Tag: oil and gas industry

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Woodmac: Digitalization can bring major cost savings for upstream sector

In an earlier insight, marine energy consultancy Wood Mackenzie identified up to US$150bn in annual operating cost savings that could be achieved in the energy and natural resources sectors through digitalisation. In its latest research, Woodmac takes a closer look at the likely digitalization impact on the upstream sector, noting that the oil and gas industry has always been at the cutting edge of technological innovation. 

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UK oil and gas reserves enough to sustain production for next 20 years

The UK’s petroleum reserves, including discovered and undiscovered petroleum resources, remain at a significant level, ranging from 10 to 20 billion barrels plus of oil equivalent, which could sustain production for at least the next 20 years and beyond if additional undeveloped resources can be matured, according to new figures by the UK Oil and Gas Authority (OGA).

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Norway approves the sale of North Sea fields interests

The Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance has approved the transaction between concerning the sale of the licenses containing the Draugen and Gjøa fields in the North Sea from Shell to OKEA. The Ministry of Petroleum has also approved OKEA as the new operator for the Draugen field. The transaction between AS Norske Shell and OKEA AS is expected to close on 30th November.

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