Exxon faces multi-billion-dollar writedown as fossil fuel prices struggle

Exxon disclosed it will write down the value of North and South American natural gas fields by $17 billion to $20 billion as cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel sales strain the balance sheet. More »

OPEC+ considers delaying oil production hike until April

Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year. More »

CGG wins three-year contract extension for Oman Dedicated Processing Center

PDO operates a concession in Oman that covers almost one third of the country’s land surface area. This makes the DPC a critical proving ground for deploying new technology and workflows that can meet the highly variable imaging requirements of PDO’s exploration and production activities. More »

Turkey pauses Mediterranean oil search on further EU sanctions threat

The gesture is part of a broader series of moves meant to improve the atmospherics before EU leaders sit down on Dec. 10 to discuss a response to Turkish maritime activities in waters also claimed by bloc members Cyprus and Greece. More »

U.S. sanctions China’s CNOOC on drilling in disputed South China Sea

CNOOC’s operations in the South China Sea have run into controversy because China claims drilling rights in waters far from its borders, and within 200 miles of countries like Vietnam and the Philippines. More »

ADNOC considering purchase of key UAE offshore oilfield services firm

Abu Dhabi National Oil Co. is a potential contender to buy a local offshore oil-services firm that counts the state-owned crude producer among its major clients, according to people familiar with the matter. More »

OPEC+ kicks off talks with key members split on oil production cuts

The 23-nation coalition is debating whether to maintain the output cuts at current levels, deferring the increase scheduled for January. Some members are concerned that global markets remain too fragile to absorb additional barrels -- particularly after Libya’s output soared -- while others are keen to sell more crude. More »

Financial data consolidates with SandP Global to buy IHS Markit for $39 billion

The proposed tie-up of SandP with IHS Markit, a research firm with more than 5,000 analysts, data scientists, financial experts and industry specialists, is part of a race for scale as the industry’s largest players try to capitalize on surging demand for data and analytics in increasingly computerized financial markets. More »

Internal divisions and a historic demand split complicate OPEC's plans

When OPEC+ meets this week in Vienna, impatient member states, surging Libyan production, and Chinese demand splitting off from the West will create headaches for ministers. Also, Arctic drilling plans in the U.S. and Norway are being motivated less by economics and more by geopolitical maneuvering, and the North American drilling rig count shows strength that exceeds even the most optimistic predictions from earlier in the year. More »

It took a global pandemic for OPEC to slam the door on U.S. shale

“In the future, certainly we believe OPEC will be the swing producer — really, totally in control of oil prices,” Bill Thomas, CEO of EOG Resources, the biggest independent shale producer by market value, said earlier this month. “We don’t want to put OPEC in a situation where they feel threatened, like we’re taking market share while they’re propping up oil prices.” More »

It took a global pandemic for OPEC to slam the door on U.S. shale

“In the future, certainly we believe OPEC will be the swing producer — really, totally in control of oil prices,” Bill Thomas, CEO of EOG Resources, the biggest independent shale producer by market value, said earlier this month. “We don’t want to put OPEC in a situation where they feel threatened, like we’re taking market share while they’re propping up oil prices.” More »

BP investing in Middle East oil while pledging a renewables shift

The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the UAE and Oman. It’s focusing on their low-cost oil, while also boosting output of gas, according to Stephen Willis, BP’s senior vice president for the Middle East. More »

Oil prices slide from March’s highs on rising OPEC+ tensions

Oil has jumped 26% this month after signs that Covid-19 vaccines are imminent boosted expectations for a swift recovery in energy demand next year. However, while there are indications that Asian consumption remains healthy, Europe is still lagging. More »

Libya’s comeback continues to surprise oil markets

The speed of their recovery is causing anxiety for OPEC and allies such as Russia as they restrict global output to prop up crude prices. Libya is exempt from the cuts and currently supplies more oil than several of its OPEC peers. More »

China’s fuel imports surge in advance of Lunar New Year travel

The nation’s success in warding off a major outbreak during the Golden Week holiday in early October may boost optimism for locals preparing to travel back home during the Lunar New Year break. More »

Saudis, Russia call for last-minute talks before OPEC’s oil production decision

A clear majority of OPEC+ is expected to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no means certain amid public complaints from Iraq and Nigeria, and private discord with the United Arab Emirates. More »

OPEC+ projected to delay oil output hike by at least three months

While crude prices have rebounded to an eight-month high, demand in early 2021 still looks too fragile to absorb the extra barrels. At the same time, key OPEC+ members Iraq and the United Arab Emirates have signaled they’re eager to ramp up sales as soon as possible. More »

ADNOC taps China’s BGP for world’s largest 3D onshore/offshore seismic survey project

The award underscores the important role seismic surveying plays in enabling ADNOC to identify and explore new hydrocarbon resources as highlighted by the recent major discoveries of recoverable unconventional oil resources and conventional oil reserves. More »

