While crude prices have rebounded to an eight-month high, demand in early 2021 still looks too fragile to absorb the extra barrels. At the same time, key OPEC+ members Iraq and the United Arab Emirates have signaled they’re eager to ramp up sales as soon as possible. SourceContinue Reading

The award underscores the important role seismic surveying plays in enabling ADNOC to identify and explore new hydrocarbon resources as highlighted by the recent major discoveries of recoverable unconventional oil resources and conventional oil reserves. SourceContinue Reading

Repsol SA will reduce its dividend next year as it outlined plans to wind down the search for oil and expand its renewable capacity fivefold during the next decade. SourceContinue Reading

Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents. SourceContinue Reading

European leaders in October called on Ankara to abstain from unilateral hydrocarbon exploration in disputed waters, saying it’s in breach of international law. Turkey nonetheless resumed the surveys, making any negotiation with Greece on delimitation of sea borders even more problematic. SourceContinue Reading

The Organization of Petroleum Exporting Countries and its allies, who will meet on Monday and Tuesday, are already grappling with a difficult market to evaluate. Oil demand has rarely been so volatile. SourceContinue Reading

The Agrari, a so-called Aframax-class vessel able to haul about 700,000 barrels of oil, was holed about 1 meter above the waterline in the incident, a statement said. The incident took place as the ship was preparing to leave a berth at the Shuqaiq facility, having finished unloading its cargo. SourceContinue Reading

The mission to store CO2 beneath the Danish North Sea has cleared the first major hurdle after the intended subsea reservoir was confirmed feasible for CO2 injection by independent certification body DNV GL to the endorsement of Danish authorities. SourceContinue Reading

With the prospect of a coronavirus vaccine improving oil’s longer-term outlook, there’s been a renewed rally in the forward curve. On Wednesday the much-watched spread between Brent’s nearest two December contracts briefly flipped into a bullish backwardation for the first time since March. SourceContinue Reading

No less than “democracy in Europe” and the EU’s “image of U.S. companies” are on the line, a German industrial group warned House of Representatives Speaker Nancy Pelosi last week in a letter. With broad-based opposition to the pipeline in the U.S., German hopes that the president-elect will reverse sanctions may be misplaced. SourceContinue Reading