“The Texas upstream oil and gas economy was already in a state of decline before Covid-19,” said Alliance Executive V.P. and Petroleum Economist Karr Ingham, in exclusive comments to World Oil, adding that the demand contraction in the U.S. and globally was easily the sharpest demand drop in the shortest amount of time on record....Continue Reading

Keppel Offshore and Marine will exit the offshore rig building business, after completing the existing rigs under construction, the company said in a statement. SourceContinue Reading

While progress has been made in recent years on the commercial framework for the Tanzania LNG project, overall project economics have not yet improved sufficiently to justify keeping it on the balance sheet, Equinor said in a statement. SourceContinue Reading

In a harbinger for the rest of the oil industry, Chevron’s results evince the challenges facing energy producers battered by 2020’s pandemic-driven collapse in demand and prices. SourceContinue Reading

After former Secretary of State John Kerry, warned that natural gas pipelines could become “stranded assets” within 30 years as the administration seeks to end carbon emissions from power plants, owners turn to hydrogen to keep three million miles of U.S. pipelines from going obsolete. SourceContinue Reading

“We are rooting for President Biden to lead America out of crisis,” API President and CEO Mike Sommers said. “As he works toward that important goal, he faces clear choices. Energy abundance or foreign dependence. American jobs or overseas jobs. Economic revival or small-town decline. Progress or retreat. Thus far, President Biden is on the...Continue Reading

In the days before taking office, President Biden promised to unify the country. Then, in his first order of business, promptly alienated Alaska and other states that rely on energy development to keep the lights on in their communities. SourceContinue Reading

High on the agenda for the U.S. and Indian oil companies: reinstating transactions known as oil swaps that would allow companies to receive Venezuelan crude in exchange for supplying diesel fuel. SourceContinue Reading

Neptune Energy and its joint venture partners bp and JAPEX, announced drilling has commenced on the Seagull project in the UK Central North Sea. SourceContinue Reading

How the fragmented U.S. shale industry will respond to increased incentives to drill has become a crucial question for traders and industry watchers across the world. SourceContinue Reading