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  • Oil prices rose by 5% on Friday 7 December 2018 after OPEC finalised an agreement to cut oil production by 1.2mn b/d, with non-OPEC allied nations, including Russia, taking a 400,000 b/d share. It was also agreed at the Vienna meeting that Iran would remain exempt from the oil quota cuts, due to cur...

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  • Qatar’s decision to withdraw from OPEC sent ripples through some markets, coming ahead of the OPEC meeting in Vienna on the 6 December 2018.The tiny Gulf state’s decision to quit on 1 January 2019 puts an end to 57-years’ membership in the producers’ cartel. Admittedly, Q...

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  • Chinese state-owned oil company CNPC is reported to have taken over Total’s 50.1% stake in Iran’s South Pars gas project, after the French company failed to obtain a waiver from US sanctions against the Middle East country.CNPC already holds a 30% interest in the offshore field, which ...

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  • Wintershall has been awarded a 10% interest in the Ghasha offshore ultra-sour gas mega-project, marking the first time a German oil and gas company has joined an Abu Dhabi National Oil Company (ADNOC) concession.The Ghasha concession consists of the Hail, Ghasha, Dalma and other offshore sour gas fi...

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  • Eni and Hera have signed a partnership under which used vegetable oil collected by Hera will be converted into biofuel at Eni’s biorefinery in Venice, Italy. The green diesel will then be used to fuel Hera’s waste collection vehicles.The deal extends an already thriving virtuous circle...

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  • BP and co-venturers Shell, Chevron and ConocoPhillips have announced first oil from the giant Clair Ridge project in the West of Shetland region offshore the UK.Clair Ridge is the second phase of development of the Clair field, located 75 km west of Shetland. The field, which was discovered in 1977,...

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  • Total has entered into an agreement with Brazilian company Grupo Zema to acquire its fuel distribution company Zema Petróleo, its reseller and retailer arm Zema Diesel, as well as its import company Zema Importacao.Zema Petróleo currently manages an extensive branded network of 280 dealer-...

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  • Equinor and Global Petro Storage (GPS) have entered into a long-term agreement for an LPG terminal and storage facility in Port Klang, Malaysia. GPS will build the facility, with operations planned to start up in mid-2021. Equinor will bring LPG sourced from the North Sea, North Africa, the Middle E...

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  • Ineos Oil and Gas UK has completed a project to re-route gas production from its Clipper South field in the Southern North Sea via the Shell-operated Clipper field into the Bacton processing terminal. The $80mn investment in a new pipeline and subsea equipment will extend the life of the Clipper Sou...

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  • The draft Brexit agreement that has caused political controversy in the UK, but which the European Union (EU) insists is its final offer, would – if approved – see many EU environmental regulations stay in force within Britain, for the foreseeable future, writes Keith Nuthall.The compl...

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