Port Fourchon, other Gulf oil facilities likely offline for weeks after Ida

Damage to the Port Fourchon, which services about 90% of output from U.S. Gulf deepwater oil and natural gas wells, is extensive and widespread, Chett Chiasson, executive director of the Greater Lafourche Port Commission said in an NPR interview Tuesday. More »

Norway proposes stricter oil tax rules in advance of elections

The depreciation and uplift rules in the special tax for petroleum will be replaced by immediate expense recognition of investments, or cash flow tax, from 2022, Finance Minister Jan Tore Sanner told reporters in a snap press conference in Oslo. More »

Pemex presses forward with money-losing U.S. refinery purchase

The Texas oil refinery that Pemex is buying has racked up a rare net loss of about $360 million this year, adding to the challenges Mexico faces in seeking energy independence. More »

Norway’s Aker BP turns its back on new Barents Sea exploration

Norway, Western Europe’s biggest oil producer, has more than 50% of its recoverable resources still in the ground, according to the Norwegian Petroleum Directorate. The Barents Sea probably holds most of that, yet there’s only one oil field and one gas field currently producing. More »

Pakistan invests $305 million to explore for oil in UAE’s Persian Gulf

The award extends the scope of energy cooperation between the UAE and Pakistan, which imports about 100,000 barrels of Emirati oil a day. Abu Dhabi sovereign fund Mubadala Investment Co. owns a stake in a refinery in Pakistan. More »

OPEC projects oil shortages in 2021, surplus in 2022 as output rises

OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022. More »

Biden suspects “unlawful” oil and gas mergers are behind higher gasoline prices

The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump. More »

Oil prices near biggest monthly loss since October before OPEC meets

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. More »

U.S. offshore oil industry assesses Hurricane Ida storm impact

About 95% of Gulf of Mexico oil production, and 94% of gas output had been shut-in as of Monday, according to the Bureau of Safety and Environmental Enforcement. More »

ChampionX introduces harmonic mitigation solution for unconventional wells

ChampionX announced that UNBRIDLED ESP Systems has introduced the SMARTEN PurePower Pro harmonic halter, a simple, cost-effective solution to effectively and efficiently manage harmonic distortion on local power grids throughout the life of unconventional oil wells. More »

Oil prices slip, gasoline jumps as Hurricane Ida disrupts infrastructure

U.S. gasoline futures jumped after Hurricane Ida barreled ashore in Louisiana, disrupting processing facilities. Oil reversed early gains as local rigs may have escaped significant damage and the OPEC+ producers’ cartel is expected on Wednesday to endorse a supply increase. More »

Equinor brings Troll phase 3 online, extending project’s life beyond 2050

Recoverable volumes from Troll phase 3, which will produce the Troll West gas cap, are estimated at as much as 347 billion cubic meters of gas. Converted into oil equivalent this amounts to 2.2 billion barrels. More »

Shell commits to power Malaysian offshore platform with solar and wind energy

Sarawak Shell Berhad, a subsidiary of Royal Dutch Shell plc, announced that it has taken a final investment decision on the Timi gas development project and, together with its partners PETRONAS Carigali Sdn Bhd and Brunei Energy Exploration, look forward to delivering this for Malaysia. More »

Iraq takes proactive steps to ensure stability, with help of OPEC partners

Iraq’s regional allies stressed the need to provide support to an OPEC member struggling to rebuild after decades of ruinous wars, in a conference that also afforded a platform for meetings between longtime rivals. More »

2021 World Oil Awards finalists announced

Professionals and technologies demonstrating cutting-edge thinking and next-generation leadership from across the upstream oil and gas industry were selected as finalists in 18 awards categories. More »

Bourbon Subsea Services installs TetraSpar floating wind turbine offshore Norway

After mooring lines installation in June, towing and hook up in July, Bourbon Subsea Services completed the offshore installation of the 3,6 MW TetraSpar Demonstrator Floating Wind Turbine at Metcentre Test site in Norway, by laying and connecting the power cable earlier this week. The wind turbine will be commissioned in the coming weeks. More »

OPEC stays the course on output hikes as oil prices rebound

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. More »

Baker Hughes conducts CO2 sequestration study at California ethanol plant sites

A new study concluded that more than 2 million metric tons (MT) per year of CO2 can be removed from the atmosphere and injected safely into the earth at two ethanol plant sites in California. The study was commissioned by Aemetis, Inc., a renewable natural gas and renewable fuels company focused on below zero carbon intensity products. More »