Greece wearies of Turkey’s provocative energy hunt in disputed waters

European leaders in October called on Ankara to abstain from unilateral hydrocarbon exploration in disputed waters, saying it’s in breach of international law. Turkey nonetheless resumed the surveys, making any negotiation with Greece on delimitation of sea borders even more problematic. More »

Repsol to wind down oil exploration, focus on renewables growth

Repsol SA will reduce its dividend next year as it outlined plans to wind down the search for oil and expand its renewable capacity fivefold during the next decade. More »

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CGG, Magseis complete North Sea’s largest OBN seismic survey

Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents. More »

Oil’s recent surge compounds OPEC+ production challenges

The Organization of Petroleum Exporting Countries and its allies, who will meet on Monday and Tuesday, are already grappling with a difficult market to evaluate. Oil demand has rarely been so volatile. More »

Oil tanker attacked in Saudi Arabian Red Sea terminal

The Agrari, a so-called Aframax-class vessel able to haul about 700,000 barrels of oil, was holed about 1 meter above the waterline in the incident, a statement said. The incident took place as the ship was preparing to leave a berth at the Shuqaiq facility, having finished unloading its cargo. More »

Oil price climb continues on Asian market strength

With the prospect of a coronavirus vaccine improving oil’s longer-term outlook, there’s been a renewed rally in the forward curve. On Wednesday the much-watched spread between Brent’s nearest two December contracts briefly flipped into a bullish backwardation for the first time since March. More »

Subsea CO2 storage plan offshore Denmark clears first regulatory hurdle

The mission to store CO2 beneath the Danish North Sea has cleared the first major hurdle after the intended subsea reservoir was confirmed feasible for CO2 injection by independent certification body DNV GL to the endorsement of Danish authorities. More »

UK oil and gas sector confidence plunges to record lows

Reduced activity levels, project cancellations and workforce cuts as a result of the coronavirus pandemic have slashed business confidence across the UK’s oil and gas sector, according to an industry report. More »

German hopes for a U.S. rescue of Nord Stream 2 seem unlikely

No less than “democracy in Europe” and the EU’s “image of U.S. companies” are on the line, a German industrial group warned House of Representatives Speaker Nancy Pelosi last week in a letter. With broad-based opposition to the pipeline in the U.S., German hopes that the president-elect will reverse sanctions may be misplaced. More »

Progressives want Biden to sidestep Congress with green ‘national emergency’

Invoking a climate emergency could give Biden the authority to circumvent Congress and fund clean energy projects, shut down crude oil exports, suspend offshore drilling and curtail the movement of fossil fuels on pipelines, trains, and ships. More »

Oil price fundamentals begin showing longer-term strength

Two of the oil market’s most-watched inter-month price spreads -- one denoting short-term strength, the other reflecting an improving longer-term outlook -- this week flipped into what traders call backwardation, a structure that’s generally seen as reflecting tighter conditions. More »

Silixa launches fiber optic sensing-based monitoring solution for carbon capture and storage

Silixa announced the launch of Carina CarbonSecure, its distributed acoustic sensing based solution for continuous or on-demand monitoring of all stages of carbon capture and storage operations. More »

Wall Street regulator seeks to end “politicization” of financing for unpopular businesses

“There is a creeping politicization of the banking industry that has the propensity to be very, very dangerous,” Acting Comptroller of the Currency Brian Brooks told reporters Friday in a call about the rule, which would affect lenders with more than $100 billion in assets. More »

Saudi Aramco reports no injuries following Yemen missile attack

Saudi Arabia condemned the strike, saying “terrorist and sabotage acts committed against vital installations target the security and stability of energy supplies to the world,” the official Saudi Press Agency reported. More »

Banks, insurers face pressure to stay away from Arctic drilling projects

Activists, Native Alaskans, and more recently large shareholders have worked to persuade lenders and insurers they were jeopardizing the climate, their investments, and their reputation by underwriting Arctic drilling. More »

Interim report on April’s oil price crash offers few answers

In releasing the highly anticipated document Monday, the Commodity Futures Trading Commission conceded that it might fall short of expectations. But CFTC chairman Heath Tarbert said the agency was trying to be as forthcoming as possible in disclosing what it knows now, calling it an “interim report.” More »

Iraq seeks $2 billion upfront for oil supply contract as its economy falters

The nation is grappling with a crisis brought to a head by low oil prices and OPEC+ output cuts. As state coffers dwindle and school teachers go unpaid, the country risks a repeat of upheaval last year that brought down the government and saw hundreds of protesters killed. More »

Total taps Maersk Drilling for two-rig Suriname campaign

The campaign is expected to commence in early 2021, with an estimated firm combined duration of 500 days. The estimated firm total contract value is approximately USD $100MM, including rig upgrades and integrated services provided. More »

Venture Global LNG awards EPC contract for Louisiana LNG export facility

Venture Global LNG announced that KBR has been awarded the engineering, procurement and construction contract as lead contractor for Phase 1 of the Plaquemines LNG export project currently under development in Plaquemines Parish, Louisiana. More »

Joe Biden’s Net-Zero isn’t normal

It would seem that to achieve Biden’s net-zero climate change goal would require the U.S. to abrogate its Constitution. More »

