Large UKCS fields ‘could extract extra 900 million barrels of oil’

Hundreds of millions more barrels of oil could be extracted from the UK Continental Shelf (UKCS) from a selected number of large oil fields. That’s according to the Oil & Gas Authority (OGA), which suggests this can be done by increasing the recovery factor (RF), i.e. the overall proportion of oil expected to be extracted […]

Slow economic growth could reduce oil demand, says IEA

Global demand for oil is expected to fall next year due to a slow-down in economic growth, according to the International Energy Agency (IEA). Its ‘Oil Market Report’ (OMR) showed oil demand would grow only by around 900,000 barrels a day this year. For 2013, weaker economic growth worldwide could cut 400,000 barrels a day […]

Shell prompts oil field shut-down

Shell has shut down its 200,000 barrel-a-day oil field off the Nigerian coast after a leak was found during tanker loading. The oil company apologised and reported that less than 40,000 oil barrels were leaked and the oil flow has been stopped. Mutiu Sunmonu, Shell’s Nigerian chairman said: “We are sorry this leak has happened. […]

Pipeline spills oil into Yellowstone River

An Exxon pipeline has spilled crude oil into the Yellowstone River in Montana. An estimated 750 to 1,000 barrels of oil were released into the river in the western United States. Oil has been found as far as five miles down the river from the pipeline location and other reports of oil sightings are being […]

IEA releases emergency oil stocks

The International Energy Agency (IEA) is releasing 60 million barrels of oil to counter rising prices. 28 IEA member countries will make 2 million barrels of oil a day available over the next month, with the UK contributing three million barrels to the pot. Announcing the decision, IEA’s Executive Director Nobuo Tanaka said it was […]