Transocean lands $252 million contract for new ultra-deepwater drillship

Transocean announced that BOE Exploration and Production awarded Transocean a $252 million firm contract for its newbuild ultra-deepwater drillship, the Deepwater Atlas, including a mobilization fee of $30 million. More »

Democrats want to add new drilling bans to Biden’s $3.5T infrastructure bill

Endangered desert fish would get millions of dollars in federal funding while oil companies would face new fees and a ban on most offshore drilling under a plan floated by House Democrats. More »

German court order may delay Nord Stream 2 pipeline startup

Nord Stream 2 AG, the Gazprom PJSC-owned pipeline project to bring more Russian natural gas to Europe, risks delays after losing a court ruling imposing changes to its organization. More »

TGS expands data coverage for offshore wind industry

TGS, a global provider of energy data and intelligence, has expanded its coverage of numerical weather prediction (NWP) model data. The latest model covers a 400,000 square kilometers area off the East Coast US, extending from Massachusetts to North Carolina. More »

BP, PetroChina form JV to manage Iraq’s Rumaila oil field

BP and PetroChina formed a joint venture to manage the giant Rumaila field in Iraq, an operating structure the British oil major has adopted in other parts of the world as it focuses on the energy transition. More »

Biden plans September restart of oil leases, per court ruling

The Biden administration moved Tuesday to resume selling oil and gas drilling rights in the Gulf of Mexico and throughout the western U.S., after a judge ruled the president’s leasing pause was unlawful. More »

Shell, Baker Hughes deliver smart oil condition and equipment health monitoring

VitalyX combines Shell Remote Sense lubricant analysis expertise with Bently Nevada’s 60-year experience in condition monitoring and protection to offer an early warning system that remotely monitors oil quality to increase machine uptime. More »

Oil prices rally as China’s virus success eases demand fears

Oil prices in New York gained for a second session, building on the biggest one-day gain in nine months, amid glimmers of optimism among bulls that the delta coronavirus variant’s hit to demand may be passing. More »

State oil companies begin their own moves toward carbon neutrality

Pemex left investors with more questions than answers after it announced in late July that it would be disclosing its greenhouse gas emissions on a more regular basis — then refused to discuss why they’d soared by double-digits from April to June, compared to a year ago. More »

Vaccine push spreads to Permian operators, with hefty incentives attached

Amid surging caseloads that are stressing medical facilities in West Texas, Pioneer Natural Resources Co. is offering employees a one-time vaccine incentive of $1,000, the company said in an email. Devon Energy Corp. is offering $500 to workers that show proof they took the jab by Oct. 15. More »

Maersk stakes $1.4 B on methanol-fueled ships in bid to go green

A.P. Moller - Maersk A/S has ordered eight new vessels, each costing $175 million, that can be propelled by cleanly-made methanol instead of an oil-based fuel. They’re set for delivery from 2024. More »

Green scrutiny delays Siccar Point’s Cambo work offshore UK

Siccar Point Energy Ltd. is delaying work on its Cambo oil field in the UK North Sea, a target of vociferous criticism by environmental activists. More »

U.S. to auction 20MM barrels of oil from Strategic Petroleum Reserve

The U.S. is holding its largest sale of oil from strategic reserves this year at a time when the outlook for fuel demand is darkening amid the resurgent Covid-19 virus. More »

Neptune Energy commences production on Duva development

Operator Neptune Energy and its partners Idemitsu Petroleum Norge, PGNiG Upstream Norway and Sval Energi today announced the safe and successful start-up of production from the Duva development in the Norwegian sector of the North Sea. More »

Oil prices jump on stock market rebound, FDA vaccine approval

The U.S. crude benchmark climbed nearly 5% on Monday and the global benchmark Brent also advanced, rallying along with equities and other commodities. In addition to more positive sentiment in financial markets, China has made progress in containing the fast-spreading delta variant, bringing local cases down to zero. More »

Chevron, Hess mandate Covid vaccines for Gulf of Mexico crews

Chevron and Hess are requiring employees who work on its platforms in the Gulf of Mexico to get the Covid-19 vaccine, as the oil giant responds to rising cases across the southern U.S. More »

Chevron mandates Covid vaccines for Gulf of Mexico crews

Chevron Corp. is requiring employees who work on its platforms in the Gulf of Mexico to get the Covid-19 vaccine, as the oil giant responds to rising cases across the southern U.S. More »