UN says virus-driven greenhouse gas reductions don’t count

“The lockdown-related fall in emissions is just a tiny blip on the long-term graph,” the UN's World Meteorological Organization secretary general Petteri Taalas said in a statement. “We need a sustained flattening of the curve.” More »

Oil prices reach three month high on improving demand outlook

Markets broadly rallied after AstraZeneca Plc became the latest company to report a vaccine that protects most people from coronavirus. Vaccinations will “hopefully” start as soon as Dec. 11 or Dec. 12, Moncef Slaoui, head of the American government’s Operation Warp Speed vaccine acceleration program, said on CNN on Sunday. More »

Yemen’s Houthis claim unconfirmed missile strike on Saudi Aramco facility

The Houthis hit a fuel-distribution center in Jeddah on the kingdom’s west coast with a Quds 2 rocket, according to a statement from their spokesman, Yahya Saree. More »

ADNOC commits $122 billion to boost oil and gas output

Officials in Abu Dhabi privately floated the idea last week that the nation could leave OPEC, a highly unusual step that could destabilize oil markets. Energy Minister Suhail Al-Mazrouei later said the UAE “has always been a committed member,” though he didn’t address the country’s future in the cartel. More »

Turkey wants to keep EU ties, despite sanction threat over offshore drilling

Turkish Cypriots and Cyprus have been at loggerheads over offshore gas reserves in disputed waters. Cyprus has been pushing other EU states to expand a blacklist against Turkey over its natural-gas exploration in the eastern Mediterranean. Other governments including Germany were wary of provoking Turkey. More »

China to surpass U.S. as world’s largest oil refiner in 2021

The rise of China’s refining industry, combined with several large new plants in India and the Middle East, is reverberating through the global energy system. More »

U.S. government’s report on April oil price crash won’t point fingers

A highly anticipated U.S. government report on the April 20 oil crash will stop short of blaming any specific traders or firms, and refrain from recommending structural changes for the crude market, said three people familiar with the matter. More »

Warmer forecasts end a natural gas bull run before it begins

Gas futures tumbled Thursday as U.S. forecasts shifted warmer through early December, leaving bullish traders flat-footed after the previous day’s modest gain stoked speculation that the recent rout had run out of steam. More »

U.S. crude stockpiles approach May’s record on new lockdowns

Though a repeat of the negative oil prices seen in April is unlikely, the mounting supply glut brings home how new lockdowns may soon force traders to store oil in every nook and cranny available, including ships and pipelines. Some are already doing that. More »

China considers buyout of Exxon’s oil assets in Iraq

Iraq awarded a contract to develop the West Qurna oilfield to Exxon and Royal Dutch Shell Plc in 2009. The oilfield is one of the world’s largest with expected recoverable reserves of over 20 billion barrels. More »

Noia’s virtual fall seminar in East Canada focuses on energy transition

While 2020 has provided significant challenges, “Noia has remained committed to providing value to our members and to helping them through this difficult period,” said Noia CEO Charlene Johnson. “Our virtual fall seminar was a great way to step outside the typical formula of virtual events that met the standard people have come to expect from Noia.” More »

Conservationists lean on corporate insurers to stymie Trump’s Arctic oil leases

A group of investment firms, conservationists and indigenous groups have called on some of the world’s biggest insurers to cease supporting oil and gas projects in the U.S. Arctic National Wildlife Refuge, even as the Trump administration advances plans to auction drilling rights in the Alaska wilderness. More »

EU leaders push back on wording of Saudi Arabia’s climate plan

European leaders are resisting backing a climate plan pushed by Saudi Arabia that seeks to reduce emissions while capturing and reusing greenhouse gases produced by burning hydrocarbons. More »

Noia’s virtual fall seminar focuses on energy transition

While 2020 has provided significant challenges, “Noia has remained committed to providing value to our members and to helping them through this difficult period,” said Noia CEO Charlene Johnson. “Our virtual fall seminar was a great way to step outside the typical formula of virtual events that met the standard people have come to expect from Noia.” More »

NexTier, NOV team up to field test electric frac spread

NexTier and NOV will collaborate to test the operational capability of the Ideal eFrac prototype in the field and under normal operating conditions. The agreement provides NexTier the option to transform from the test phase to the future purchase of the first Ideal eFrac fleet manufactured by NOV. More »

Norway offers more Arctic exploration rights as Supreme Court decision looms

The 25th licensing round covers nine areas, eight of which are located in the Barents Sea and one further south in the Norwegian Sea. Offering licenses so far north is controversial, with environmental organizations contesting similar awards in the courts. More »

Pressure builds on Biden to name Native American Deb Haaland as Interior leader

Haaland, who was just elected to her second term in the House, is a top contender for the post of Interior secretary along with retiring Senator Tom Udall. Both are Democrats from New Mexico. More »

Pressure builds on Biden to name Native American Deb Haaland as Interior chief

Haaland, who was just elected to her second term in the House, is a top contender for the post of Interior secretary along with retiring Senator Tom Udall, the people said. Both are Democrats from New Mexico. More »

