Tuesday, May 18, 2021

Oil And Gas News

BP Profit Triples to $2.6B in Q1 on Strong Oil, Gas Trading

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BP's profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.The jump in profits from a year earlier comes as BP says it expects oil demand

Inside the Red-Hot Offshore Wind Energy Market

Louis Dreyfus Armateurs owned SOV Wind of Change. Photo courtesy Cemre Shipyard

As the traditional offshore oil and gas markets continue to struggle, the renewable offshore wind market is hot and getting hotter.As the cumulative maritime, offshore, port and logistics marketplace gears up for offshore wind energy on a huge scale…

US Interior Dept Revokes Trump Energy Policies, Focuses on Climate

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The U.S. Interior Department on Friday sought to erase the Trump administration's pro-fossil fuels legacy from the nation's public lands by revoking a suite of policies that boosted drilling and mining and ordering that climate change…

Chevron Shareholders to Vote on Climate Change Proposals, Emissions Targets

Chevron Logo - Credit: Игорь Головнёв/AdobeStock

Chevron Corp shareholders will vote on proposals aiming to require the No. 2 U.S.

US House Bill Seeks $8 Bln for Abandoned Oil and Gas Well Cleanup

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A U.S House of Representatives Democrat introduced a bill on Thursday authorizing $8 billion to plug and clean up abandoned oil wells nationwide, a measure aimed at creating jobs for oil and gas workers and reducing climate-warming emissions.More…

Shell to Link Directors' Pay to Climate Performance

Shell Chief Executive Ben van Beurden  - Image by Ed Robinson/Shell

Royal Dutch Shell has proposed linking its directors' pay more closely to the group's climate performance and severing the link between bonuses and liquefied natural gas (LNG) production volumes, it said on Monday.The weighting of Shell's…

Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery

(Photo: Saudi Aramco)

Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday.Global demand for oil is likely to recover from the second half of the year and could reach 99 million barrels per day (bp

Denmark Might Not Reach Its 2030 Emissions Reduction Goal as It 'Relies on Unproven Tech'

The Nordic country in 2020 set one of the most ambitious and legally binding climate targets in the world - cutting CO2 emissions by 70% by 2030 compared to 1990 levels, but its government has yet to come up with a detailed plan for how to achieve that target. Image by; freddytb Foto/AdobeStock

Denmark risks not reaching its goal to cut carbon emissions by 70% by 2030 because it is too reliant on unproven technology, an independent council monitoring the effort said on Friday.The Nordic country in 2020 set one of the most ambitious…

Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders

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President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to…

Offshore Oil Firm Eco Atlantic Launches Renewables Division

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Eco Atlantic, an oil company with offshore oil and gas acreage in Guyana and Namibia, said Tuesday it had formed a new solar energy-focused company Eco Atlantic Renewables, citing, in part, a lack of oil and gas acquisition opportunities.Formed with Nepcoe Capital Partners Ltd.

Biden Administration Suspends Federal Oil and Gas Permitting

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The Biden administration has temporarily suspended oil and gas leasing and permitting on federal lands and waters while it evaluates the legal and policy implications of the program, according to a Department of Interior memo.The move…

Biden Announces Return to Global Climate Accord, New Curbs on US Oil Industry

Joe Biden - Image by Gage Skidmore/Flickr (CC BY-SA 2.0)

U.S. President Joe Biden on Wednesday announced America's return to the international Paris Agreement to fight climate change, the centerpiece of a raft of day-one executive orders aimed at restoring U.S. leadership in combating global…

New Water Dissolvable Frac Ball Tooling Launched

Victory Elements says its newly launched water dissolvable ceramic materials for hydraulic fracturing of oil and gas wells are designed to provide performance and cost advantages compared to conventional practices including faster completion times…

Mercuria Teams Up with Envysion for Project Investment

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Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal…

Trump Administration Rushing to Sell Arctic Oil Leases

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The Trump administration on Monday issued a request to energy companies to identify what specific land areas in the Arctic National Wildlife Refuge should be offered for sale, according to a government document.The Department of Interior…

Video: The Floating Production Market Faces Headwinds, But Opportunities Exist

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There are around 200 offshore oil and gas projects currently being planned for development using a floating production system, however, at around $2B apiece – some up to $5B – final investment decisions will depend on the market situation…

Virtual Conference to Focus on Transatlantic Marine Renewables

WindFloat Atlantic  the world's first first semi-submersible floating wind farm, located 20km off the coast of Viana do Castelo, Portugal. Image courtesy EDP Renovables

Marine industry experts from Portugal and Canada are staging a special Blue Economy conference to spark transatlantic business growth. WavEC Offshore Renewables is teaming up with the Embassy of Canada to Portugal to host ‘Advancing the Blue Economy through Intercontinental Collaboration’.

U.S. drillers Add Oil and Gas Rigs for 4th week in a Row

U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November.The oil and gas rig count, an early indicator of future output…

US Oil Industry Group Pledges to Fight Possible Biden Fracking Limits

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If U.S. President-elect Joe Biden tries to restrict development of oil and gas drilling on federal lands, the American Petroleum Institute (API) will use "every tool at its disposal" including legal action, chief executive Mike Sommers…

US Energy Execs See Capital Spending Rising in 2021

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About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see those expenditures remaining flat next year, according…