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Oil and Gas News
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Fri 6 Mar 2020 Apache Takes $3B Writedown
Published: 20:00 on Fri 6 Mar 2020 in Oil Industry News.
Apache is officially calling it quits on a highly publicized but disappointing shale discovery in West Texas after vehemently defending the play’s prospects for about three years.The Houston-based com...
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Fri 6 Mar 2020 Stagnating Output Hands Pemex its Biggest Loss in Two Years
Published: 18:00 on Fri 6 Mar 2020 in Oil Industry News.
Petroleos Mexicanos reported its biggest quarterly loss in two years as production growth stalled.Despite an accelerated drilling program at a group of onshore and shallow-water fields, crude and cond...
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Fri 6 Mar 2020 BP extends multi-million-pound Vessel Contract with Vroon Offshore Services
Published: 14:00 on Fri 6 Mar 2020 in Oil Industry News.
Vroon Offshore Services (VOS) Ltd has secured a three-year contract extension with BP, worth around £30million.One of the largest providers of emergency response and rescue vessels (ERRV) in the North...
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Fri 6 Mar 2020 Hope for Action from OPEC, Central Banks Halts Oil’s Freefall
Published: 12:00 on Fri 6 Mar 2020 in Oil Industry News.
Oil rebounded from its worst week since 2008 as the world’s central banks sought to stabilize financial markets, while hopes grew that OPEC+ will deepen output cuts following the coronavirus outbreak....
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Fri 6 Mar 2020 Oil Dives Past 13-month Low as Pandemic Fears Spread
Published: 10:00 on Fri 6 Mar 2020 in Oil Industry News.
Oil continued to plunge after closing at a 13-month low as more new coronavirus cases were reported outside of China, adding to fears the world is on the brink of a pandemic that will stunt economic g...
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Fri 6 Mar 2020 Schlumberger To De-list from London Stock Exchange
Published: 08:00 on Fri 6 Mar 2020 in Oil Industry News.
Schlumberger has announced that the company's board of directors in January 2020 approved the cancellation of the listing of the company’s common stock on the standard segment of the Official Lis...
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Fri 6 Mar 2020 EU Sanctions Turkey Over Drilling in Cyprus’ Economic Zone
Published: 06:00 on Fri 6 Mar 2020 in Oil Industry News.
The European Union blacklisted two Turkish nationals as retaliation over Ankara’s energy drilling off Cyprus in a move that has more political symbolism than economic punch.The EU asset freezes and tr...
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Thu 5 Mar 2020 Activist Investor to Stake $1B on Changing Shale Operations
Published: 20:00 on Thu 5 Mar 2020 in Oil Industry News.
The energy-focused private equity firm Kimmeridge Energy Management is looking for a U.S. shale producer to target for an overhaul, saying the sector has become “uninvestable.”The New York-based firm,...
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Thu 5 Mar 2020 Shell Moving Ahead in Mexico Deepwater, with Production To Wait New Government
Published: 18:00 on Thu 5 Mar 2020 in Oil Industry News.
Shell is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government.The global oil major plans to drill four wells thi...
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Thu 5 Mar 2020 The World’s Largest Oil Companies Are At A Crossroads
Published: 12:00 on Thu 5 Mar 2020 in Oil Industry News.
The global oil and gas market was once dominated by a select group of Western energy companies called “The Seven Sisters”. The unparalleled influence of these International Oil Companies (IOC) was bro...
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Thu 5 Mar 2020 BP Leaves U.S. Oil Lobby Groups in Climate-policy Change
Published: 12:00 on Thu 5 Mar 2020 in Oil Industry News.
BP Plc will leave three U.S. oil-industry lobby groups due to differences on climate policy, after the company’s new chief pledged to eliminate its greenhouse gas emissions by 2050.The decision, which...
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Thu 5 Mar 2020 More Than A Dozen Saudi Oil Firms Book Hefty Losses In 2019
Published: 08:00 on Thu 5 Mar 2020 in Oil Industry News.
A total of 14 Saudi companies in the energy sector booked hefty losses last year, Middle East Monitor reported on Wednesday, quoting analysts who had spoken to local media.@cvReview1@One of the compan...
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Thu 5 Mar 2020 Aramco’s Trading CEO Sees Recovery After ‘Big Hit’ from China Abates
Published: 06:00 on Thu 5 Mar 2020 in Oil Industry News.
Oil markets will begin to recover in the second quarter as the virus that has inflicted a “big hit” on Chinese demand abates, the head of Saudi Aramco’s trading unit said.“By the end of April, we will...
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Thu 5 Mar 2020 Equinor, Shell Team Up On Digital Transformation Projects
Published: 00:00 on Thu 5 Mar 2020 in Oil Industry News.
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Wed 4 Mar 2020 Ownership Battle for Mexico’s Zama Field Crimps Premier Oil’s Sale Plans
Published: 18:00 on Wed 4 Mar 2020 in Oil Industry News.
The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process.Some internati...
