The new oil field has a depth of 80 meters and extends over 2400 square km between Bostan District in Dasht-e Azadegan County and Omidiyeh County in the oil-rich province.
Rouhani’s announcement would mean Iran’s proven crude oil reserves would be boosted by a 3rd, since the country’s proven crude oil reserves are estimated to be about 150 billion barrels.
Mentioning the need for new technologies for developing the country’s oil fields and for increasing their recovery factor, Rouhani said “Only 1% increase in the recovery from this oil field adds $32 billion to the country's oil revenues and we need world-class technologies to develop the oil industry.”

Read More

In early September UPM announced plans to permanently close paper machine 2 in Rauma, Finland. The employee consultation processes have now been completed. Paper machine 2 in Rauma will be permanently closed on 6 November 2019. The reduction of personnel is 179 (159 permanent and 20 temporary contracts not prolonged). Following the closure, SC paper production capacity will be reduced by 265.000 tonnes annually.

Read More

KEY POINTS

• In its closely-watched annual World Oil Outlook (WOO), the Middle East-dominated producer group said Tuesday that the last 12 months had been “challenging” for energy markets once again.

• OPEC has lowered its outlook numbers for global oil demand growth, to 104.8 million barrels per day (b/d) by 2024, and 110.6 million b/d by 2040.

• “At the global level, growth is forecast to slow from a level of 1.4 million b/d in 2018 to around 0.5 million b/d towards the end of the next decade,” OPEC said in the report.

Read More

Abu Dhabi will begin trading futures contracts of its flagship oil grade in what could eventually become a new price benchmark for a fifth of the world’s crude.

Trading in Murban crude futures aims at “strengthening Abu Dhabi’s position as a global energy player,” Crown Prince Mohammed Bin Zayed Al Nahyan said Monday in a Tweet. Government-owned Abu Dhabi National Oil Co. also reported a 7% increase in its oil reserves, expanding the size of commercial deposits in the United Arab Emirates to 105 Bbbl.

As part of the planned futures contract, Adnoc would lift destination restrictions on sales of Murban, enabling buyers to trade or ship it anywhere. Customers are currently obliged to use Adnoc’s crude only at their own refineries.

#oilandgas #oilandgasindustry

Read More

Come and visit us next week in Abu Dhabi at #ADIPEC2019! One global industry. One city. One meeting place 11 - 14 November 2019, Abu Dhabi #JoinTheConversation.


#oilandgas #energyindustry #energytransformation #oilandgasindustry

Read More

We are proud to raise the UAE’s flag high in honor of Flag Day and in appreciation of this beloved nation and its visionary leadership. 🇦🇪 hashtag#UAE hashtag#FlagDay hashtag#Raise_it_high hashtag#UAEFlagDay

Read More

A Forest Products Weekend: We began research into sustainable yield forestry in 1937 to ensure harvesting doesn't diminish a forest's ability to provide the same volume in the future. Pictured is our Clemons Tree Farm, which was established in Washington state as the nation’s first certified tree farm four years later. #NationalForestProductsWeek #forestproud #sustainability #forestry

Read More

Few in our target markets are unfamiliar with placing used newspapers, copy paper or corrugated packaging into those ubiquitous blue bins. In fact, paper recycling is deeply rooted in human history — people have been doing it for hundreds of years.

Since the 1970s, recycling methods and culture have advanced to the point that, by 2018, as much as 68 percent of paper and 96 percent of corrugated packaging consumed in the U.S. is recycled. But traditional notions of recycling are still rooted in the “take-make-waste” model centered around “doing less bad.”.

Read More