China to see record oil demand in 2017

Chinese oil demand is forecast to reach record levels this year. The state-owned China National Petroleum Corporation (CNPC) predict the nation’s requirements will grow 3.4% to reach almost 12 million barrels a day. Combined with surging automotive sales and efforts to fill Strategic Petroleum Reserves with 90 days of forward cover, this has led refineries to ramp up production despite […]

Iraq finds ‘extra billion barrels’ of oil

Middle Eastern nation Iraq has found an extra billion barrels worth of oil, its oil ministry announced over the weekend. The first oil exploration by state-owned companies in around 30 years threw up the discovery. Exploration began in the southern province of Maysan, oil ministry spokesman Assem Jihad told AFP. Mr Jihad told the news […]

DECC issues 167 new North Sea licences

The UK Government has issued 167 new licences for oil and gas exploration in the North Sea and claims interest in the region from investors is at “record breaking levels”. DECC announced the winners of the 27th Licensing Round today covering 330 North Sea blocks, with a further 61 blocks under environmental assessment. It received […]

New oil discovery in the North Sea

Norway’s Statoil announced yesterday it has discovered a new oil reserve in the North Sea. The state-controlled oil company said the find in the Geitungen field has an equivalent of 140 to 270 million barrels of recoverable oil. The discovery was made near the Johan Sverdrup field, Norway’s largest oil find since 1974, which is […]