Germany vows sanctions if Russia uses Nord Stream 2 pipeline as a “weapon”

Chancellor Angela Merkel reinforced her vow to push for additional sanctions against Russia if the Kremlin uses the Nord Stream 2 gas pipeline linking Russia to Germany as a “weapon.” More »

Shell loses Nigerian oil license to state operator in court ruling

The court of appeals in Nigeria’s capital, Abuja, overturned a 2019 ruling that granted Shell Petroleum Development Co. the right to renew its operating license for the Oil Mineral Lease 11 field. Those rights will transfer to the state-owned Nigerian National Petroleum Corp. More »

Biden may reduce biofuel quotas, handing a win to oil-state Democrats

The Environmental Protection Agency is set to send a draft of biofuel-blending quotas to the White House for review soon, marking a key step in the Biden administration’s bid to balance competing oil and agricultural interests. More »

Mexico bans Vitol, Trafigura from new oil trades on corruption allegations

Vitol Group and Trafigura Group -- both barred from new oil-trading business with Mexico’s state producer for alleged corruption -- will be subject to the ban until at least the end of 2024 while the government reviews the conduct of other commodity traders, Energy Minister Rocio Nahle said. More »

High-performing oil company stocks win buyers in an ESG-conscious world

Europe’s oil stocks may not be the most obvious picks in an ESG-conscious world, but some investors can’t get enough of them. More »

Shell loses an oil license to state operator in court ruling

The court of appeals in Nigeria’s capital, Abuja, overturned a 2019 ruling that granted Shell Petroleum Development Co. the right to renew its operating license for the Oil Mineral Lease 11 field. Those rights will transfer to the state-owned Nigerian National Petroleum Corp. More »

Schlumberger launces Optiq fiber optic sensing solutions

Schlumberger's Optiq solutions provide continuous and instantaneous measurements, and when coupled with Schlumberger’s broad digital offering, deliver actionable insights leading to greater operational performance, efficiency, and reduced environmental impact. More »

Judge voids ConocoPhillips Alaska project approved by Trump

The Trump administration’s approval of a ConocoPhillips oil field project on Alaska’s Northern Slope was rescinded by a federal judge who said it failed to adequately protect polar bears and didn’t properly consider the effects on climate change. More »

LNG shipments to Europe might not cover strong winter demand

LNG supplies entering European grids in July fell to the lowest for that month in three years and the outlook for this month is even more grim. More »

Nord Stream 2 can start transporting gas this year, Gazprom says

The new pipeline will help ease a supply crunch in the European market, with the news sending benchmark futures in the Netherlands down as much as 12%. More »

Oil prices tumble to lowest since May as Fed moves hamper commodities

Oil tumbled again, dropping to the lowest level since May as the U.S. Federal Reserve signaled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar. More »

Brazil projected to supply nearly a quarter of world’s offshore oil by 2025

Brazil alone is expected to contribute around 23% or 1.3 million barrels per day of global crude oil and condensate production in 2025 from key offshore planned and announced projects that are expected to start operations between 2021 to 2025, according to GlobalData. More »

Oilfield service sector added jobs for fifth straight month in July

America’s energy technology and services sector added an estimated 6,082 jobs in July, a fifth straight month of growth, according to preliminary data from the Bureau of Labor Statistics and analysis by the Energy Workforce and Technology Council. More »

Brazil projected to supply nearly a quarter of world’s oil by 2025

Brazil alone is expected to contribute around 23% or 1.3 million barrels per day of global crude oil and condensate production in 2025 from key offshore planned and announced projects that are expected to start operations between 2021 to 2025, according to GlobalData. More »

Breaking down the energy projects in Biden’s $3.5T infrastructure bill

The $3.5 trillion budget framework the Senate narrowly passed sets the stage for a deluge of spending on electric vehicles, renewable power and clean energy initiatives meant to help combat climate change and wean the U.S. off fossil fuels. More »

Scotland’s First Minister calls on UK to “reconsider” oil and gas permits

Scotland's First Minister Nicola Sturgeon asked the UK government to reassess oil and gas fields that have been licensed but not yet developed, such as the Cambo development west of Scotland’s Shetland Islands. Green groups say that's not enough. More »

Breaking down the green energy projects in Biden’s $3.5T infrastructure bill

The $3.5 trillion budget framework the Senate narrowly passed sets the stage for a deluge of spending on electric vehicles, renewable power and clean energy initiatives meant to help combat climate change and wean the U.S. off fossil fuels. More »