Pressure builds on Biden to name Native American Deb Halland as Interior chief

Haaland, who was just elected to her second term in the House, is a top contender for the post of Interior secretary along with retiring Senator Tom Udall, the people said. Both are Democrats from New Mexico. More »

UAE builds tension within OPEC over oil production caps

Discord within OPEC has grown since late summer, when the UAE breached its quotas and got a stern warning from Saudi Arabia. Emirati policy makers seem increasingly frustrated by what they see as an unfair allocation of production caps, as their economy reels from falling oil revenue and the coronavirus pandemic. More »

Total in talks with Libya to expand oilfield investment

Total has been active in Libya for decades and holds shares in key oil fields, including the nation’s biggest -- Sharara -- and the offshore Al Jurf deposit. The Paris-based company also has a share in the Mabruk field, which has been closed for years because of political upheaval. More »

Italy’s largest pipeline firm continues push into hydrogen tech

Italy’s Snam SpA agreed to buy 33% of electrochemical tech firm Industrie De Nora SpA as part of its expansion into the hydrogen business. More »

Increase in offshore lease bids shows continued importance of the Gulf of Mexico

"Continued safe and responsible development of the Gulf of Mexico will continue to benefit every American. Otherwise the energy will be produced elsewhere, serving to diminish our energy, economic and national security,” National Ocean Industries Association president Erik Milito said in a statement. More »

TGS announces new Brazilian seismic acquisition projects

TGS will mobilize the COSL vessel HYSY720 to commence acquisition of the Espirito Santo 3D survey by year-end. More »

Saudi Arabia sets its sights on hydrogen export leadership

By adding hydrogen to the crude oil it already produces and sells, Saudi Arabia hopes to preserve its role as an important energy supplier, including to countries shifting away from pollution-emitting fossil fuels. More »

Activist investor criticizes ‘excessive’ Ovintiv pay, low insider ownership

Activist investor Kimmeridge Energy Management Co. has built new positions in Ovintiv Inc., PDC Energy Inc., and Cimarex Energy Co. and plans to push for changes at the oil and gas companies to improve their performance and governance. More »

Aramco sells $8 billion in bonds to cover world’s biggest dividend

Aramco issued the debt on Tuesday after slumping crude prices caused profit to fall by 45% in the third quarter. That’s left it unable to generate enough cash to fund promised shareholder payouts reaching $75 billion this year. More »

Equinor, Panasonic and Hydro team up for green battery development

The companies will work together towards summer 2021 to assess the market for lithium-ion batteries in Europe and mature the business case for a green battery business located in Norway. More »

Indigenous group invests in Keystone XL in bid to defend project from Biden

Partnerships with indigenous communities, which often spearhead opposition to oil pipelines, is one of several strategies that TC Energy hopes will make the project more palatable to the incoming administration in the U.S., said Bevin Wirzba, TC’s president of liquids pipelines. More »

Chevron looks to Biden to preserve its Venezuela foothold

Chevron has long argued the U.S. benefits from having a producer on the ground in a country that holds the world’s largest crude reserves. But Trump's sanctions against Maduro’s regime have won bipartisan support, making it difficult for Biden to change tack. More »

Biden’s White House staff pick with ties to oil called a “betrayal” by progressives

“If Joe Biden continues making corporate-friendly appointments to his White House, he will risk quickly fracturing the hard-earned goodwill his team built with progressives to defeat Donald Trump,” Justice Democrats executive director Alexandra Rojas said in a statement. More »

EIA projects $43 oil, flat U.S. production in the first half of 2021

The U.S. Energy Information Administration expects annual global petroleum demand will not recover to pre-pandemic levels (101.5 MMbpd in 2019) through at least 2021. EIA forecasts that global consumption of petroleum will average 92.9 MMbpd in 2020 and 98.8 MMbpd in 2021. More »

OPEC+ ministers warn of continued oil demand fragility

Saudi Energy Minister Prince Abdulaziz bin Salman said he could see a light at the end of the tunnel thanks to the development of Covid-19 vaccines, but the market had some way to go before getting there. More »

CGG wins Offshore Malaysia seismic reprocessing contracts from PTTEP

PTTEP expects the resulting high-quality images will improve the definition of producing reservoirs, enable enhanced planning and drilling of future wells, and open up new plays for near-field exploration at deeper intervals. More »

Perenco boosts Ivory Coast’s oil goals with operator bid

The Anglo-French oil company is seeking to buy a controlling stake in block CI-11, currently operated by a consortium that includes the state-run company Petroci, which has a 68% stake. More »

OTC organizers postpone oil’s biggest conference to August 2021

OTC organizers said that new in-person and virtual activities will be planned to “ensure the conference continues to provide a platform for energy professionals to meet and exchange ideas.” More »

OTC organizers postpone oil’s biggest conference to August 2021

OTC organizers said that new in-person and virtual activities will be planned to “ensure the conference continues to provide a platform for energy professionals to meet and exchange ideas.” More »

