UK approves 500M-barrel oil field development - Breaking The News

UK approves 500M-barrel oil field development

27 September

1 min read

EPA-EFE/HAKON MOSVOLD LARSEN

The United Kingdom's North Sea Transition Authority authorized on Wednesday the development and oil production at the Rosebank oil field, northwest of the Shetland Islands. The regulator gave its consent to the Norwegian energy company Equinor ASA and the UK-based Ithaca Energy plc.

The field's total capacity has been estimated at around 500 million barrels of oil. According to the BBC, the two companies said the field could supply 8% of the UK's total oil production between 2026 and 2030, with a peak daily output of 69,000 barrels and 44 million cubic feet of gas.

Ithaca's shares jumped 8.87% after the announcement.

oil equinor ithaca

Related Stocks

Ithaca Energy ORD 1P

Equinor ASA

Baker Hughes: US oil rig count down by two to 484

28 March

The number of oil rigs in the United States decreased by two to reach 484 in the week ending March 28, according to the Baker Hughes weekly rig count released on Friday. The rig count declined by 22 year-on-year.The country's gas rig count climbed by one to 103 in the reported week, dropping by nine from the same period in 2024. The total number of rigs in the US stood at 592, dipping by one from the previous week and slipping by 29 from the same period...

EIA: US crude inventories down by 3.4M barrels

26 March

Commercial crude oil inventories in the United States, not considering those in the Strategic Petroleum Reserve (SPR), went down by 3.34 million barrels to 433.6 million barrels in the week ending March 21, the Energy Information Administration (EIA) stated in its report published on Wednesday.Oil refinery inputs averaged 15.8 million barrels per day (bpd) during the same week, decreasing by 87,000 bpd compared to the previous week's average. Refineries...

Oil up by over 1% ahead of US inventories

26 March

The prices of oil futures increased on Wednesday ahead of the Energy Information Administration's (EIA) newest report on oil inventories in the United States. Meanwhile, API data showed that US crude oil inventories fell by 4.6 million barrels last week, surpassing market expectations of a 2.5 million-barrel decrease, fueling supply concerns. Further, on Monday, Trump signed an order enforcing 25% tariffs on imports from countries purchasing Venezuelan oil,...

US oil inventories reportedly down by 4.6M barrels

25 March

Crude oil inventories in the United States decreased by 4.6 million barrels in the week ending March 25, the American Petroleum Institute's (API) private data reportedly showed on Tuesday.On the other hand, those of distillates were said to have declined by 1.35 million barrels. Gasoline stockpiles were reported to have dropped by 3.28 million barrels. Reserves in Cushing, Oklahoma, allegedly dipped by 1.41 million barrels.

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.