BP will sell a stake in an Omani gas block to Thailand’s national energy firm for $2.6 billion, part of a push to divest billions of dollars of assets and focus more on renewable energy. SourceContinue Reading

“We have concerns about investment, particularly in light of the pandemic,” OPEC Secretary-General Mohammad Barkindo said at a virtual conference in Iran on Jan. 26. Starving the industry of capital today “could sow the seeds for extreme volatility down the road.” SourceContinue Reading

America is the world’s biggest consumer of crude oil, and any restrictions of domestic production will mean more will have to be shipped in from other countries with less stringent humanitarian and environmental laws. SourceContinue Reading

“The Texas upstream oil and gas economy was already in a state of decline before Covid-19,” said Alliance Executive V.P. and Petroleum Economist Karr Ingham, in exclusive comments to World Oil, adding that the demand contraction in the U.S. and globally was easily the sharpest demand drop in the shortest amount of time on record....Continue Reading

Keppel Offshore and Marine will exit the offshore rig building business, after completing the existing rigs under construction, the company said in a statement. SourceContinue Reading

While progress has been made in recent years on the commercial framework for the Tanzania LNG project, overall project economics have not yet improved sufficiently to justify keeping it on the balance sheet, Equinor said in a statement. SourceContinue Reading

In a harbinger for the rest of the oil industry, Chevron’s results evince the challenges facing energy producers battered by 2020’s pandemic-driven collapse in demand and prices. SourceContinue Reading

After former Secretary of State John Kerry, warned that natural gas pipelines could become “stranded assets” within 30 years as the administration seeks to end carbon emissions from power plants, owners turn to hydrogen to keep three million miles of U.S. pipelines from going obsolete. SourceContinue Reading

“We are rooting for President Biden to lead America out of crisis,” API President and CEO Mike Sommers said. “As he works toward that important goal, he faces clear choices. Energy abundance or foreign dependence. American jobs or overseas jobs. Economic revival or small-town decline. Progress or retreat. Thus far, President Biden is on the...Continue Reading

In the days before taking office, President Biden promised to unify the country. Then, in his first order of business, promptly alienated Alaska and other states that rely on energy development to keep the lights on in their communities. SourceContinue Reading