While oil at $50 would represent a 25% rise from current prices, it would still be far below the pre-pandemic level of around $65 and less than Saudi Arabia needs to balance its budget. SourceContinue Reading

. The transaction, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Occidental will retain a presence in country with its exploration blocks offshore Colombia. SourceContinue Reading

Oil rose from a three-week low after a member of Donald Trump’s medical team said the U.S. president could leave hospital as soon as Monday, despite contradictory accounts about his health. SourceContinue Reading

Chevron’s Nigeria unit said it plans to cut 25% of its workforce to become more efficient and reduce operating costs, the latest sign demand for global oil is wobbling under coronavirus and new restrictions to contain it. SourceContinue Reading

Libya’s oil output has risen to 295,000 barrels following a truce in the OPEC nation’s civil war and the lifting of a blockade on energy facilities. SourceContinue Reading

“The recent near-death experience for some heavy oil producers is a good reminder that investors should focus on companies with strong balance sheets, ample liquidity, robust cost structures, and low sustaining capital requirements,” BMO Capital Markets analyst Randy Ollenberger said in a report. SourceContinue Reading

Turkey plans to deploy a second drilling ship in the Black Sea early next year following the biggest-ever natural-gas discovery there. SourceContinue Reading

World Oil editors discuss an emerging disconnect as drilling activity across the board continues to rise, while oil traders are expecting a long road to demand recovery. SourceContinue Reading

“We have to be a simpler, more streamlined, more competitive organization,” CEO Ben van Beurden said in a statement. “In many places, we have too many layers in the company: too many levels between me, as the CEO, and the operators and technicians at our locations.” SourceContinue Reading

“Hywind Tampen is a new chapter in Norway’s narrative as an energy nation. With support from the Norwegian authorities, we’re not only building Norway’s first offshore wind project; we’re refining floating offshore wind technology along with the Norwegian supplier industry,” says Equinor president and CEO Eldar Sætre. SourceContinue Reading