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US Grants Royalty Relief to Hard-hit Drillers
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…
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China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration
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 the coronavirus pandemic.In energy announcements on the first day of the parliament…
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Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes…
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Shell Restarts Operations in Vaca Muerta Block
Oil company Royal Dutch Shell Plc said on Tuesday it had resumed activities at its Bajada de Añelo block in Argentina's Vaca Muerta area after seismic activity in the region led to a halt late last week."Shell Argentina resumed its activities on Pad 22 of the Bajada de Añelo block, after determining that the conditions for a safe and sustainable re
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Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.The filing marks an end of an era for the Oklahoma City-based shale pioneer…
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Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as…
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U.S. Oil Firms' Quarterly Reports to Show Depths of Slump
Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report…
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Trump Calls for Plan to Give Money to U.S. O&G Industry
U.S. President Donald Trump called on the federal government to come up with a way to pay out the U.S. oil and gas industry on Tuesday…
Latest news
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Oil Price Crash, What Next?
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get…
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Enterprise Offers Crude Shipments From Gulf Coast to Cushing
Enterprise Products Partners LP said it would offer spot shipments of crude on an existing pipeline from the U.S. Gulf coast to Cushing…
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Oil Rises After OPEC+ Agrees Record Output Cut
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid…
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OPEC+ Oil Pact Hinges on Mexico Joining
Saudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd)…
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European Refiners Leave Oil Cargoes On Water
A growing number of oil tankers across Europe have been unable to unload their cargo over the past month as refining demand crashes…
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Exxon Cuts Spending by $10B
Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and…
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OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S.
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Update: Brent Oil Rises above $32 on Hopes of Output Deal
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…
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Oil Storage at Sea Approaching Record Levels
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage…
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BP Cuts Spending by Quarter, Lowers Oil production
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…
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Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek…
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Oilfield Equipment and Services Spending to Fall to 2005-Low
Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005…
Exploration
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Norway Oil Companies Slash Investment Plans
Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously…
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Lebanon Postpones Offshore Licensing Round Again
Lebanon has again postponed the deadline for the submissions of applications for its second offshore licensing round, citing…
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Melbana Gets More Time for Find Beehive Drilling Partner
Australian oil and gas company Melbana Energy has been given more time to work on its Beehive offshore prospect in the Bonaparte Basin off W.
Drilling
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Fugro IOVTEC Wins Survey Work at Hai Long Wind Farm Sites
Fugro IOVTEC, a JV between Dutch Fugro and Taiwan's IOVTEC, has secured an offshore geotechnical site investigation project…
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NOIA: U.S. Offshore Drilling Ban Would Crush Jobs, Govt Revenues
A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected…
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Gas Output to Resume at Israel's Leviathan After Brief Halt
Production at Israel's offshore Leviathan natural gas field will resume in the coming hours after an emergency shutdown on Saturday…
Production
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Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely…
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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…
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DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both…