Oil prices steady as investors bet demand growth will outlast Delta variant

Oil steadied after a two-day advance as investors bet the global demand recovery will remain intact despite the latest wave of Covid-19 that’s led to tighter restrictions on movement in many countries. More »

Shell to pay $110MM for “full and final satisfaction” of Nigeria oil spill suit

Royal Dutch Shell Plc’s Nigerian unit agreed to pay a community in the West African country more than $110 million to resolve a long-running dispute over an oil spill that occurred more than 50 years ago. More »

OPEC petroleum production forecast revised down for 2021

In the August Short-Term Energy Outlook, the U.S. Energy Information Administration forecasts larger than previously expected world petroleum inventory draws in 2021 and larger inventory builds in 2022. More »

White House calls for more OPEC oil to level gasoline prices

The Biden administration called on OPEC countries and U.S. regulators to do more to ensure a stable energy supply, with a specific focus on retail gasoline prices that the President pledged to keep affordable. More »

Chesapeake Energy acquires Vine Energy in $2.2 billion deal

Chesapeake has agreed to acquire Vine, an energy company focused on the development of natural gas properties in the over-pressured stacked Haynesville and Mid-Bossier shale plays in Northwest Louisiana. More »

Canada covers local oil demand with U.S. imports, despite being the world’s 4th largest crude producer

Canadian oil production is more than two and half times domestic demand, yet the majority of crude oil demanded in the country arrives via the United States, according to a new analysis by IHS Markit. More »

EIA forecasts lower U.S. natural gas inventories this winter

Above-average withdrawals of natural gas from storage in the 2020–2021 winter heating season and below-average injections into storage this summer contributed to a forecast of below-average inventories of natural gas in the U.S., along with relatively flat dry natural gas production and high natural gas exports. More »

Oil prices drop after Biden asks OPEC to raise production faster

Futures tumbled 1.2% in New York Wednesday as CNBC reported that the White House contacted OPEC leader Saudi Arabia to help stabilize U.S. gasoline prices. More »

C-Innovation awarded multi-year riserless light well intervention contract

The contract is for the provision of RLWI services onboard the M/V Island Venture, C-I’s flagship intervention vessel commissioned in 2017. More »

Oil companies’ renewables push squeezing profitability from green projects

The world’s largest oil companies are bidding up prices for renewable energy projects, squeezing profits from wind and solar farms just as climate planning focuses more on green energy sources. More »

Offshore acreage dominates 2021 licensing rounds worldwide

Over 35% of the acreage available in licensing rounds that are either open or scheduled to close in H2 2021 are located in shallow water, while ultra-deep water and deepwater acreage account for 24% and 19%, respectively, according to GlobalData, a leading data and analytics company. More »

Shale drillers leveraging $42B in new bonds to retire costlier debt

America's shale producers are continuing to the line on production, boosting investor returns and are now attracting the lowest bond yields they’ve ever seen. Instead of using cheap credit to boom once again, they’re using it to retire costlier debt. More »

Oceaneering wins survey contract offshore Guyana

Oceaneering International has been awarded a contract from Esso Exploration and Production Guyana Limited to provide two surveys offshore Guyana. More »

Baker Hughes to supply Chevron’s Gorgon facility with subsea compression manifold

Driven by Baker Hughes’ Subsea Connect early engagement approach, Baker Hughes will provide Chevron with a subsea compression manifold structure including module and foundation, as well as the latest optimized version of its horizontal clamp connector system and subsea controls for the manifold structure. More »

GATE Energy wins Shell's Whale commissioning project in the Gulf of Mexico

GATE Energy has been selected by Shell Offshore as the provider for facility commissioning of the Whale development. Scope includes commissioning planning, onshore commissioning execution, and offshore commissioning / ready-for-startup services. More »

Tenaris lands Petrobras tubular solutions contract for pre-salt Mero 3 field

Tenaris has been awarded the supply of a complete package of products, technologies and services for the Libra offshore exploratory block - renamed Mero 3 - in Brazil’s pre-salt, one of the largest deepwater discoveries in the world. More »

Biden’s infrastructure plan to boost Permian shale drillers and local economies

A coalition of energy companies, along with state and local partners, plans to spend $844 million on roads, education, workforce development, housing, broadband and health care in the region, according to the Permian Strategic Partnership, which assembled the group. More »

