Category Oil & Gas Blog
Chevron’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields. New finds, acquisitions and expansions of existing oil and natural gas holdings were equivalent to just 44% of the company’s 2019 production, according to a regulatory filing on
Shell doesn’t intend to “get into an arms race” with peer supermajor BP over goals to reduce its carbon footprint, Maarten Wetselaar, Shell’s Integrated Gas & New Energies Director, told The Times a week after BP joined the pack of oil majors that have set carbon-reducing goals. In December 2018, in an industry first, Shell said that
In another sign of improving deepwater market conditions, drillship day rates are on-the-rise from Canada to China, judging by a new report by numbers crunchers, Rystad Energy. Although not the only deepwater floaters, drillships are still on order at Asian shipyards, just as drillship day rates approach the $300,000 mark. It’s still about half the
Nigeria has adopted the Finance Act 2020. A step which unacquainted with the phenomenon might seem completely innocent yet poses great risks to the future of Africa’s largest oil producer. A trend which has been for a several years in the making – ever since a couple of Nigerian states initiated a lawsuit against their
Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency. Crown Prince Mohammed bin Salman presided over a meeting of the Saudi High Commission for Hydrocarbons on Thursday during which the development plans were reviewed, the
Venezuela’s President Nicolas Maduro declared an “energy emergency” as he announced a commission to revamp state oil company Petroleos de Venezuela SA, redoubling efforts to shore up the nation’s crumbling oil industry. Economy Vice President Tareck El Aissami will lead the commission, which will focus on boosting crude production, Maduro said. El Aissami, who is
After on Friday OPEC slashed its oil demand outlook for this year by 230,000 bpd, the Energy Information Administration followed, revising its global oil demand forecast by as much as 378,000 bpd on the back of the Chinese coronavirus outbreak. The authority said it expected the outbreak to reduce China’s oil demand by some 190,000 bpd this
Shell Midstream Partners LP (NYSE: SHLX) announced that it is considering expanding its 163-mile-long Mars crude oil pipeline in the Gulf of Mexico, the company said in a Thursday earnings call, as the current system nears capacity according to Reuters. SHLX, formed by Shell to own and operate pipelines and other midstream assets, said that
Spain’s Repsol reported a 36% fall in adjusted net profit and a net loss for the fourth quarter of 2019, battered on all sides by lower oil and gas prices and one-off charges mainly related to a bid to cut carbon emissions. Oil majors around the world have posted steep falls in 2019 income due
Neptune Energy announced first gas from the new L5a-D4 well in the deepest producing gas field of the Dutch North Sea. L5a-D4 is a high pressure, high temperature well located in the L5a-D field, around 100 kilometers North of Den Helder, and tied back to the Neptune-operated L5a-D platform. It was tapped at a depth