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Abundant natural gas resources, an all-electric plant and just a nine-day hop to energy-hungry Asian markets were not enough to convince Chevron Corp. to pursue its Kitimat gas export project in western Canada, marking a further blow to the country’s beleaguered fossil fuel industry. The U.S. oil giant called time on the liquefied natural gas
Global oil markets still face a surplus next year even if OPEC and its partners deliver newly-announced production cuts in full, the International Energy Agency said. Oil inventories may accumulate by 700,000 bpd in the first quarter even if the Organization of Petroleum Exporting Countries and its allies implement the entire cutback of 2.1 MMbpd
SBM Offshore is pleased to announce it has signed contracts with Petrobras for the 22.5 years lease and operation of FPSO Sepetiba. These contracts follow the signing of the binding Letter of Intent as announced on June 11, 2019. FPSO Sepetiba will be deployed at the Mero field in the Santos basin offshore Brazil, 180
Chevron said that it would write down $11 billion in assets in the fourth quarter, much of which is tied to natural gas in Appalachia. The impairment is a sign that the waters are getting pretty rough for the oil and gas industry, due to a combination of supply surpluses, low prices, the struggling and
A CHC S92 helicopter (G-WNSV) is currently returning to base after declaring an in-flight emergency. The helicopter was making its way to a North Sea oil field East of Shetland but has turned around mid-flight and looks to be returning to Sumburgh. The helicopter started squawking emergency code 7700 at 11:45am. Oil and Gas People
Exxon investors’ long-time suffering may end in the New Year. Oil and gas giant ExxonMobil (NYSE: XOM) could soon go from bleeding cash to gushing profits, with some serious upside. Bank of America Merrill Lynch has even tapped XOM as its top 2020 stock pick, arguing that the stock could surge 47% as production ramps up and
Norway’s oil lobby raised the investment forecast for the country’s offshore industry for the coming years, even if it still sees a sharp drop in 2021 amid a lack of big new projects. Oil and gas companies operating in Norway will raise investments by 4% to 194.6 billion kroner ($21 billion) in 2020, the Norwegian
Maersk Drilling has signed agreements with Halliburton and Petrofac to collaborate on an exploration program to be delivered under Maersk Drilling’s master alliance agreement with Seapulse. Under the alliance, Maersk Drilling is responsible for providing fully integrated drilling services, including provision of drillings rigs and all related services for a global offshore oil and gas
Exxon Mobil won a closely watched securities-fraud trial that delved into its internal accounting for the financial risks of climate change, a striking rejection of New York state’s claim that the company misled investors for years. The ruling Tuesday by New York Supreme Court Justice Barry Ostrager in Manhattan is a blow to the state’s
Chevron expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices. The U.S. oil major is considering the sale of its shale-gas holdings, along with its Kitimat liquefied natural gas project in Canada, according to a