Climate groups claim infrastructure bill’s green energy spend is a gift to oil companies

Much of the progressives' anxiety around the $1T infrastructure bill has coalesced around support for carbon capture. Last month, hundreds of climate groups wrote an open letter calling on Biden to reject carbon capture as a “dangerous distraction” to eliminating fossil fuels entirely. More »

Soldiers repel insurgents threatening TotalEnergies’ Mozambique LNG project

Troops from Mozambique and Rwanda retook a port town at the heart of a four-year insurgency that led to the suspension of a $20 billion project by TotalEnergies SE. More »

Prospects dim for Iran’s oil revival with Biden’s nuclear deal slipping away

The Biden administration faces the sobering reality that returning to the Iran nuclear deal may no longer be feasible, as the Islamic Republic finds ways to cope with U.S. sanctions and races toward the capacity to build a bomb. More »

Oil prices fall to three-week low as Covid resurgence threatens demand

“Oil is seeing a continued loss of momentum, with sentiment taking a knock,” said Ole Hansen, head of commodities research at Saxo Bank A/S. “Most importantly, worries about the short-term demand outlook as governments respond to a surging delta variant” are weighing on the market. More »

Natural gas prices surge as energy transition-driven demand outstrips supply

While there are several one-off factors that have pushed gas prices higher, such as supply disruptions, the global economic rebound and a lull in new LNG export plants, there is a growing consensus that the world is facing a structural shift, driven by the energy transition. More »

Are shale drillers too focused on debt reduction?

Shale drillers are showing so much financial self-discipline that next year’s oil-production forecasts may be in peril, according to Tudor, Pickering, Holt and Co. More »

Exxon booted from climate group after lobbyist goes off script on carbon tax

Exxon Mobil was suspended from the Climate Leadership Council, a pro-carbon tax group backed by conservation groups and some of the world’s biggest corporations. More »

Saudi Aramco sees highest quarterly profit since 2018

The reopening of major economies has triggered a surge in commodity prices, with crude up around 40% this year. In the past two weeks, oil companies such as BP Chevron and Royal Dutch Shell have said they will increase share buybacks and payouts, confident the worst of the pandemic is over. More »

Saudi oil challenged in Asia by coronavirus and cheaper alternatives

Saudi Arabia’s move to push up the cost of its oil in Asia may backfire as an outbreak of the delta virus variant in China damps demand, while the U.S. and Russia offer more competitively priced alternatives. More »

Texas oil regulator proposes tax credits for natural gas infrastructure

The natural gas industry should receive tax incentives similar to those provided for renewable energy projects, according to one of Texas’s top oil and gas regulators. More »

Canada, Russia race to meet U.S. needs for more gasoline-rich crude feedstocks

Russia is supplying more oil to the U.S. than any other foreign producer aside from Canada as American refiners scour the globe for gasoline-rich feedstocks to feed surging motor-fuel demand. More »

Petrobras to use record Q2 profits for debt reduction, early dividends

Brazil’s state-controlled oil company saw its earnings surge to a record for the second quarter, providing relief to investors who were rattled by a messy management change earlier this year. More »

Oil prices fluctuate as Covid concerns keep prices volatile

Delta’s spread is challenging the global recovery, which had driven prices of commodities to multiyear highs late last month. The impact of the latest Chinese outbreaks can already be seen, with traffic thinning on some of the country’s typically busy city roads and raising concerns about near-term fuel demand. More »

TotalEnergies eyes stake in world’s largest offshore wind farm

TotalEnergies SE is weighing taking a stake in what will be the world’s largest offshore wind farm, according to people familiar with the matter, as the French oil major continues to flex its green credentials. More »

U.S. oil and gas use fell to a 25-year low in 2020, EIA reports

From 2019 to 2020, petroleum consumption decreased in every energy-consuming sector in the United States, including a record 15% decrease in the transportation sector. More »

Covid resurgence in China drives global oil demand concerns

China is renewing restrictions and canceling flights as a Covid-19 resurgence in Asia’s top oil consumer sends jitters across the crude market. More »

Callon Petroleum’s Primexx acquisition sends its shares lower

Callon Petroleum Co. failed to win over investors Wednesday after announcing its biggest-ever acquisition to bulk up in America’s most prolific shale patch. More »

Pioneer CEO stays on the sidelines of latest shale MandA round

With more consolidation brewing in the largest U.S. oil patch, the boss of one of the largest independent shale producers says he’s not interested, and warned that investors are still skittish about deals. More »

