The prompt timespread for global benchmark Brent crude moved further into backwardation, while the nearest December contract is trading at a higher level than the same contract for December 2022. SourceContinue Reading

“The funding will help maintain the project in warm suspension during 2021 and hopefully position it for a full restart in 2022 and the path to first oil,” Newfoundland and Labrador Oil and Gas Industries Association CEO Charlene Johnson said in a statement. SourceContinue Reading

OPEC and its allies rescued the oil market earlier this year from an unprecedented slump, slashing production by 9.7 million barrels a day as the pandemic crushed demand. The cartel returned 2 million barrels a day of that output to the market in August without a hiccup, and was due to add a similar volume...Continue Reading

A formal “notice of sale” is set to be published in the Federal Register on Dec. 7. The move is in keeping with a congressional mandate to hold two auctions of oil and gas leases in the refuge’s coastal plain by Dec. 22, 2024. SourceContinue Reading

The move reflects the growing importance of U.S. crude internationally — the country five years ago ended restrictions on oil exports imposed during the energy crises of the 1970s — and the fact that supplies of some of the North Sea’s key grades are dwindling. SourceContinue Reading

Spending at its $45 billion Tengiz oil project in Kazakhstan, which has gone massively over budget, is expected to decline, while expenditure will rise on shale production in the Permian basin, and on conventional oil in the Gulf of Mexico. SourceContinue Reading

Woodside successfully executed a million-vCPU scale computing workload across three AWS regions in the United States, performing full-waveform inversion on 3,200 km2 of 3D seismic data from the Greater Sunrise gas resource, located offshore Timor-Leste. SourceContinue Reading

The Oil and Gas Climate Initiative’s biggest project to date has been to set targets for the reduction of carbon dioxide and methane emissions from its member companies. SourceContinue Reading

Iran’s top political chamber gave final approval to a bill forcing President Hassan Rouhani to end international nuclear inspections unless the U.S. lifts key sanctions by February, giving the incoming Biden administration just weeks to make a diplomatic breakthrough. SourceContinue Reading

Futures in New York traded near $45 a barrel. Discussions are now focusing on proposals for a gradual easing of production cuts over several months, following talks between Russia, Saudi Arabia and the United Arab Emirates, said a delegate. SourceContinue Reading