Turkey threatened to block any unauthorized search for gas and oil in its economic exclusive zone in the eastern Mediterranean after Cyprus awarded hydrocarbon exploration and drilling rights in its offshore block 5 to a venture of Exxon Mobil and Qatar Petroleum. SourceContinue Reading
Royal Dutch Shell Plc pulled out of a controversial UK oil project, a win for environmentalists as the development of a new North Sea field was left hanging in the balance. SourceContinue Reading
Exxon Mobil Corp. will award U.S. employees below-inflation pay increases in early 2022 despite a strong rebound in earnings over the past 12 months. SourceContinue Reading
Chevron Corp. boosted its planned share buyback to as much as $5 billion per year, as the oil giant uses higher commodities prices to step up returns to investors rather than investing in production growth. SourceContinue Reading
Petroleos Mexicanos is replacing its finance chief as President Andres Manuel Lopez Obrador tightens his grip on the struggling state oil giant. SourceContinue Reading
“This deal was justified on three key merits: it meets our rigorous cost of supply framework, we see a way to drive efficiencies from the assets, and the transaction makes our 10-year plan better,” said Ryan Lance, ConocoPhillips chairman and CEO. SourceContinue Reading
OPEC and its allies agreed to proceed with their next oil-production hike, while signaling they could revisit the decision at any moment as the risk to demand from the omicron variant of Covid-19 becomes clearer. SourceContinue Reading
The second Wells Insight report, published by the UK Oil and Gas Authority, highlights significant opportunities remaining in the UK North Sea basin, despite Covid resulting in a slowdown in 2020. SourceContinue Reading
Texas’s top oil and gas regulator voted Tuesday to more clearly define who’ll be at the top of the list to keep receiving electricity during severe winter weather, closing an earlier draft loophole that critics said would’ve let any operator pay just $150 to opt-out of expensive upgrades. SourceContinue Reading
