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Total SA’s fourth-quarter profit beat even the highest estimate as record production offset the impact of slumping natural gas prices and strikes at its French oil refineries. Project startups and ramp-ups from Russia to Australia fueled an 8% increase in hydrocarbon output and a jump in sales of liquefied natural gas. That helped to counter
Oil held near $50/bbl in New York on signs that OPEC and its allies probably won’t go ahead with a much-touted emergency meeting, even as a global oversupply piles up. While the coalition’s technical experts have recommended a production cutback as Asia’s coronavirus batters demand, Azerbaijan’s Energy Minister Parviz Shahbazov told the RIA Novosti newswire
Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets. Shell and Total didn’t accept the legal grounds for the move by CNOOC that would have freed it from its contractual obligations to take delivery of the
Tullow Oil will reduce its headcount in Kenya by about 40% as part of a company-wide restructuring following poor performances at its Africa and Guyana operations. About 35 workers will become redundant, Tullow Kenya Managing Director Martin Mbogo said in an emailed response to questions. The reduced team “will focus” on achieving a final investment
Oil pared gains as an OPEC+ committee agreed on a required level of output cuts, but didn’t reach a decision on an emergency meeting as Russia resisted. The panel recommended a production cut of 600,000 barrels a day to offset the demand impact from the coronavirus outbreak. Following three days of discussions in Vienna, there
The OPEC+ joint technical committee asked China on Tuesday to help it assess the demand loss from the coronavirus outbreak, as OPEC and its allies are struggling to contain an oil market meltdown over the virus. With oil prices falling into a bear market earlier this week, having dropped by more than 20 percent since
Guyana vigorously defended its oil contract with ExxonMobil after the deal was criticized by human-rights group Global Witness just a month before the country holds a general election. The report faulted “inexperienced” government officials for failing to press for better terms when the contract came up for renegotiation in 2016, the year after Exxon made
Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates aim to push the country to energy self-sufficiency. The Jebel Ali reservoir located between the two emirates has 80 trillion cubic feet of gas resources, according to tweets by
Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China. Vitol SA, Royal Dutch Shell Plc and Litasco SA are among firms asking about hiring supertankers for storage purposes as
Libya’s battered economy took center stage at United Nations-backed talks on ending the conflict, as a blockade that slashed the OPEC nation’s vital oil output entered a fourth week. The two-day meeting in Cairo is being closely monitored for any sign of a deal to restore output in the North African nation after supporters of