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Wed 4 Mar 2020 Big Money Still Loves Oil & Gas
Published: 12:00 on Wed 4 Mar 2020 in Oil Industry News.
The entire oil and gas industry and its investors are seriously reassessing the value of their beloved fossil fuels in the context of a major energy transition. But don’t be fooled: The returns of oil...
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Wed 4 Mar 2020 Offshore Wind Turns Shipping to Green
Published: 08:00 on Wed 4 Mar 2020 in Oil Industry News.
Offshore wind and the shipping sector can reinforce each other to reach the Green Deal targets, says WindEurope.The European Wind Energy Association said that wind energy currently makes up 15% of Eur...
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Wed 4 Mar 2020 Wintershall Cuts Balderbrå Discovery Estimate After Appraisal Duster
Published: 06:00 on Wed 4 Mar 2020 in Oil Industry News.
Wintershall Dea Norge has reduced the size estimate of its Baldebra discovery in the Norwegian Sea, after an appraisal well near the 2018 gas find proved dry.The 6604/5-1 gas discovery was proven in U...
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Tue 3 Mar 2020 Coronavirus Punches Hole In Oil Market That OPEC Can’t Fix
Published: 12:00 on Tue 3 Mar 2020 in Oil Industry News.
The coronavirus epidemic is a black swan that has severely disrupted the outlook for the global oil market, and at this moment it remains unclear how large the destruction in demand will be because of...
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Tue 3 Mar 2020 Saudi Arabia: OPEC Should Pay Serious Attention To Coronavirus
Published: 08:00 on Tue 3 Mar 2020 in Oil Industry News.
The OPEC+ group should not be complacent about the impact of the coronavirus outbreak on oil demand, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told reporters on Tuesday, a day after o...
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Mon 2 Mar 2020 U.S. to Sell 12 MMbbl of Oil Just As Virus Hits Demand
Published: 00:00 on Mon 2 Mar 2020 in Oil Industry News.
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Fri 28 Feb 2020 Petrobras Expects Dip in Oil Exports on Offshore Maintenance Works
Published: 20:00 on Fri 28 Feb 2020 in Oil Industry News.
Oil exports by Brazilian state-run Petrobras should fall slightly in the first quarter, thanks to scheduled maintenance stoppages at offshore platforms, executives said on Thursday. On a conference c...
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Fri 28 Feb 2020 Equinor Decides Against Great Australian Bight Exploration
Published: 12:00 on Fri 28 Feb 2020 in Oil Industry News.
Equinor ASA has dropped plans for oil drilling deep in the ocean off Australia’s south coast following a sustained campaign from environmentalists who said the project posed too big a risk to the vast...
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Fri 28 Feb 2020 Schlumberger Opens Saudi Arabia Manufacturing Center
Published: 10:00 on Fri 28 Feb 2020 in Oil Industry News.
Schlumberger announced today the opening of a world-class manufacturing center in King Salman Energy Park (SPARK) that supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote eco...
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Fri 28 Feb 2020 BP’s 'Net Zero' Climate Plan Doesn’t Quite Add Up
Published: 08:00 on Fri 28 Feb 2020 in Oil Industry News.
After months of planning, BP’s new CEO Bernard Looney made his big green pitch: Europe’s second-largest oil company will cut its emissions to net zero by 2050, he said earlier this month. Many thought...
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Fri 28 Feb 2020 Saipem Scoops $500+ Mln EPCI Contracts
Published: 06:00 on Fri 28 Feb 2020 in Oil Industry News.
Italian oilfield services firm Saipem reports it has been awarded several engineering, procurement, construction and installation (EPCI) contracts in various countries worth over $500 million combined...
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Fri 28 Feb 2020 Breaking - Large Area of Aberdeen Cordoned Off in Ongoing Police Incident
Published: 00:45 on Fri 28 Feb 2020 in Oil Industry News.
A Large area of Aberdeen has been blocked off by police tonight. Multiple streets have been sealed off amid reports of residents being evacuated. Several streets around Rosemount including Esselmont A...
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Thu 27 Feb 2020 Global LNG Glut Drives Cancellations at Key U.S. Shale Terminals
Published: 20:00 on Thu 27 Feb 2020 in Oil Industry News.
A buyer of liquefied natural gas has canceled two cargoes from Cheniere Energy Inc., the biggest U.S. exporter, as a global glut pummels prices for the fuel and threatens to shut a key outlet for shal...
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Thu 27 Feb 2020 Oil Short-selling Triples since the Start of 2020
Published: 18:00 on Thu 27 Feb 2020 in Oil Industry News.
Hedge funds are bracing for more trouble in the oil market, even after crude rebounded for a second week on hopes the coronavirus outbreak’s threat to economic growth is waning.Bets against West Texas...
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Thu 27 Feb 2020 Chevron Reports Lowest Reserve-replacement Ratio Since 2010
Published: 14:00 on Thu 27 Feb 2020 in Oil Industry News.
Chevron’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields.New finds, acquisitions and e...
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