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[la forge] 12/10/2018 16:08

Major gas discovery made at Glendronach field
Posted on 12 Oct 2018
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Major gas discovery made at Glendronach field Oil and gas giant Total (www.total.com) has made a large gas discovery at its Glendronach field, near Shetland.

The company said that initial tests on the prospect indicated good reservoir quality, permeability and well production deliverability.

The total capacity of the Glendronach prospect is estimated to be around one trillion ft3 of gas.

The field could also be developed quickly at low cost by linking it to the existing infrastructure of the nearby Edradour field.

Total said the discovery will extend the life of the West of Shetland infrastructure and production hub. This includes the Laggan, Tormore, Edradour and Glenlivet fields, plus the Shetland Gas plant, all of which contribute about 7% of the UK’s gas consumption.

Deirdre Michie, Oil & Gas UK’s chief executive, said: “This is a major discovery, which demonstrates the exciting potential of the West of Shetland frontier region.

“The focus on quick commercialisation of this find, made viable by the existing infrastructure, provides motivation for investors as well as industry.

“As our Economic Report recently highlighted, an increase in drilling activity is key to unlocking the remaining potential of the UK Continental Shelf.

"This significant discovery demonstrates that the improved competitiveness of the basin is having positive results, thanks to the hard work undertaken by industry since the downturn.”

[florenceorbis] 12/10/2018 09:31

OPEC slashes growth forecast for global oil demand
By Stanley Opara
12 October 2018 | 4:31 am
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PHOTO:AFP

The Organisation of Petroleum Exporting Countries (OPEC) has slashed its forecast of global demand growth for oil in 2019 for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.

OPEC in its monthly report, said world oil demand would increase by 1.36 million barrels per day (bpd) next year, marking a decline of 50,000 bpd from its previous estimate.

The group also cut the estimate for demand in 2019 for its own crude by another 300,000 bpd from last month to 31.8 million bpd, which in turn marks a decline of 900,000 bpd from the projection for 2018.

OPEC said its own production rose by 132,000 bpd in September to 32.76 million bpd, the highest according to the monthly report since August 2017.Saudi Arabia and Libya increased output last month by 108,000 bpd and 103,000 bpd respectively, more than offsetting the 150,000-bpd decline from Iran to 3.447 million bpd, as reported by secondary sources.

The oil cartel said Iran told the group its oil output had fallen by just 51,000 bpd to 3.775 million bpd.The group, led by Saudi Arabia, has pledged to increase output to compensate for the loss of any Iranian supply to U.S. sanctions that come into force next month.OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd.

[waldron] 11/10/2018 17:51

Total
53.21 -3.43%


Engie
11.86 -2.59%

Orange
13.7 -1.05%

FTSE 100
7,006.93 -1.94%
Dow Jones
25,451.65 -0.57%
CAC 40
5,106.37 -1.92%

Brent Crude Oil NYMEX 81.27 -1.35%
Gasoline NYMEX 1.95 -2.12%
Natural Gas NYMEX 3.16 -3.60%










BP
554.4 -2.60%


Shell A
2,485 -3.01%


Shell B
2,520 -3.04%

[waldron] 11/10/2018 17:50

Total
53.21 -3.43%


Engie
11.86 -2.59%

Orange
13.7 -1.05%

FTSE 100
7,006.93 -1.94%
Dow Jones
25,451.65 -0.57%
CAC 40
5,106.37 -1.92%

Brent Crude Oil NYMEX 81.27 -1.35%
Gasoline NYMEX 1.95 -2.12%
Natural Gas NYMEX 3.16 -3.60%










BP
554.4 -2.60%


Shell A
2,485 -3.01%


Shell B
2,520 -3.04%

[grupo] 11/10/2018 10:20

We will take care of countries that will continue to buy oil from Iran after Nov 4: Donald Trump
PTI|
Oct 11, 2018, 12.09 PM IST