IEA Sees Oil Market Balancing Next Year. In 2017, the IEA sees “global oil demand growing at the same rate as in 2016 – 1.3 mb/d, and non-OPEC supply growing by a modest 0.2 mb/d. Again, on the planning assumption that OPEC oil production grows modestly in 2017 we expect to see global oil stocks build slightly in 1H17 before falling slightly more in 2H17.” [IEA]
Oil Continues Falling Early Tuesday. Oil fell on Tuesday, as investor nervousness over next week’s vote on Britain’s possible European Union exit swept financial markets, eclipsing signs of a return to health for crude prices. On Monday, U.S. crude finished at its lowest level in a week. [Reuters, Oilpro]
NCS Report Disappointing. A recent report from oil-data firm Rystad Energy says exploration at the Norwegian Continental Shelf (NCS) has dropped off from prosperous years 2010-2012, and most recently discovered resources on the NCS have been moderate. [Oilpro]
PennWest Sells $975mn In Assets. Shares in the Canadian company soared by the most in 20 years after it announced the sale of all of its Saskatchewan assets, including its Dodsland Viking area, for cash consideration of $975 million. [PennWest]
DNV GL Helps Trim Subsea Documentation. A two-year cross-industry project led by DNV GL has delivered a publicly available Recommended Practice which can reduce the amount of subsea documentation and enable documentation reuse in a typical subsea field development project. [Subseaworldnews.com, Oilpro]
Spectra Energy Awarded $2.1bn Pipeline Project. TransCanada’s joint venture with IEnova, a subsidiary of Sempra Energy, has been chosen to build, own and operate the $2.1 billion Sur de Texas-Tuxpan natural gas pipeline in Mexico. [TransCanada]
PDO For Oseberg Vestflanken 2 Sanctioned. Statoil reports that the Norwegian Ministry of Petroleum and Energy has sanctioned the Plan for Development and Operation (PDO) of Oseberg Vestflanken 2. [Oilpro]
Shell, Technip Complete Malaysia’s First TLP. Shell and Technip-MMHE Joint Venture (TMJV) have finished the onshore fabrication and commissioning of the Malikai deepwater platform. [Oilpro]
Court Papers Allege Singapore Firms Paid Over $9.5mn In Bribes For Petrobras Contacts. Prominent Singapore companies Keppel and Sembcorp Marine are accused in US court documents of paying specific amounts in the Petrobras corruption scandal, according to Singapore newspaper The Straits Times. [Splash 247, Oilpro]
Meet Regulatory Specialist, Shelly Bilberry, #HUMANSofOG. She writes, “A typical work day for me is sitting behind my computer applying for permits, filing reports and keeping our engineers in line, but on the day this photo was taken, I ventured out to our field in Reeves Co. Texas.” [Oilpro]
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