oil

The efficiency of resource extraction in the offshore territory increased for the sixth consecutive year to 75% in 2018

Renewable fuel producer Neste and chemicals giant LyondellBasell have successfully produced bio-based polypropylene and bio-based low-density polyethylene at a commercial scale

News sources suggest two tankers operated by Frontline and Bernhard Schulte have been damaged off the coast of Fujairah in the United Arab Emirates

In total, the fund is expected to remove $12bn of fossil fuel investments and plough up to $20bn into renewable markets

Throughout 2018, many market analysts found the price of oil difficult to predict, with economic and political events confounding market expectations and leading to inaccurate predictions

The Johan Sverdrup 2 development will increase production from 440,000 barrels of oil per day to 660,000 barrels per day

The territory extends from the shoreline to around 215 kilometres offshore, with depths of up to 4,000 metres at points

The new development is designed to process up to 100,000 barrels of oil per day

It has partnered with Neste to turn old cooking oils and residues into renewable diesel for use in its transport fleet

Global Witness suggests any extraction of new oil and gas reserves will see the Paris Agreement’s 1.5°C goal be surpassed