Light, sweet crude oil prices for April delivery dropped slightly for a second consecutive day on Mar. 7 pending release of the weekly US government oil and product inventory from the US Energy Information Administration. Source: News
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EIA raises US crude oil production forecast to 9.2 million b/d
In its most recent Short-Term Energy Outlook, the US Energy Information Administration forecasts US crude oil production to average 9.2 million b/d this year and average 9.7 million b/d in 2018. Both totals are 200,000 b/d higher than in EIA’s previous STEO forecasts. Source: News
Dutch company to buy Breagh field interest
Privately held Oranje-Nassau Energie BV (ONE), Amsterdam, will acquire a 30% working interest in Breagh natural gas field in the southern UK North Sea in a proposed deal with Sterling Resources Ltd., Calgary. Source: News
Output rising, costs falling on the UKCS
Rising production and falling costs mask lingering problems for oil and gas operators on the UK Continental Shelf (UKCS). Oil and gas production offshore the UK will rise to 1.8-1.9 million boe/d by 2018, predicts Oil & Gas UK in its Business Outlook Report 2017. Source: News