Friday, July 10, 2020

Gas Production News

Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh

© Hayden / Adobe Stock

Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic…

Shell to Write Down $22B in Wake of Coronavirus

Shell Logo / Image by Alexandr Blinov - AdobeStock

Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the…

Indonesia Targets IPOs of Pertamina Sub-holdings

Illustration; A Pertamina offshore platform - Credit: Pertamina

Indonesia's State-Owned Enterprise Minister Erick Thohir said on Friday he aimed to group units of state oil and gas company PT Pertamina into "sub-holdings" and launch initial public offerings within two…

Norway Earmarks $369M for Green Industry Investments

Image for illustration; Credit: Equinor

The Norwegian government proposes spending 3.6 billion Norwegian crowns ($369 million) on investments to make its economy greener as it gradually emerges from coronavirus lockdowns, the government said on…

Deme Offshore Joins Neptune's Hydrogen Project

Image Credit: Neptune Energy

Offshore installation contractor Deme Offshore has joined Neptune Energy's PosHYdon pilot, the world’s first offshore green hydrogen project, being developed in the Dutch North Sea.Part of the Belgian Deme Group…

Gas Output to Resume at Israel's Leviathan After Brief Halt

File photo: Noble Energy

Production at Israel's offshore Leviathan natural gas field will resume in the coming hours after an emergency shutdown on Saturday, the project's operator Noble Energy said [on Saturday].The platform's flare…

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

Illustratin; Image by xmentoys - AdobeStock

China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of…

Exxon Posts First Loss in 30 Years on $3 Bln Writedown, Oil Plunge

© Alexey Novikov / Adobe Stock

Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown.Global…

BP's Profit Tumbles

Illustration only: A BP Platform in the Caspian Sea - Image Credit: BP

BP's first-quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major's debt rose sharply as it warned of exceptional uncertainty ahead.London-based BP said it…

Shell Sets Oil Sector's Broadest Carbon Reduction Plans

Image Credit: NicoElNino - Adobe Stock

Royal Dutch Shell on Thursday deepened its ambition to battle climate change, setting the oil and gas sector's broadest plan to reduce greenhouse gas emissions to net-zero by 2050.The new climate goals put…

CNOOC to Trim 2020 Spending by Up To 15%

(File photo: CNOOC)

China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a statement on Wednesday.CNOOC Ltd…

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Illustration by namning AdobeStock

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT.

BP Cuts Spending by Quarter, Lowers Oil production

BP CEO Bernard Looney - Credit: BP

BP on Wednesday cut its 2020 spending plans by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the coronavirus outbreak.BP and other…

Indian LNG Importers Issue Force Majeure Notices

An LNG Tanker - Image by donvictori0 - AdobeStock

Indian liquefied natural gas (LNG) importers have started to issue force majeure notices as domestic gas demand slumps and as port operations in the country get hit by a lockdown to curb the spread of coronavirus…

Global LNG Demand to Double by 2040: Shell

Image: Shell

Global demand for liquefied natural gas (LNG), rose by 12.5% to hit 359 million tons last year, according to Royal Dutch Shell’s annual LNG Outlook report.According to the forecast by Shell,  LNG demand was expected to double by 2040 to 700 million tons…

Wintershall Noordzee Starts Gas Production from Sillimanite Field

Image credit: Wintershall Noordzee

Wintershall Noordzee has started gas production from its operated Sillimanite field in the North Sea area between the UK and the Netherlands.The company, a joint venture of Wintershall Dea and Gazprom EP International…

Brazil Breaks Oil Output Record in January

Illustration; An FPSO in Brazil - Image by Ranimiro / AdobeStock

Oil companies produced 3.17 million barrels per day (bpd) on average in Brazil in January, a volume 20.4% larger than seen in the same month a year earlier and an output record for the country, oil regulator ANP said on Wednesday.

Total CEO: Governments Not Oil Firms Must Drive Carbon Curbs

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It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention of moving away from…

BP More than Doubles US Shale Oil Putput in 2019

(File photo: BP)

BP's U.S.

Russia Leads E&P Race in Arctic Region

Image: GlobalData

Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth…