The sustained OPEC+ production curtailment through April suggests that supply will remain constrained in the near term, even as demand continues to increase. As a result, the U.S. Energy Information Administration expects that further inventory withdrawals to meet rising crude oil demand will support crude oil prices through at least the end of April. SourceContinue Reading

Oil production across American shale patches next year is expected to climb as producers take advantage of a price recovery, according to a government report. SourceContinue Reading

The U.S. company is buying back stock at an annualized rate of $1.5 billion, it said Tuesday in a statement. That’s an increase of 50% compared with the pace of repurchases in the fourth quarter, the point at which the program was suspended in the wake of Conoco’s acquisition of rival producer Concho Resources Inc....Continue Reading

Tullow’s shares have jumped more than 80% this year as the company starts to turn its back on a tough period of drilling setbacks, management departures, collapsing prices and mounting borrowings. SourceContinue Reading

“We understand the industry is under political pressure from office-holding authorities and special interest groups, who want us to slow down on oil and gas activities, or change focus entirely to renewables. We cannot ignore this pressure, or the serious threat of climate change,” said Equinor’s Executive Vice President, Technology, Arne Sigve Nylund. SourceContinue Reading

The first-ever agreement between both companies builds on the strong bilateral ties between the United Arab Emirates and Malaysia and underscores ADNOC’s expanded approach to strategic partnerships that is enabling it to unlock and maximize value across its entire portfolio as it delivers its 2030 strategy. SourceContinue Reading

The seven-figure deal will see Sparrows’ Houston team deliver crane inspection, maintenance, testing and repair services at two onshore facilities and a platform in the Gulf of Mexico. SourceContinue Reading

Equinor and partners Vår Energi and Petoro have struck oil in exploration well 7220/7-4 in production license 532 in the Barents Sea. Recoverable resources are so far estimated at between 5 and 8 million standard cubic meters of recoverable oil, corresponding to 31 – 50 million barrels of recoverable oil. SourceContinue Reading

The work for Petronas Suriname is being conducted from the survey vessel MV Fugro Brasilis and involves geophysical data collection, heat flow measurements, core sampling and onboard geochemical analyses, which aim to optimize future exploration activities in this frontier area. SourceContinue Reading

Saudi Arabia’s push to restrain oil supply to buoy prices is spurring India to speed up plans to diversify its crude sources and pursue alternative energy, the chairman of one of the nation’s biggest refiners said. SourceContinue Reading