Category: News & Announcement

A new innovation center in Norway aims to find alternative and cost-efficient solutions aimed at reducing the huge US$100 billion decommissioning cost that the North Sea operators and countries face, researchers and officials told Bloomberg. The SFI Swipa (Subsurface Well Integrity, Plugging and Abandonment) center was granted the status of Center for Research-Driven Innovation for the next eight years by government-run Board of the Research Council of Norway. The SFI Swipa center and its researchers will look into innovative ways for well plugging and abandoning (P&A), which makes up much…

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Libya’s oil production that has dropped sharply in recent months is set to nearly halve in the coming years thanks to an oil blockade that has been in force since January. Libya’s production has dropped from 1.186 million bpd last November to 796,000 bpd by January 2020, before slipping to 82,000 bpd in June, according to OPEC’s Monthly Oil Market Report. Libya had planned to increase production to 2.1 million bpd by 2024, but those plans are now in jeopardy due to recent skirmishes that have embroiled the country’s oil…

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The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast last month. In its Short-Term Energy Outlook (STEs expectation that global oil inventories will continue to decline in the second half of the year and throughout next year. “EIA expects high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months, but as inventories decline into 2021, those upward price pressures will increase,”…

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nergy-producing nations have “weathered the COVID-19 demand devastation storm and non-compliance [with output cuts] should become the end-of-summer theme for OPEC+,” said Moya. On Monday, West Texas Intermediate crude for August CLQ20, -0.09% was down 13 cents, or 0.3%, at $40.49 a barrel on the New York Mercantile Exchange, after posting a weekly gain of 5% on Thursday, with U.S. markets closed for Independence Day on Friday. Global benchmark Brent oil for September BRNU20, -0.04% rose 38 cents, or 0.9%, at $43.18 a barrel on ICE Futures Europe. U.S. markets…

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ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar on Sunday said WAPDA produced the highest ever hydel electricity in 2019-20 with an increase of 20 per cent, compared to the previous year. In his tweet, the minister said massive hydel capacity increase was taking place with Dasu, Mohmand and Diamir Bhasha Dams being built. “We need to rely on local renewable energy instead of expensive imported thermal fuels,” he added. Read More: NEPRA directs power distribution companies to immediately minimise load shedding Earlier, on June 25, Prime Minister…

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