Oil and gas production efficiency on UKCS continues to rise

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

Waste oil and plastic residues transformed into new packaging with new partnership

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

Two tankers reportedly hit by ‘torpedo attacks’ in Gulf of Oman

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

Norway’s trillion-dollar oil fund to divest from 150 oil and gas firms

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

The Crude Oil Outlook for 2019

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

Norway approves extension to giant oilfield

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

Oil and gas exploration
ExxonMobil signs deal to explore 28,000 sq km in offshore Namibia

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

BP and partners to invest $6bn in Azeri oil project

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

Traffic jam In the early morning on the Bay Bridge, at the exit of a tunnel. It is the main connection between the cities of Oakland and San Francisco
Oakland adopts renewable diesel for city fleet

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

Fossil fuel investment
Planned $4.9tn oil and gas investment ‘not compatible with climate goals’

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