DNV GL debuts quality assurance guidance for digital twins in oil and gas

Developed in collaboration with TechnipFMC, DNVGL-RP-A204: Qualification and assurance of digital twins sets a benchmark for the sector’s varying approaches to building and operating the technology. More »

Vaccine news alone won’t solve OPEC’s oil output puzzle

Crude prices have rallied to a 10-week high on hopes that Moderna, Pfizer Inc. and BioNTech SE’s breakthroughs could soon revive the economic activity that underpins fuel consumption. Nonetheless, the alliance of producers led by Saudi Arabia and Russia is discussing a delay of the supply boost they’d hoped to make in January. More »

Oil price climbs above $41 as Moderna reports vaccine success

Moderna’s shot had efficacy of 94.5% in a preliminary analysis of a large late-stage clinical trial. It follows similar positive developments in a vaccination being jointly developed by Pfizer Inc. last week, buoying commodity prices globally. More »

Aramco relies on new bonds to meet dividend obligations

Slumping profits have left Aramco unable to generate enough cash to fund the investor payouts, almost all of which go to the Saudi government, which in turn needs the money to plug a widening budget deficit. More »

From chess match to streetfight: The world's courtrooms are the battleground for the future of fossil fuels

In Alaska, Michigan and Norway, partisans on the left and right are sparring in the courts to implement their vision for the future of energy. Operations from small shale plays to multi-billion-dollar offshore installations suddenly hang in the balance as the regulatory outlook becomes increasingly cloudy. More »

Gulfport Energy files for bankruptcy after acquisitions weaken balance sheet

Gulfport, which produces gas from fields in Ohio and Oklahoma, was grappling to stay afloat even before Covid-19, after a series of acquisitions over the past decade left it too indebted to weather the energy rout. More »

Michigan moves to shut down pipeline critical to Canadian refining

Governor Gretchen Whitmer filed a complaint in Ingham County Circuit Court seeking to “revoke and terminate” a 1953 easement that allows Enbridge to operate under the Straits of Mackinac. Line 5 is a key conduit of crude for Canadian refineries in Ontario and Quebec. More »

Trump seeks to accelerate auctions for Arctic refuge drilling

The Interior Department is set to issue a formal “call for nominations” as soon as Monday, kick-starting a final effort to get input on what tracts to auction inside the refuge’s 1.56-million-acre coastal plain. More »

Trump seeks to accelerate auctions for Arctic refuge drilling

The Interior Department is set to issue a formal “call for nominations” as soon as Monday, kick-starting a final effort to get input on what tracts to auction inside the refuge’s 1.56-million-acre coastal plain. More »

Oil prices fall for second day as virus case count surges

As well as the surge in European coronavirus cases, there are also growing numbers in the U.S., Japan and South Korea, all of which are major oil consumers. The International Energy Agency and the Organization of Petroleum Exporting Countries revised down their demand forecasts this week. More »

Würth and Baker Hughes bring additive manufacturing to the energy sector

NASA is among the first customers to benefit from the joint service offering. Baker Hughes is adapting and printing a NASA design using a hybrid of direct energy deposition, an additive process, and machining to manufacture a part to be used in wind tunnel testing. More »

Norwegian supreme court case puts Arctic drilling on the line

Norway, which is the biggest owner of oil giant Equinor ASA, opened itself up to climate suits after amending its constitution in 2014, to reflect its support of the Paris Climate Agreement. The case against Norway tests its new law, which states that “everyone has the right to an environment that secures health, and to a nature where productivity and diversity are preserved.” More »

Plunging shale acreage values may create new Permian MandA wave

The price to drill an acre of land in the biggest U.S. shale basin has tumbled amid the oil rout, creating conditions ripe for more mergers and acquisitions. More »

OPEC+ explores a three to six month delay on oil output hikes

Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic hits fuel demand. The presidents of both Russia and the OPEC countries have even mentioned the option of cutting production deeper. More »

U.S. wind turbine capacity to expand by 23 gigawatts in 2020

The impending phaseout of the full value of the U.S. production tax credit at the end of 2020 is leading to more capacity additions than average this year, just as previous tax credit reductions led to significant wind capacity additions in 2012 and 2019. More »

Ghana forces Eni to merge its Sankofa field with a domestic discovery

Ghana’s government is forcing Eni SpA to merge its Sankofa offshore oil field with a neighboring discovery made by a domestic explorer and imposing its own terms on the deal. More »

IEA cuts oil demand outlook on concerns over vaccine’s impact

While crude prices rallied to a 10-week high above $45 in London this week on news of Pfizer Inc.’s progress, fuel use won’t experience any “significant” boost from vaccines until the second half of next year, the agency said. More »

ConocoPhillips tallies significant gas discovery offshore Norway

“We have built a strong position on the Norwegian shelf since the discovery of the Ekofisk Field in 1969 and we are a very active industry operator and partner across the North Sea and the Norwegian Sea,” said Matt Fox, ConocoPhillips executive VP and CEO. More »

