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China’s oil refineries ramped up throughput in June to the second highest on record, with some independent plants raising output even as state oil majors prepare to take drastic steps to cut production during the peak summer season. Throughput last month reached 46.08 million tonnes, or 11.21 million barrels per day (bpd), a 2.3-percent rise
“We are a lot more comfortable than we were a year ago,” Amjad Bseisu says. The founder and chief executive of North Sea oil company EnQuest is contemplating the current state of the oil and gas industry, but could just as easily be describing his own company. This time last year, the explorer was locked
CONFIDENCE has increased among North Sea oil and gas firms from a low base but around one in five still expects to cut jobs this year research has found. The results of the latest Oil and Gas Survey by Bank of Scotland provide further evidence that hope is returning to the North Sea as the
As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either. Oil futures have lost 8% since the Organization of Petroleum Exporting Countries and its allies agreed on May 25 to keep output
Ineos has signed a $1bn (£770m) deal to make it the biggest private enterprise in the North Sea. The British firm has bought up Dong Energy’s interests across the Danish, Norwegian and UK sectors. The takeover will reportedly add about 100,000 barrels of oil to Ineos’ total daily production. Opponents have accused Ineos – which
Crude oil edged higher on Tuesday, underpinned by high compliance with OPEC’s production cuts even as the market remains anchored by rising U.S. production. The Organization of the Petroleum Exporting Countries (OPEC) has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards
Transocean has filed a complaint of patent infringement against fellow rig builder Noble Corp. in a Houston court, accusing Noble of infringing upon Transocean’s “dual-activity” technology. However, Noble is standing its ground, and says it disagrees with this lawsuit. Transocean is claiming that Noble constructed five of its drillships: the Bob Douglas, Don Taylor,
Maersk Drilling has taken delivery of its fourth XLE jackup rig, the Maersk Invincible, from Daewoo Shipbuilding and Marine Engineering in South Korea. The rig will now mobilize to the North Sea and will in the second quarter of 2017 commence a five-year firm contract with Aker BP for plug and abandonment work on the
The US-led international coalition did not bomb oil production facilities captured by Islamic State (IS, formerly ISIS/ISIL) militants in Syria, Russian Defense Ministry spokesman Major General Igor Konashenkov has stated. “Miraculously, only oil fields, captured by ISIS allowing the militants to earn tens of millions of dollars every month on illegal oil sales and recruit
Venezuelan President Nicolas Maduro said he would soon embark on a tour of oil-producing nations to support the Organization of the Petroleum Exporting Countries’ recent agreement to shore up prices with an output cut. “We reached an historic accord,” Maduro said late on Sunday. “In the next few days, I will go to the oil