Halliburton and Voltagrid team to reduce Chesapeake Energy’s Marcellus shale emissions

The high-performing electric frac solution reduced emissions for Chesapeake by 32% and applied over 25 megawatts of lower-carbon power generation by leveraging Chesapeake’s local field gas network. More »

Oil price decline continues as China’s outbreak weighs on demand

West Texas Intermediate futures slumped 1.9%, after retreating 4.6% in the previous two sessions. The delta strain of Covid-19 has been detected in almost half of China’s 32 provinces in just two weeks, and at least 46 cities have advised residents not to travel unless strictly necessary. More »

‘Live’ DUC count hits 2013 low as the US continues to frac more than it drills

US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals. More »

‘Live’ DUC count hit 2013 low as the US continues to frac more than it drills

US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals. More »

Analyst sees Permian basin output fully recover from COVID shutdown by 2022

The Permian basin, the largest oil producing basin in the US, was the most affected play in the country during the COVID-19 pandemic times. However, production of crude oil and natural gas from this play is likely to exceed the pre-pandemic levels by 2022 amid market recovery from the pandemic, says GlobalData, a leading data and analytics company. More »

Neptune Energy installs world’s longest ETH production pipeline

Neptune Energy announced the safe and successful installation and testing of the world’s longest trace-heated subsea production pipeline at its operated Fenja field in the Norwegian sea. More »

Oceaneering books three-year integrity management services contract in Papua New Guinea

Oceaneering International’s Integrity Management and Digital Solutions segment has won a new multi-year contract in Papua New Guinea with a major operator. More »

Pemex turns up the heat, inflating oil production figures

Petroleos Mexicanos is measuring crude production at a warmer temperature than government regulators, inadvertently inflating the oil giant’s output figures, according to people familiar with the practice. More »

Global oil rally costs shale drillers $12B in underwater hedges

“One of the negatives of this quarter has been some horrible hedging; guys locked in at $42 a barrel,” Paul Sankey, the veteran oil-industry analyst and founder of Sankey Research LLC. More »

Shale drillers turn to dividends to match supermajors’ investment appeal

Benchmark U.S. oil futures have advanced 45% this year and at that pace are on track for the biggest annual increase since 2016. In returning so much cash to shareholders, shale drillers are showing they will pass on gains from higher crude prices rather than use them to increase production. More »

ConocoPhillips beast estimates, posting highest profits since 2018

ConocoPhillips beat estimates as rising commodity prices led America’s biggest independent oil producer to the highest profit in nearly three years. More »

Iran’s oil output growth looks less likely following tanker attack

Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on Tehran. More »

Ghana seeks $1.7B loan to acquire and develop oil and gas assets

The nation estimates it will need as much as $1.3 billion to buy a 37% stake in the Deep Water Tano/Cape Three Points asset operated by Aker Energy AS and 70% stake of the South Deep Water Tano field operated by AGM Petroleum Ghana Ltd., according to a parliamentary proceeding on Monday. More »

Oil prices fall on declining Chinese factory output

The virus is clouding the outlook for consumption as China faces a fresh outbreak, Thailand expands its quasi-lockdown measures and infections in Sydney matched a record. Meanwhile, data indicated China’s economic activity eased in July and U.S. manufacturing data also showed some weakness. More »

Shell courts multiple suitors for its $10B Permian shale portfolio

Devon Energy and ConocoPhillips are among potential suitors studying Royal Dutch Shell's portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said. Chevron is also among companies considering bids for the assets, which are largely located in West Texas, the people said. More »

New Mexico’s Permian output rises – will a modest shale recovery follow?

New Mexico’s oil production surged to a record in May highlighting the Permian basin’s role as the shale industry sees some recovery from the pandemic. More »

Russians decide against selling Iraqi oilfield to China

Russia’s Lukoil PJSC is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, according to Iraqi state-run newspaper Al-Sabah. More »

Exxon’s focus on debt reduction disappoints shareholders looking for buybacks

Exxon Mobil’s knockout second-quarter results did little to entice investors because much of the extra cash coming from soaring energy and petrochemical prices will be used to pay down debt rather than reward shareholders. More »

Israel blames Iran for deadly oil tanker attack after Tehran’s denial

Israel’s prime minister said Iran was “unequivocally” to blame for a deadly attack on an Israel-linked oil tanker off Oman on Thursday, just after Tehran denied responsibility. More »