Author hkrichiedistribution
California intensified its battle against fossil fuels by seeking independent reviews of all pending hydraulic fracturing permits and halting approvals of a key production technique in an area that has pumped crude for more than a century. Governor Gavin Newsom ordered regulators to assess the safety of high-pressure steamflooding, a production process that has been
Exxon Mobil had the outlook on its top-notch debt rating lowered by Moody’s Investors Service Inc. to negative due to a “substantial” cash burn to fund growth. The oil major’s credit metrics will probably weaken over the next few years as it pursues a rebuild of its upstream portfolio, as well as new chemical facilities
OPEC may have no appetite to cut oil production deeper when it meets next month, but flaring political crises across the group are once again threatening supply. Unrest erupted in Iraq and Iran this month — two of the Middle East’s biggest producers — as people took to the streets protesting financial hardship and bad
Climate change poses a serious risk to Saudi Aramco’s long-term business as rising sea levels and temperatures could damage infrastructure, curb productivity and even halt some of its operations. Sea level rises pose the biggest threat to Aramco’s business and may lead to some of its refining facilities being underwater in the next few decades,
OPEC and its Russia-led non-OPEC partners in the production cut deal may roll over in early December the current cuts into June 2020, as Russia will likely support the cartel’s efforts to raise the price of oil, Reuters reported on Thursday, citing OPEC sources and delegates. Currently, the partners in the deal have two main scenarios to
Some analysts see the world dodging a recession next year, which provides some upward room for oil prices. Last week, the IEA warned last week that “the hefty supply cushion” building up in the first half of 2020 will cause OPEC+ problems as the group tries to balance the oil market. Part of the reason for another potential surplus
Global giants of the oil and gas industry – the so-called supermajors – are looking to sell assets that could fetch a total $27.5 billion, according to Rystad Energy’s latest assessment. These companies are actively shedding mature assets on a massive scale in a bid to finance higher-yielding investments elsewhere, with the added benefit of
Norway’s oil industry faces thinner margins as smaller new discoveries boost per-barrel development costs, Statistics Norway (SSB) said in a report on Tuesday. “In the long term, it appears that the downturn that began in 2013, when output and prices fell, may have marked the turning point for Norway’s oil industry,” SSB said. Hot Tip
You’d expect most companies accused of a longstanding fraudulent scheme to be thrilled if the government dropped those claims against them. Not so for Exxon Mobil – at least not today. The energy giant unleashed a torrent of criticism against New York Attorney General Letitia James in court filings Monday, more than a week after
i-Tech 7, Subsea 7’s Life of Field business unit, has successfully completed an underwater inspection in lieu of dry-docking (UWILD) project for Borr Drilling in the North Sea. Borr Drilling required a hull inspection for its Paragon MSS-1 mid-water semi-submersible, to meet ABS intermediate survey certification requirements. In place of conventional methods using divers, i-Tech