As New Year’s Eve fireworks were lighting up the night sky, operators working in the marine fuel industry were already facing up to the first major challenge of 2015.
One of the North Sea’s largest untapped resources, an oil field east of Shetland named Bentley, could produce over 300 million barrels of oil up until the year 2050.
In January 2017, Singapore will become the first bunkering port in the world where the use of mass flow meters will be mandatory.
Great news for the oil and gas industry – TRICOR Coriolis Technology has released their new 3 inch Coriolis flow meter. Whilst primarly suited to oil and gas applications, such as measuring the midstream transportation of oil and gas, allocation metering in crude oil and natural gas production, and metering of refined products in downstream production, many other industries will find it useful for their applications too.
After initial doubts, it has now been estimated that fields in the North Sea could hold oil revenues worth over £40 billion to the UK.
A recent UK upstream oil and gas industry review by energy, metals and mining analysts and consultants Wood Mackenzie suggested this year is pivotal for the UK and those in the sector should look to 2014 with cautious optimism.
The prospect of huge amounts of shale gas sitting beneath British soil has lead to French oil and gas company Total considering an investment of at least £12.7m in the UK’s shale gas industry.
Oil production in Nigeria has hit a worrying four-year low. Thieves and technical problems have caused frequent disruptions. Production has dropped to less than 1.9 million barrels a day from over 2 million barrels – the lowest rate since 2009. Meanwhile, it is estimated that over 150,000 barrels of oil are stolen on a daily basis.
Oil demand is on the rise in Europe. Recent government statistics show a rise in European market for the first time in two years. The increase, seen in both April and May 2013, correlates to data pointing to a growth in economic activity around the same period, including Eurozone growth this year.