OPEC and its allies have been constricting oil supplies since the pandemic crushed demand almost a year ago. To disperse the lingering stockpile surplus, the Saudis pledged extra crude reductions during February and March. SourceContinue Reading

With the “Evolution of the Upstream Business Model” panel, CERAWeek explored the significant variations in the ways major oil and gas firms are approaching the changing landscape of the energy transition. SourceContinue Reading

It’s not the first time India, one of the biggest buyers of the producer group’s crude, has urged the Organization of Exporting Petroleum Countries and its partners to pump more oil. SourceContinue Reading

Abu Dhabi’s de facto ruler, Crown Prince Mohammed Bin Zayed, has cemented his control over the emirate’s state energy company by becoming chairman of a newly-established board of directors. SourceContinue Reading

Fugro has been awarded multiple contracts by Eni Angola to carry out geotechnical and environmental surveys off the coast of Angola between now and May, and two Fugro vessels from their world’s largest fleet of specialist geotechnical and geophysical vessels are currently active in the region. SourceContinue Reading

While oil majors and publicly-traded counterparts are mostly sticking to the mantra of drilling discipline, private operators’ ambitious growth plans present the OPEC cartel with a wild card as prices rebound and it attempts to boost its own oil production. SourceContinue Reading

The Neptune-operated Dugong discovery, in Production License 882, was one of the largest discoveries on the Norwegian Continental Shelf in 2020. Neptune estimates recoverable resources to be between 40 – 120 million barrels of oil equivalent (boe). SourceContinue Reading

The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.” SourceContinue Reading

The Nordic country’s oil and gas industry has been keen for new acreage to offset an expected decline in production toward the middle of the decade. The Barents is estimated to hold more than 60% of the undiscovered resources off Norway, according to the nation’s petroleum directorate. SourceContinue Reading

The situation could worsen as Big Oil makes another round of deep spending cuts, leaving consequences both for the oil market, which needs more supply from the OPEC cartel in the coming years, and the economic stability of a region that’s dependent on petroleum revenue. SourceContinue Reading