ADNOC inks long-term LNG deal with world’s largest independent trader

“These agreements demonstrate the market’s growing confidence in demand for natural gas. LNG is a fuel that can support the transition to clean energy, especially in many Asian markets where switching to gas will result in significant environmental gains," said Fatema Al Nuaimi, CEO of ADNOC LNG. More »

Lockdowns lead OPEC to lower oil demand projections further

“The oil demand recovery will be severely hampered and sluggishness in transportation and industrial fuel demand is now assumed to last until mid-2021,” OPEC’s Vienna-based research department wrote in its latest monthly report. More »

Libya passing 1.1 MMbpd makes OPEC’s price-leveling job harder

The nation was producing about 1.2 million barrels a day before its energy sector was mostly shuttered in January when Khalifa Haftar, a Russian-backed commander based in the east, blockaded ports and fields. More »

ADNOC and TOTAL deliver first unconventional gas from the UAE

This achievement marks a significant milestone towards future full field development and is an important step towards ADNOC’s target of producing 1 billion scfd of gas from the concession before 2030, ultimately enabling gas self-sufficiency for the UAE. More »

Shell to push Biden for carbon pricing, more methane emissions rules

The easing of direct regulation of methane emissions put the energy industry in a “backwards-facing position,” while the absence of carbon pricing makes it harder to incentivize new technologies like carbon capture, Shell U.S. President Gretchen Watkins said. More »

Vaccine prospects drive oil traders’ optimism for a 2021 rebound

“This is a sigh of relief to some extent by the market,” said Karim Fawaz, who leads the energy advisory service at consultant IHS Markit. “The short-term is still quite challenged, demand is looking quite weak. The second half of 2021 is when we expect to see that demand recovery start to take hold.” More »

Oxy leads U.S. oil majors with first zero emissions pledge

The Houston-based company announced a target to reach net zero emissions from its own operations by 2040 and an ambition to do the same from customers’ use of its products by 2050, CEO Vicki Hollub said during a conference call with analysts on Tuesday. More »

Oil prices climb to $45 in London for the first time since August

The American Petroleum Institute reported crude inventories dropped by 5.15 million barrels last week, with gasoline and diesel stockpiles also decreasing, according to people familiar with the data. More »

Biden’s progressive climate policies would exceed Paris Agreement targets

The potential shift from the U.S. will cap a pivotal year for global climate policy that has already seen the European Union, China and others deepen their commitments to fighting climate change. More »

UAE’s TAQA to allow foreigners to buy stock for the first time

Abu Dhabi National Energy Co., as Taqa is formally known, will let outsiders hold 49% of its shares effective immediately, the board said in a statement on Tuesday. More »

BP seeks to use wind power to run hydrogen plant in Germany

If it gets financial backing, the plant at the BP’s Lingen refinery in northwestern Germany would draw 50 megawatts of electricity from North Sea wind farms to make hydrogen. The gas would power 20% of the refinery’s energy needs and replace streams of hydrogen now made with fossil fuels. More »

ADIPEC 2020: Tuesday conference highlights

The 2020 ADIPEC conference, traditionally held in Abu Dhabi, is being conducted virtually this year. From oil price and demand projections to green energy outlooks, following are highlights from Tuesday’s proceedings. More »

ADIPEC 2020: Monday conference highlights

The 2020 ADIPEC conference, traditionally held in Abu Dhabi, is being conducted virtually this year. From oil price and demand projections to green energy outlooks, following are highlights from Monday’s proceedings. More »

Texas oil regulator acts to reduce gas flaring with new rules and incentives

The Texas Railroad Commission's action made changes to the application for flaring exceptions, reducing exception time and providing incentives to use technical alternatives to gas flaring. More »

Vaccine news boosts short- and longer-term oil market indicators

While headline crude prices notched up percentage gains into the double digits on Monday, there was a broader- based surge in everything from jet fuel premiums, down to more arcane measures that traders use to gauge the health of the oil market. More »

Oil price crests $41 on vaccine-fueled market rally

Various indicators of oil-market strength firmed following news that a vaccine being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of symptomatic infections in a large-scale study. More »

Oman stakes its largest oil block to raise billions in new bonds

Oman is seeking to raise money off the back of its largest oil block, as the cash-strapped Gulf nation looks for new ways to tame its budget deficit and steady a reeling economy. More »

PESA reports U.S. oil and gas job growth in October

The monthly Oilfield Services and Equipment Employment Report, compiled and published by PESA, estimates job losses due to pandemic-related demand destruction now total 92,302. OFS employment is down 101,087 jobs since October 2019. More »

TAQA signs AI predictive maintenance contract with VROC for North Sea assets

Three platforms Tern, Cormorant Alpha and Harding will initially use the AI predictive analytics technology, with an option to add a fourth platform, North Cormorant once sensors and communications are installed. More »

Cenovus sells northern Alberta oil assets to Headwater Exploration

“This is a unique opportunity for us to partner with a well-capitalized and highly respected management team to accelerate development at Marten Hills,” said Alex Pourbaix, Cenovus President and CEO. More »

