Norway, Western Europe’s biggest oil producer, has more than 50% of its recoverable resources still in the ground, according to the Norwegian Petroleum Directorate. The Barents Sea probably holds most of that, yet there’s only one oil field and one gas field currently producing. SourceContinue Reading

OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022. SourceContinue Reading

The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump. SourceContinue Reading

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. SourceContinue Reading

About 95% of Gulf of Mexico oil production, and 94% of gas output had been shut-in as of Monday, according to the Bureau of Safety and Environmental Enforcement. SourceContinue Reading

ChampionX announced that UNBRIDLED ESP Systems has introduced the SMARTEN PurePower Pro harmonic halter, a simple, cost-effective solution to effectively and efficiently manage harmonic distortion on local power grids throughout the life of unconventional oil wells. SourceContinue Reading

U.S. gasoline futures jumped after Hurricane Ida barreled ashore in Louisiana, disrupting processing facilities. Oil reversed early gains as local rigs may have escaped significant damage and the OPEC+ producers’ cartel is expected on Wednesday to endorse a supply increase. SourceContinue Reading

Sarawak Shell Berhad, a subsidiary of Royal Dutch Shell plc, announced that it has taken a final investment decision on the Timi gas development project and, together with its partners PETRONAS Carigali Sdn Bhd and Brunei Energy Exploration, look forward to delivering this for Malaysia. SourceContinue Reading

Recoverable volumes from Troll phase 3, which will produce the Troll West gas cap, are estimated at as much as 347 billion cubic meters of gas. Converted into oil equivalent this amounts to 2.2 billion barrels. SourceContinue Reading

Iraq’s regional allies stressed the need to provide support to an OPEC member struggling to rebuild after decades of ruinous wars, in a conference that also afforded a platform for meetings between longtime rivals. SourceContinue Reading