“The announcement by Equinor and partner BP Canada that oil has been in the Flemish Pass Basin is encouraging, at a time when encouraging news is needed for the Newfoundland and Labrador offshore oil and gas industry,” said Charlene Johnson, CEO of the Newfoundland and Labrador Oil and Gas Industries Association. SourceContinue Reading

“These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,” the company said in a statement on Thursday. SourceContinue Reading

Royal Dutch Shell reported a larger-than-expected profit for the third quarter, lower net debt and strong cash flow, even as most of its divisions continued to be battered by the coronavirus. SourceContinue Reading

Germany and France, the European Union’s two biggest economies, will clamp down on movement for at least a month to try and curb Covid-19’s spread. There are already signs that road use in Europe is slumping, weighing on oil consumption. SourceContinue Reading

Investors will be paid 87 cents a share for the current quarter, matching the level of the last six periods, the Irving, Texas-based company said in a statement. SourceContinue Reading

In much of the industrialized world, an ever-growing number of vans, trucks, trains and ships are hauling everything from desks to smart phones as consumers turn to online shopping and companies re-stock their supply chains after months of disruption. SourceContinue Reading

The recovery in demand coupled with the retrenchment in the U.S. shale sector could lead to higher oil prices as soon as in the second half of 2021, according to one of the top bosses of the country’s largest pipeline company. SourceContinue Reading

Adding to the gloom, the American Petroleum Institute reported crude inventories expanded by 4.58 million barrels last week, while gasoline stockpiles rose for a second straight week, according to people familiar with the data. SourceContinue Reading

The Luiperd-1X well on Block 11B/12B was drilled to a total depth of about 3,400 meters and encountered 73 meters of gas condensate. Total will now conduct a detailed assessment of the reservoir in conjunction with Qatar Petroleum and its other partners. SourceContinue Reading

“This acquisition is a natural bolt-on extension of EQT’s dominant position in the core of the southwest Marcellus and supplements our already impressive asset base,” EQT CEO Toby Rice said in a statement. SourceContinue Reading