Schlumberger inks machine learning deal with two Abu Dhabi AI firms

AIQ, Schlumberger and Group 42 signed a strategic framework agreement to collaborate on the development and deployment of artificial intelligence, machine learning and data solutions for the oil and gas industry. More »

Oil price crests $41 on broader market rally

Optimism comes despite a renewed expansion in Libyan supply. Production topped 1 million barrels a day over the weekend, compounding the headache for OPEC and its allies as they prepare to meet at the end of the month to discuss output policy. More »

OPEC’s Saudi, UAE ministers discuss output deal adjustments

“With the consensus of everybody, we could navigate with this agreement and tweak this agreement, subject to what we may see in the future,” Saudi Energy Minister Prince Abdulaziz Bin Salman said at a virtual session of the Abu Dhabi International Exhibition and Conference on Monday. More »

Libya passes 1 million barrel per day oil production milestone

Libya’s resurgence -- it was producing less than 100,000 barrels a day in early September -- has taken oil traders by surprise and weakened prices just as renewed coronavirus lockdowns in Europe and accelerating cases in the U.S. stifle energy use. More »

Russian energy minister Novak to become deputy Premier

Alexander Novak, 49, has represented Russia in talks with the Organization of Petroleum Exporting Countries, helping to forge historic links with the cartel, and will continue to be responsible for that relationship, said a government official familiar with the situation. More »

Oil price crests $40 on broader market rally

Optimism comes despite a renewed expansion in Libyan supply. Production topped 1 million barrels a day over the weekend, compounding the headache for OPEC and its allies as they prepare to meet at the end of the month to discuss output policy. More »

Trump replaces Federal Energy Regulatory Commission chairman

If Democratic nominee Joe Biden prevails in the race for the White House, the commission will again see a reshuffle, with Democratic Commissioner Richard Glick likely to be named chairman. More »

Court says Hess can’t recover $218 million from Schlumberger for subsea valves

Hess Corporation failed to persuade a federal judge to award it $217.9 million to repay the cost of recovering and replacing four allegedly defective subsea valves made by Schlumberger Technology. More »

Enbridge joins major European producers with 2050 emissions pledge

The pipeline giant also established an interim target of reducing the intensity of greenhouse-gas emissions from its operations by 35% by 2030, according to environmental, social and corporate governance targets. More »

Siemens Energy and Linde team up to speed decarbonization of petrochemicals

As part of the collaboration agreement, the two companies will leverage their complementary portfolios and competencies to investigate, develop, and optimize technology and equipment packages to enhance the sustainability and performance of petrochemical facilities. More »

Five U.S. energy leaders offer takes on potential impacts of a Biden win

While utilities that already embrace clean energy don’t see much impact, oil and natural gas suppliers are girding for a bigger threat. More »

Shell to shutter south Louisiana refinery in portfolio-reduction plan

With global demand and profits stung by the spread of Covid-19, the shutdown of 53-year-old Convent, which has about 675 employees, is part of Shell’s larger strategy to shrink its portfolio to six facilities from 14 by 2025, Shell said in a statement. More »

Ongoing election drama and resurging virus push oil price below $38

Crude is ending a rough week with a decline after gains in the first half as the demand outlook turns more grim. Refineries across the U.S. and Europe have shut as a result of the pandemic and traders continue to brace for high volatility. More »

EU expects U.S. natural gas suppliers to contribute to carbon-neutrality goals

Officials at the European Commission, the union’s executive arm, are assessing ways to reduce pollution from gaseous fuels as part of the Green Deal, an environmental clean-up of the entire economy. More »

Saudis cut oil prices for U.S. and Asian delivery as virus uncertainty builds

Brent will probably continue ranging between $38 and $43 a barrel, according to Ibrahim Al-Buainain, head of Aramco’s trading unit. That’s far below what most members of the cartel, including Saudi Arabia, need to balance their budgets. More »

Weatherford smart rod-lift program redefines production strategy for 200-well field

Weatherford International announced its smart rod-lift solution, comprised of production optimization software, automation, and skilled engineers, boosted uptime 42 percent and increased production 37 percent for 40 reciprocating rod-lift wells in Sumatra, Indonesia. More »

Falling dollar drags oil prices down with it as election drags on

Aside from the election, the oil market is now facing up to renewed lockdown measures as a result of Covid-19. More »

Tourmaline to buy two Canadian rivals, sell some land rights

Tourmaline Oil Corp. is buying two rivals in the Canadian oil and gas industry’s latest move to weather its worst downturn in a generation. More »

Petrogas awards Maersk Drilling three-well contract in the Dutch North Sea

The contract is expected to commence in November 2020 and has an estimated duration of 110 days. More »

A Republican Senate may mean the end for Biden’s Green New Deal

“Biden is not going to be able to ram through a costly, zero-carbon mandate through a Republican Senate. Obama couldn’t do it with control of both the House and the Senate,” said Dan Eberhart, a Republican donor and chief executive of drilling services company Canary Drilling Services LLC. More »

