Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents. SourceContinue Reading
European leaders in October called on Ankara to abstain from unilateral hydrocarbon exploration in disputed waters, saying it’s in breach of international law. Turkey nonetheless resumed the surveys, making any negotiation with Greece on delimitation of sea borders even more problematic. SourceContinue Reading
The Organization of Petroleum Exporting Countries and its allies, who will meet on Monday and Tuesday, are already grappling with a difficult market to evaluate. Oil demand has rarely been so volatile. SourceContinue Reading
The Agrari, a so-called Aframax-class vessel able to haul about 700,000 barrels of oil, was holed about 1 meter above the waterline in the incident, a statement said. The incident took place as the ship was preparing to leave a berth at the Shuqaiq facility, having finished unloading its cargo. SourceContinue Reading
The mission to store CO2 beneath the Danish North Sea has cleared the first major hurdle after the intended subsea reservoir was confirmed feasible for CO2 injection by independent certification body DNV GL to the endorsement of Danish authorities. SourceContinue Reading
With the prospect of a coronavirus vaccine improving oil’s longer-term outlook, there’s been a renewed rally in the forward curve. On Wednesday the much-watched spread between Brent’s nearest two December contracts briefly flipped into a bullish backwardation for the first time since March. SourceContinue Reading
No less than “democracy in Europe” and the EU’s “image of U.S. companies” are on the line, a German industrial group warned House of Representatives Speaker Nancy Pelosi last week in a letter. With broad-based opposition to the pipeline in the U.S., German hopes that the president-elect will reverse sanctions may be misplaced. SourceContinue Reading
Invoking a climate emergency could give Biden the authority to circumvent Congress and fund clean energy projects, shut down crude oil exports, suspend offshore drilling and curtail the movement of fossil fuels on pipelines, trains, and ships. SourceContinue Reading
Reduced activity levels, project cancellations and workforce cuts as a result of the coronavirus pandemic have slashed business confidence across the UK’s oil and gas sector, according to an industry report. SourceContinue Reading
Two of the oil market’s most-watched inter-month price spreads — one denoting short-term strength, the other reflecting an improving longer-term outlook — this week flipped into what traders call backwardation, a structure that’s generally seen as reflecting tighter conditions. SourceContinue Reading
