The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment. SourceContinue Reading
Shell is starting one of the biggest reorganizations in its history as it pivots from a century-long structure that prioritized oil and gas production. There will be as many as 9,000 job losses over the next two years, with cuts already announced in The Netherlands, the UK and Malaysia. A second round of voluntary redundancies...Continue Reading
Energean sees potential to find about 110 billion cubic meters of gas that it could sell over the next 10-20 years, doubling the company’s current reserves in Israel. SourceContinue Reading
Equinor has agreed to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around USD $900 million. SourceContinue Reading
Chesapeake Energy, the once-iconic energy explorer that helped ignite the American shale-gas boom, is emerging from bankruptcy protection a shadow of its former self. And in a way, that’s just fine with its boss. SourceContinue Reading
Texas’s energy regulator is taking an uncharacteristically critical approach toward burning off excess natural gas, a sign that growing pressure from environmentalists and investors to curb the controversial practice is paying off. SourceContinue Reading
Equinor has agreed to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around USD $900 million. SourceContinue Reading
Cosmo will invest as much as $145 million in the exploration phase at Offshore Block 4, government-owned ADNOC said Wednesday in a statement. Abu Dhabi holds most of the oil in the United Arab Emirates, the third-largest producer in OPEC. SourceContinue Reading
The agreement provides LLOG access to Eni and Marubeni Oil and Gas’ existing subsea infrastructure connected to the Williams-owned Devils Tower Spar in Mississippi Canyon 773 to optimize its development of the Taggart discovery. SourceContinue Reading
While prices continue to surge, some of the biggest moves in the past day have come at the front of the futures curve. Brent’s nearest timespread has surged — a key sign of market tightness — while key swaps tied to the physical North Sea market have also increased amid frenzied trading of derivatives late...Continue Reading