Fading green ambitions in the U.S. send oil stocks up, renewables down

While the outcome of the presidential race remains unclear, a Joe Biden victory would likely coincide with a Republican-controlled Senate that could hinder his efforts to address climate change, promote clean energy and roll back fossil-fuel subsidies. More »

Forum tapped for Southeast Asia subsea cable maintenance project

Forum Energy Technologies has secured an order to supply specialist subsea equipment for a major cable maintenance project in Southeast Asia. More »

Jim Wright’s win continues Republican control of Texas’ oil regulator

“Texas will determine its own energy future, and that is a future that includes an all of the above approach led by fossil fuels,” Wright said in a statement. “Together we will find new ways to improve our climate and environment.” More »

FTI says a Biden win would accelerate energy sector bankruptcies

A move to alternative power sources is already underway, “but Biden’s policies are speeding up the transition process, while Trump is trying to slow it down,” said Carlyn Taylor, global co-leader of corporate finance and restructuring at FTI Consulting Inc. More »

Philippines energy secretary OKs offshore drilling without China

Philippine Energy Secretary Alfonso Cusi said PXP Energy Corp. can survey Reed Bank in the disputed sea even without partnering with China National Offshore Oil Corp. More »

Diamondback CEO following a go-it-alone shale strategy

“Diamondback is not getting left behind if we don’t do anything today,” CEO Travis Stice said on the company’s third-quarter earnings call, adding that the company doesn’t need to boost scale to reduce its costs. “We prefer not to make rash decisions at the bottom of the cycle.” More »

Baker Hughes to advance industrial decarbonization with key acquisition

Baker Hughes' acquisition of Compact Carbon Capture underpins a strategic commitment to lead in the energy transition by providing decarbonization solutions for carbon-intensive industries, including oil and gas and broader industrial operations. More »

Petrofac completes sale of its Mexican operational interests

Petrofac Limited announced that the Group has completed the sale of its remaining 51% interest in its upstream IES operations in Mexico, including Santuario, Magallanes and Arenque, to Perenco Energies International Limited. More »

Aramco maintains dividend, shrugs off 45% profit drop and rising debt

Aramco’s dividends are a vital source of cash for the Saudi government, whose budget deficit is expected to widen to 12% of gross domestic product this year amid a coronavirus-triggered crash in crude prices and a severe economic contraction. More »

Qatar builds its 2021 budget on $40 oil, below market projections

The move will help Qatar “avoid negative economic consequences due to oil-price volatility,” Emir Sheikh Tamim bin Hamad Al Thani told members of the country’s legislative body, the Shura Council, on Tuesday. More »

Oil prices climb on OPEC+ talks and a weaker dollar

Oil gained, following a broader risk-on sentiment in markets and as OPEC+ inches closer to delaying a planned easing of output cuts. More »

Vote to keep Biden’s hands off of U.S. energy policy

As the U.S. presidential election cycle nears its final chapter on Tuesday, and Tuesday evening, we at World Oil think it’s appropriate to remind our fellow professionals in the U.S. oil and gas industry what is at stake. More »

China raises oil quota 20 percent to leverage low oil prices

Against a backdrop of sagging demand and signs of growing supply, the world’s biggest oil buyer raised the quota for use of overseas oil by non-state entities next year by more than 20% versus 2020, according to an announcement from the Ministry of Commerce. More »

Trump signs order on fracking while barnstorming in Pennsylvania

Trump sees full-throated support for fracking as a crucial element in Pennsylvania, where he’s trailing Joe Biden and which would likely clinch the presidency for the Democrat, should he win it. More »

Lufkin Industries acquires Schlumberger’s North American rod lift business

Lufkin Industries announced that it has completed the acquisition of the North American Land Rod Lift Business of Schlumberger. More »

Dresser Natural Gas Solutions acquires Flow Safe

Dresser Natural Gas Solutions, a leading provider of measurement, instrumentation and piping solutions to the natural gas distribution and transmissions markets, has acquired Flow Safe, a manufacturer of spring-operated and pilot-operated high performance pressure relief devices. More »

Russia raises delaying OPEC+ production increases into 2021

OPEC+, led by Russia and Saudi Arabia, was already considering postponing the supply increase planned for January as oil prices faltered. More »

Oil prices stabilize as OPEC+ discusses keeping output curbed

Discussions between Russian oil companies and Energy Minister Alexander Novak over the possibility of delaying a planned OPEC+ output bolster optimism the group won’t add more supply than the market can absorb as Europe enters a new round of lockdowns. More »

Oil price slide continues to five-month low

The double whammy of growing supply and dwindling demand pushed crude futures down as much as 6% in New York, beginning a turbulent week of trading as Americans head to the polls Tuesday in an election that could reshape U.S. policy on everything from coronavirus lockdowns to Iran and fracking. More »

Climbing rig counts may signal a turnaround, but that's no comfort for Exxon Mobil

Despite increased drilling activity and strong Q3 results across the board for the supermajors, Exxon Mobil spent the week slashing headcount and planning major asset sales to meet its dividend commitments. More »