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News Archive for: November 2014

North Sea industry needs a ‘cultural shift’ to maximise UKCS potential:

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

The report, which gauges the oil and gas industry’s reaction to Sir Ian Wood’s Maximising Recovery Review, calls on the new…

After Opec shock, George Osborne must slash North Sea oil taxes in Autumn Statement:

North Sea oil production faces being wiped out unless George Osborne acts swiftly in next week’s Autumn Statement to slash taxes on drillers already being squeezed by a rout in the price of crude since June.The Chancellor needs to aggressively cut taxes on oil company profits, or risk seeing…

Oil in new era as OPEC refuses to yield to US shale:

OPEC’s decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to US shale drillers.

The 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged even after the steepest slump in oil prices since the global recession, prompting speculation…

Oil prices fall as OPEC is unlikely to cut production:

Oil prices fell in early Asian trading on Thursday as it became unlikely that producer club OPEC would announce large output cuts during a meeting this week, and after Chinese and U.S. stocks increased.The Gulf producers within the Organization of the Petroleum Exporting Countries (OPEC) – Saudi Arabia, Kuwait,…

Shale provides largest share of US gas production:

Shale gas provided the largest share of American natural gas production last year, new figures have shown.

The US Energy Information Administration said withdrawals reached a new high of 82billion cubic feet per day (bcf/d) last year.

Shale gas well withdrawals jumped from 5bcf/d in 2007, to 33bcf/d in 2013, representing…

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