Global stockpiles in onshore tanks and floating storage are estimated by the International Energy Agency to have shrunk by about 300 million barrels since OPEC and its allies made deep production cuts in May. Reduced supply and the vaccine-driven demand boost have entrenched Brent’s futures price curve in a bullish backwardation structure, which encourages the...Continue Reading

Crude prices have soared since early November on optimism Covid-19 vaccines will restore energy demand and deep supply cuts by OPEC and Russia. Yet many major economies remain in strict lockdowns and some are struggling to source enough vaccine doses. SourceContinue Reading

2020’s economic crisis triggered by the coronavirus was the worst the petroleum industry has ever seen. Fuel demand crashed by a fifth, prices slumped below zero, and more than a billion surplus barrels poured into storage tanks worldwide. In spite of all this, oil is posting a remarkable 2021 recovery. SourceContinue Reading

The leading representative body for the UK oil and gas industry has today announced the appointment of a new co-chair to its board, as the sector focuses on the industry’s recovery whilst meeting net-zero targets for 2021. SourceContinue Reading

Equinor ASA said the Nigerian Supreme Court overturned a ruling that had threatened to divert 1.5% of the company’s profits from one of the country’s largest oil fields to a former consultant. SourceContinue Reading

California-based oil and gas giant Chevron is offering to pay to acquire Noble Midstream with its own shares, at a value of $12.47 per common unit. SourceContinue Reading

“I am very pleased that Total is further contributing to the development of solar power in the U.S. We look forward to taking advantage of the many growth opportunities in the U.S. market to address the challenges of the energy transition,” said Patrick Pouyanné, Chairman and CEO of Total. SourceContinue Reading

Norway’s $1.3 trillion wealth fund is set to take a critical look at the stakes it holds in national oil companies, as its ethics council expands scrutiny of corruption in its latest set of guidelines. SourceContinue Reading

To “retroactively remove regulatory approval on the basis of which an investment was made is, in my view, a slam dunk case of a claim for damages through NAFTA under the investor protection provisions,” Alberta Premier Jason Kenney said on Tuesday. SourceContinue Reading

Under the terms of the life of field contract, THREE60 Energy will carry out operations and maintenance duties on behalf of the Galoc Joint Venture, with the objective of improving performance and extending the field’s economic life. SourceContinue Reading