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Saudi Arabia’s energy minister said that OPEC and its allies remain focused on using production cuts to reduce oil inventories to normal levels, undeterred by the flare up of political tensions in the Middle East. Oil prices have erased all of this year’s rally, which saw Brent crude surge to a three-month high of almost
Occidental Petroleum began sweeping job cuts at multiple U.S. locations this week, including what a representative called voluntary reductions and outright layoffs, as the company seeks to reduce debt. Specific details on impacted employees and locations were not made public. The Houston Chronicle reported on Jan. 8, referencing an internal email, that employees of Occidental
New York said it won’t appeal a ruling by a judge who last month rejected the state’s claim that Exxon Mobil Corp. misled investors for years about the energy company’s internal planning for risks linked to climate change. New York Attorney General Letitia James, a Democrat who took office after the suit was filed, announced
Norway’s vision of establishing a new major oil province off its northern tip has suffered another blow. Lundin Petroleum AB, one of the most active explorers in the Norwegian Arctic, cut resource estimates for its Alta discovery in the Barents Sea and won’t develop the project independently, the company said on Monday. The field and
The Norwegian Ministry of Petroleum and Energy has offered 69 offshore production licenses to a total of 28 oil companies under the Award in Pre-Defined Areas 2019 (APA 2019) The authorities assessed applications from a total of 33 companies through autumn 2019 and awards have been offered to a broad spectrum of players, with a
A major explosion followed by a serious fire in Changlian Petrochemical base, located in the Gaolan area of Zhuhai Port, just across the border from Macau at the mouth of the Pearl River Earlier today, a petrochemical terminal at Zhuhai Port in southern China suffered a major explosion, causing a massive fire, according to Guangdong
Norwegian oilfield services company Aker Solutions is participating in a joint venture that has been issued a letter of award to provide offshore maintenance and modification services to an undisclosed client. Aker Solutions said on Wednesday that the brownfield services contract is for a term of five years. The scope of work covers offshore assets
The world’s biggest oil import market could see demand growth in 2020 of just half of last year’s levels as the trade war’s ripple effects continue to be felt, according to researchers at China National Petroleum Corp. With China’s economic growth likely stuck at around 6% and the domestic car market remaining weak, the expansion
Saudi Arabia is seeking companies to build four solar power plants as the Persian Gulf oil giant resumes its renewable energy push. The energy ministry is seeking bidders for the projects to build plants capable of generating a total of 1,200 megawatts of solar power, according to a statement from its Renewable Energy Project Development
We recently attended the SPE Offshore 2019 event in Aberdeen and were struck by the scale of the exhibitors (800+) with attendees from 130+ countries. For many brands, this was the most important event of the annual calendar, with the opportunity to meet and connect with over 38,000 people. But with competition for attention fierce,