The Organization of Petroleum Exporting Countries and its allies have shifted to a monthly schedule of meetings, so they can react more rapidly to changes in the market, and make more gradual production adjustments that are better suited to a volatile situation. SourceContinue Reading
Diamondback said it agreed to purchase closely held Guidon Operating LLC. That cash-and-stock deal values Guidon, which was co-founded in 2016 by funds managed with Blackstone Group, at about $862 million. SourceContinue Reading
Weir Oil and Gas Dubai signed a five-year $70 million contract with Thailand’s PTT Exploration and Production, a subsidiary of state-owned energy conglomerate PTT, to supply and install 1,800 sets of wellheads and trees in the Gulf of Thailand. SourceContinue Reading
The Anglo-Dutch energy giant gave a first taste of what could prove to be another bleak quarter for the industry. It warned of another multibillion-dollar impairment charge, significantly weaker oil trading, a loss in its upstream division and fuel sales that remain sluggish. SourceContinue Reading
More than 16 million Britons are now required to stay at home after a full lockdown came into force in London and the southeast of England. Some European countries are limiting travel with the UK and France halted freight movements to England for 48 hours. SourceContinue Reading
Diamondback Energy and QEP Resources have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately $2.2 billion, including QEP’s net debt of $1.6 billion as of September 30, 2020. SourceContinue Reading
Joe Biden’s cabinet picks, and his interest in working with China to stage elections in Venezuela, will make 2021 a transformative year for fossil fuels. SourceContinue Reading
“Shipowners are faced with many uncertainties in the rapidly changing marketplace,” said Seong-Yong Park, COO and SEVP of HHI Group. “We believe our research results, including proven engineering solutions and alternative fuels, will support them in developing their future strategy for ship operations and fleet renewal.” SourceContinue Reading
RIL and BP are developing three deepwater gas projects in block KG D6 – R Cluster, Satellites Cluster and MJ – which together are expected to meet ~15% of India’s gas demand by 2023. SourceContinue Reading
