European and UK Oil and Gas News Update Jan 2014

• North Sea’s Orca field begins gas production – RWE Dea UK has announced start of production from the Southern North Sea gas field Orca. The operator is GDF Suez E&P Nederland B.V., with RWE Dea as partner.
• Fastnet and SK in Morocco offshore farm-out – UK-headquartered independent explorer Fastnet Oil & Gas has entered into a farm-out agreement with South Korean company SK Innovation for an offshore Morocco concession area.
• GDF Suez wins 5 Southern North Sea licenses – The UK has awarded five further Southern North Sea licenses to GDF Suez Exploration and Production (E&P) UK as part of its 27th offshore oil and gas licensing round.
• Europe’s refineries are in need o f a quick fix.
• Base Oil Group I prices in Europe are showing signs of weakening due to end of year account and enough inventories.
• Bright Stock FOB Europe Base Oil price remained steady in December 2013 as compared to previous month price.