IN­DUS­TRY NEWS

The Press and Journal (Aberdeen and Aberdeenshire) - - ENERGY VOICE -

The Brent oil price rose this month to $61.04 on Au­gust 27, rep­re­sent­ing a monthly in­crease of 3.0%. The WTI price also rose, to $55.79, a monthly in­crease of 1.3%. The price fluc­tu­ated, reach­ing highs of nearly $70, af­ter drone strikes tar­geted one of Saudi Ara­bia’s largest re­finer­ies tem­po­rar­ily knock­ing out a sig­nif­i­cant por­tion of global sup­ply. The Saudi pro­duc­tion has since been re­stored at a faster-than-ex­pected rate, bring­ing the oil price down to its cur­rent level.

The IEA ex­pressed con­cern this month over the po­ten­tial over­sup­ply of oil to the mar­ket in 2020 and the im­pact that this may have on oil price. The IEA Monthly Re­port sug­gested that there would be a deficit in the mar­ket through to the end of 2019, but that pro­duc­tion is likely to surge in 2020, mean­ing that OPEC coun­tries would be pro­duc­ing 1.4m bar­rels per day more than the mar­ket re­quired.

Exxon­Mo­bil agreed this month a deal to sell its Nor­we­gian as­sets to Vår En­ergy as the su­per­ma­jor looks to move out of the North Sea to fo­cus on US shale op­er­a­tions and other deep­wa­ter projects such as those in Guyana. The trans­ac­tion value is $4.5 bil­lion and en­com­passes non-op­er­ated stakes held by Exxon which are largely op­er­ated by Equinor. The deal will see Vår En­ergy nearly dou­ble its out­put and make the joint ven­ture be­tween HitecVi­sion and Eni one of the largest pro­duc­ers in the North Sea.

In lo­cal news, Global En­ergy Group has clinched a con­tract with Apache worth an es­ti­mated £100m for the pro­vi­sion of brown­field ser­vices on Apache’s UK as­sets, in­clud­ing For­ties and Beryl fields. The com­pany said the con­tract would se­cure around 200 jobs and that it was likely to hire an ad­di­tional 60 mem­bers of staff to meet

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