Category Oil & Gas Blog
Tullow Oil said it received approval from Ghanaian authorities to flare gas when necessary to support its offshore fields. The permission will assist heavily indebted Tullow to support production at operations that failed to meet their initial output guidance for 2019, contributing to a terrible year that also saw delays at East African projects, disappointing
As natural gas prices across the Atlantic are flirting with their lowest level in more than two decades, European energy traders this week struck a very bearish tone at a giant industry event in Germany’s industrial heartland. The global glut of the fuel has seen prices plunge in the U.S., Europe and Asia as a
Nigeria’s oil production could drop by 35 percent in the next ten years as regulatory uncertainty and costs amid languishing oil prices may prompt oil majors to postpone final investment decisions on three major deepwater projects, consultancy Wood Mackenzie told Reuters on Thursday. OPEC member Nigeria is the largest oil producer in Africa and it pumped 1.776
A sudden oil buying spree by China’s independent refiners has taken Asian traders by surprise. After weeks of production cuts, cargo deferrals and cancellations because of the deepening impact of coronavirus on Chinese crude demand, companies including Shandong Shouguang Luqing Petrochemical Co., Shandong Huifeng Petroleum Chemical Co. and Sinochem Hongrun Petrochemical Co. have returned to
Global oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency said. The new estimates show that oil markets face a significant surplus despite the latest production cuts by OPEC and its partners. Crude already sank to a one-year low below
BP is expanding its team working on carbon capture and storage projects as part of its ambition to zero out net greenhouse-gas emissions by 2050. The oil major has added staff over the past 12 months and is reorganizing teams that have been dispersed within different units of the company, a spokesperson confirmed. The moves
OPEC slashed on Wednesday its global oil demand growth forecast for 2020, expecting the coronavirus outbreak to weigh heavily on fuel demand in the world’s oil demand growth driver, China. n its closely watched Monthly Oil Market Report published on Wednesday, OPEC slashed its oil demand growth estimate by 230,000 bpd from last month’s assessment and now
CGG announced that its Geoscience division has been awarded a contract renewal by Total, for the continued operation of its Dedicated Processing Center (DPC) in Pau, France. The new contract will run for five years starting in January 2020. The two companies have been working in close collaboration at the DPC since 2006. Through this
Sources from Kuwait and Saudi Arabia last week let it be known that trial production of 10,000 barrels per day (bpd) would start at the Khafji field in the ‘Partitioned Neutral Zone’ (PNZ) that it shares with Kuwait on or around the 25th of February, with the field likely to be pumping about 60,000 bpd by
Libyan economic experts will study the distribution of crucial oil revenue as efforts continue to solve the war-ravaged OPEC member’s political crisis, the United Nations said. The decision to assign the economic commission to work “on issues of immediate concern,” which also include a banking crisis, came after meetings in Cairo this week attended by