Oil prices to average $65 a barrel in 2018

That’s an increase on strong demand from consumers and restraint by oil producers, says the World Bank

World Bank forecasts higher energy prices

The World Bank is forecasting higher prices for energy in 2017 and next year. Its latest report forecasts crude oil price at $55 (£42.7) per barrel this year, increasing to an average of $60 (£46.6) per barrel in 2018. It states rising oil prices, supported by production cutbacks by Organisation of the Petroleum Exporting Countries […]

Tight oil production to top 6m barrels a day by 2026

Tight oil production in the US is forecast to rise to above six million barrels per day (b/d) in the next decade. That’s according to a new report from the US Energy Information Administration (EIA), which suggests it won’t be long until tight oil makes up most of total oil production in the country. Tight oil is a light […]

Shell sells shale assets for $1bn in Canada

Royal Dutch Shell has announced it is selling non-core shale oil and gas properties in Canada worth $1.03 million (£0.84m). Canadian firm Tourmaline Oil Corporation will buy around 206,000 net acres. It includes 61,000 net acres in the Gundy area of Northeast British Columbia and 145,000 net acres in the Deep Basin area of West Central […]

Global shale oil production ‘to more than double by 2040’

Global shale oil production is expected to more than double between 2015 and 2040. The world will see an an increase from 4.98 million barrels per day (b/d) last year to 10.36 million b/d in 2040, according to the US Energy Information Administration (EIA). It states most of the projected increase will come from the […]

BP: Global shale gas production to double by 2035

Global shale gas production will double in the next two decades. It will grow from 11% in 2014 to 24% by 2035, according to BP’s Energy Outlook. It forecasts energy consumption to grow by 34% during the same period. Fossil fuels will meet around 80% of the demand, it added. Although the growth of shale gas is […]

UK awards new onshore oil and gas licences

The UK Government has awarded 93 new licences for onshore oil and gas exploration. Tthe UK Oil and Gas Authority is allowing companies to explore 159 blocks as part of its 14th Licensing Round. Around 75% of them are related to shale oil and gas which requires additional regulations for fracking. Most of licenses are located in […]

Scotland launches research on fracking

The Scottish Government has launched a research programme into the impacts of unconventional onshore oil and gas extraction. It is inviting tenders for the project which will focus on transport impacts, decommissioning and aftercare and seismic monitoring. It will also study the economic and climate impacts. The government aims to give stakeholders and the public time to consider […]

Argentina and China fracking leaders outside North America

Argentina and China are leading the way in developing commercial volumes of shale gas outside North America. That’s according to a new report from the US Energy Information Administration (EIA), which stated the two countries have the potential to “significantly increase” production of shale gas and tight oil. It added China has drilled more than 200 wells and […]

Estonian shale oil firm bags €35m to cut emissions

A shale oil processing company in Estonia has been given a loan worth €35 million (£27.4m) for projects aimed at reduce emissions. The cash will be used by Viru Keemia Grupp (VKG) to finance the construction of two fuel gas desulphurisation plants – which will remove sulphur dioxide (SO2) from the gas before it is […]