Oil Market Report: Economic Woes Hold Sway Over Geopolitics

While geopolitical tensions in the Middle East Gulf remain high, with US sanctions recently extended to more Iranian officials and a Chinese oil importer, as well as another tanker seizure, oil prices (Brent) have eased back from the most recent high of $67/bbl. Shipping operations are at normal levels, albeit …

IEA Launches New Tool for Tracking Oil and Gas-Related Methane Emissions Worldwide

The International Energy Agency has launched a new online tool that tracks oil and gas-related sources of methane, a major and often overlooked greenhouse gas. The new “methane tracker” offers the most comprehensive global picture of methane emissions, covering eight industry areas across more than seventy countries. This new and …

Canada Declares Climate Emergency, then Approves Pipeline Expansion

Trudeau doesn’t seem to understand what ‘climate emergency’ means. Canadian Prime Minister Justin Trudeau is riding a rollercoaster of public opinion these days. Many Canadians were pleased with the House of Commons’ declaration of a climate emergency on Monday, a motion put forward by Environment and Climate Change Minister Catherine …

Study on 14-Year-Old Disaster Finds Oil Still Leaking into Sea

It’s been more than 14 years since Hurricane Ivan made landfall on the Gulf Coast of the United States as a Category 3 storm, with wind speeds approaching 200 kilometers per hour and a destructive storm surge. Worse is what’s still happening offshore, where an oil platform that collapsed during …

Norway Approves Extension to Giant Oil Field

Authorities in Norway have formally approved the development and operation of the second phase of the giant Johan Sverdrup oil field. Developer Equinor says the extension to the field, with planned start-up in 2022, will increase production from 440,000 barrels of oil per day to 660,000 barrels per day. Johan …

Cambridge University Agrees to Explore Fossil Fuel Divestment Plan

The former archbishop of Canterbury Rowan Williams has welcomed an “urgent change” by Cambridge University, after it agreed to provide fully costed plans setting out how it could divest multibillion-pound endowments from fossil fuel corporations. The university’s management accepted a motion, known as a grace, which urged Cambridge to “set …

UK Offshore Oil and Gas Production up by a Fifth over past Five Years

UK offshore oil and gas production has increased by a fifth over the past five years, following 14 years of decline. That’s according to a new report from Oil and Gas UK (OGUK), which suggests momentum is again building around exploration activity, with up to 15 exploration wells expected in …