Friday, July 10, 2020

Oil Prices News

Wave of N. American Oil and Gas Bankruptcies to Continue at $40 Oil

© Mike Mareen / Adobe Stock

A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week.Bankruptcies surged in the second quarter, including from major shale independents Chesapeake Energy and Whiting Petroleum…

Japan's JERA Books Hefty One-off Losses on 2019/20 LNG Supplies

Illustration only: An LNG Tanker - Credit:vladsv - AdobeStock

Japan's JERA, the world's biggest buyer of liquefied natural gas (LNG), booked tens of billions of yen in estimated one-off losses on its supply in the year ended on March 31, due to slumping prices, its president Satoshi Onoda said on Thursday. The losses highlight the issue for Japanese utilities, which have committed to large LNG volumes on contracts linked to oil prices…

UK Gov't Advised to Harness Pandemic to Speed Zero-carbon Aims

Illustration; Offshore wind farm - Credit:pauws99/AdobeStock

From creating jobs in home insulation to hiking dirty fuel taxes and expanding electric-vehicle charging, Britain's government should harness the COVID-19 pandemic to accelerate cuts in planet-heating emissions, an advisory panel said on Thursday.With public support for low-carbon shifts growing and the state spending billions to boost its flagging economy…

Oil Extends Slump as Prospect of Second Viral Wave in U.S. Ends Rally

Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's biggest consumer of crude and fuel.West Texas Intermediate was down 65 cents, or nearly 2%, at $35.69 a barrel by 0358 GMT, after slumping more than 8% on Thursday.

ConocoPhillips CEO Says Surprised by Quick Rebound in Oil Prices

Ryan Lance, Chairman and Chief Executive Officer at ConocoPhillips - Credit: ConocoPhillips

ConocoPhillips Chief Executive Officer Ryan Lance on Wednesday expressed surprise at the quick rebound in U.S. oil prices that slipped into the negative territory in April and said he expects prices to remain volatile in the near term.Oil is now trading at near $40 per barrel, almost double of $20 it averaged in April…

OPEC, Russia Extend Record Oil Cuts

Image by Maksym Yemelyanov - AdobeStock

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 by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq…

Norway Oil Companies Slash Investment Plans

Offshore rigs in Norway - Credit: BjrnKristian/AdobeStock

Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.The biggest drop will come in the exploration for new reserves and in spending on development plans…

Oil Prices Rise Ahead of OPEC+ Meeting on Further Output Cuts

Image by namning / AdobeStock

Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.Brent crude futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT.West Texas Intermediate (WTI) crude futures rose 0.56%…

Lebanon Postpones Offshore Licensing Round Again

Image Credit: Lebanese Petroleum Administration

Lebanon has again postponed the deadline for the submissions of applications for its second offshore licensing round, citing the effects of the COVID-19 pandemic and the decline in oil prices.Lebanon had in January postponed the deadline from January 31 to April 30 to allow international firms more time to pursue administrative, technical and financial preparations for the round.

Oil Drops but Still Set for Biggest Monthly Gain in Years

Image by namning - AdobeStock

Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents, or 2%, to $34.57 a barrel by 1203 GMT and the more active August contract also lost 72 cents, or 2%, to $35.31. U.S.

Petrofac Starts Rubie and Renee P&A Work

WilPhoenix semi-submersible drilling rig - Image by Joe deSousa - Flickr, Shared under CC0 license

UK oilfield services firm Petrofac has kicked off the plugging and abandonment work on the Rubie and Renee fields in the North Sea using Awilco's WilPhoenix rig.Petrofac won the Rubie and Renee P&A contract with Hess in August 2019.Over the next three months, Petrofac will provide Well Operator, Well Engineering, and…

'This could be the one that gets me,' Says Oilfield Service Veteran

Image by kichigin19  - AdobeStock

Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April's historic price crash…

Oil Prices Up as Faith in Supply Cuts Grows

© Pavel Ignatov / Adobe Stock

Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.Brent crude futures were up 1.4%, or 48 cents, at $36.01 a barrel by 1210 GMT.U.S. West Texas Intermediate (WTI) crude futures gained 2.3%, or 75 cents, to $34.

Oil Steadies as Demand Uncertainty Tempers Supply Cuts

Image by namning - AdobeStock

Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel.

US Grants Royalty Relief to Hard-hit Drillers

© Steve Oehlenschlager / Adobe Stock

The Trump administration has granted royalty relief to several drilling companies producing oil and gas on federal lands in recent weeks, according to a government database, as the industry seeks help weathering low energy prices.The move shows drillers are taking the government up on its offer to consider royalty cuts…

Price Drop Triggers Haggling Over Oil and Gas Deals

Premier Oil is working to buy the Andrew platform and BP's controlling stake in five surrounding fields, as well as its minority stake in the Shell-operated Shearwater field (Photo: BP)

The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends, and headcounts to preserve cash…

Oil Price at Highest Since March

Illustration by namning - AdobeStock

Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.Crude prices have slumped in 2020, with global benchmark Brent hitting a 21-year low below $16 in April as demand collapsed.

Japan's JXTG to Spend $14B on Low-Carbon Transformation

JXTG Holdings Inc, Japan's biggest oil refiner, said on Wednesday it will spend 1.5 trillion yen ($14 billion) for the next three years to drive its transformation into a supplier of low-carbon energy and materials.The planned spending, mapped out under a new medium-term business plan through end-March 2023, is a 44%…

Rockhopper Reducing Headcount, Directors' Salaries

Sea Lion development scheme - Credit: Premier Oil

Oil and gas company Rockhopper, with a share in the Sea Lion project off the Falkland Islands, has announced a set of cost-cutting measures which include headcount reductions, and directors' salary reduction.The company said Tuesday that due to the "external events affecting the sector" - meaning low oil prices and…

Equinor Raises $3.9 Bln in the Bond Market

(Photo: Equinor)

Norwegian oil company Equinor raised $3.4 billion in euro and dollar bonds on Monday, in its latest push to secure long-term funding at a time of weak crude prices."In the current volatile market situation characterised by high uncertainty going forward, we see the value in further increasing our financial flexibility and resilience…