Arbitration awards Kosmos Energy Senegal LNG project to BP, as the sole purchaser
Kosmos Energy announced on Tuesday that a Paris arbitrator ruled in favor of BP, preventing Kosmos to sell liquefied gas from the Greater Tortue project off Senegal and Mauritania.
Ithaca Energy joins Eni's North Sea Business
Ithaca Energy announced on Thursday that it had completed a deal worth 754 million pounds ($993 millions) to purchase nearly all the UK oil and natural gas assets of Eni. This was a 100% share transaction…
Petrobras' focus remains Brazil despite Africa plans, director says
Petrobras, the state-owned oil company in Brazil, has its main focus on its own country. Its director of exploration, production, said this Thursday. He added that Brazil remained a top priority…
UN chief warns that Africa's inability to access debt relief could lead to social unrest
The lack of resources and insufficient debt relief for African countries is a recipe to create social unrest. This was the conclusion reached by UN Secretary-General Antonio Guterres on Thursday.
Analysts say that new drilling technology could bring billions of barrels worth of oil within reach.
Analysts said that a breakthrough in oil production which producers claim can safely tap fields with ultra-high pressure could bring up to 5 billion barrels previously unaccessible crude into production.
Saudi Arabian Crude Oil Exports Fall 12%
“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1…
Oil Supply Crunch is Coming, ConocoPhillips CEO Says
ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S.
Brent Shoots Past $80 a Barrel
Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages in China which hit factory output tempered the rally.Brent crude futures gained 67 cents…
Global Crude Market Finds Support From China Demand
China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare…
OPEC+ Meets to Decide on Oil Output Cuts Easing
OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly…
Angola Resisting Pressure to Taper Oil Output
Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.The Organization…
OPEC Production in June Cut by 1.25 mbpd
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according…
Asian LNG Prices Steady on Ample Supply despite U.S. Cargo Cancellations
Asian spot liquefied natural gas (LNG) prices remained steady this week on a continued stream of spot supply even though traders continued to cancel cargoes loading from the United States due to poor economics.
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months…
Angola Says Producer Cuts Insufficient, More Action Needed
Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Fr
New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says
Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian…
Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure
At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week…
Deepwater Acreage to Attract Investments
Deepwater acreage will continue to attract significant company interest through 2020, said a report.According to GlobalData, a significant portion of the acreage available in Q1…
Angola May Seek International Arrest Warrant for Isabel dos Santos
Angola could issue an international arrest warrant for billionaire Isabel dos Santos if she fails to cooperate with a fraud investigation in which she has been named as a suspect…
Saipem Tallies $1.7 Bln Drilling Contracts
Italian oilfield services firm Saipem announced Friday it has secured approximately $1.7 billion in new and extended drilling contracts for its offshore and onshore divisions.The…
