The depreciation and uplift rules in the special tax for petroleum will be replaced by immediate expense recognition of investments, or cash flow tax, from 2022, Finance Minister Jan Tore Sanner told reporters in a snap press conference in Oslo. SourceContinue Reading

Damage to the Port Fourchon, which services about 90% of output from U.S. Gulf deepwater oil and natural gas wells, is extensive and widespread, Chett Chiasson, executive director of the Greater Lafourche Port Commission said in an NPR interview Tuesday. SourceContinue Reading

The Texas oil refinery that Pemex is buying has racked up a rare net loss of about $360 million this year, adding to the challenges Mexico faces in seeking energy independence. SourceContinue Reading

Norway, Western Europe’s biggest oil producer, has more than 50% of its recoverable resources still in the ground, according to the Norwegian Petroleum Directorate. The Barents Sea probably holds most of that, yet there’s only one oil field and one gas field currently producing. SourceContinue Reading

The award extends the scope of energy cooperation between the UAE and Pakistan, which imports about 100,000 barrels of Emirati oil a day. Abu Dhabi sovereign fund Mubadala Investment Co. owns a stake in a refinery in Pakistan. SourceContinue Reading

OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022. SourceContinue Reading

The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump. SourceContinue Reading

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. SourceContinue Reading

About 95% of Gulf of Mexico oil production, and 94% of gas output had been shut-in as of Monday, according to the Bureau of Safety and Environmental Enforcement. SourceContinue Reading

ChampionX announced that UNBRIDLED ESP Systems has introduced the SMARTEN PurePower Pro harmonic halter, a simple, cost-effective solution to effectively and efficiently manage harmonic distortion on local power grids throughout the life of unconventional oil wells. SourceContinue Reading