However, despite these incentives, the high cost of operating offshore - estimated to be in the region of $80 per barrel in some older fields - means that the North Sea remains vulnerable to price volatility.

BP's chief executive Bob Dudley has warned repeatedly that the region will have to adjust to the new economics of lower prices.

There has also been a worrying drop off in exploration activity for new resources in the North Sea. Around16 billion barrels of recoverable oil is still thought to exist offshore of Aberdeen and west of the Shetland Islands. But exploratory drilling in the region fell to just 12 wells last year, down from 44 in 2008.

telegraph.co.uk

More:

STATOIL, TOTAL: HIGHER EFFICIENCY

THE NEW NORWAY'S RESERVES

 

NORWAY INVESTMENTS: NOK 184.8 BLN

THE NEW RUSSIAN EMPIRE – 6

 

 

 

Tags: OIL, GAS, NORTH, SEA, UK

Chronicle:

NORTH SEA OIL
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

NORTH SEA OIL
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

NORTH SEA OIL
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

NORTH SEA OIL
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

All Publications »