Friday, June 5, 2020

Oil Majors News

China, India Soak Up Oil from Floating Storage as Demand Picks Up

Illustration by namning / AdobeStock

The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million…

Shell, Eni Lead Oil Majors' Climate Ambitions But Still Fall Short - Investors

Image Credit: Olivier Le Moal - AdobeStock

None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni , investors managing $19 trillion said…

Saudi Arabia to Reduce Oil Production Further

Illustration only - Credit:look_67 / AdobeStock

Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the…

Ampelmann Makes One Millionth Offshore Transfer in Middle East

Image Credit: Ampelmann

Ampelmann, a Dutch company providing crew transfer gangways to the offshore energy industry, has said it has achieved a milestone of one million safe personnel transfers in the Middle East.The company said Wednesday that the milestone…

Total Keeps Dividend Steady in 'Exceptional Circumstances'

Total Logo - Image by dvoevnore/AdobeStock

French energy major Total promised to pay a steady cash dividend and said it can break even with low oil prices after the impact of the coronavirus outbreak and a collapse in fuel demand led…

Shell Cuts Dividend for First Time Since World War Two

Shell logo - Image Credit: Alexandr Blinov / AdobeStock

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus…

When Oil Became Waste

© eaumstocker / Adobe Stock

A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had…

30+ Companies Compete for Guyana Crude Trading Deal

FPSO used for oil production in Guyana (Photo: SBM Offshore)

More than 30 companies, including commodities traders like Gunvor and Vitol as well as units of oil majors like Exxon Mobil and Royal Dutch Shell, submitted expressions of interest for a contract…

Russian Oil Majors Examine Assets for Cuts

For illustration only - A Gazprom offshore platform - Image Credit: Gazprom

Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal…

Oil Economics: Freight Rate Surge Cuts into Trader's Profits

© Björn Wylezich/AdobeStock

A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever…

Saudi Arabia's Tanker Power Play Could Backfire

© Carabay / Adobe Stock

Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.That…

Coronavirus Spurs Oil Majors to Cancel IP Week Events

Big Ben and House of Parliament London; By inspi - AdobeStock

The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's SOCAR cancel events due to the coronavirus…

Upstream Sector Leads O&A M&A in 2019

Graph: GlobalData

A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions…

Nigeria LNG Inks FID for Train 7

(File photo: NLNG)

Nigeria LNG (NLNG) signed a long-awaited final investment decision on its Train 7 processing unit in Abuja on Friday, taking a step forward in increasing its liquefied natural gas production.NNPC and partners Eni…

Shell Wins Auction for Guyana's First Liza Cargoes

(Photo: Hess)

Royal Dutch Shell won the rights to market Guyana's first cargoes of crude oil, the government said on Tuesday, just days after oil production began and launched the impoverished South American…

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices…

Cheap LNG from Qatar Imperils N.American Projects

Cheniere's Sabine Pass LNG Terminal (CREDIT: Cheniere)

Proposed projects to export liquefied natural gas (LNG) from North America face an uphill battle against Qatar, which announced plans to further ramp up production to hold onto its position…

ABB Tests Subsea Power Technology System

Image: ABB

The completion of a final 3,000-hour test phase of the Swiss-Swedish technology multinational ABB’s subsea power infrastructure signals the culmination of a $100m partnership with world oil…

Oil Majors to Raise $27Bln in Selling Spree

Pic: Rystad Energy

Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total of $27.5 billion, according to Rystad Energy’s latest assessment.These…

Oil Is Our Gold and We Aim to Use All of It -ADNOC

© mohammed / Adobe Stock

Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said.The world's…