Spending at its $45 billion Tengiz oil project in Kazakhstan, which has gone massively over budget, is expected to decline, while expenditure will rise on shale production in the Permian basin, and on conventional oil in the Gulf of Mexico. SourceContinue Reading

Woodside successfully executed a million-vCPU scale computing workload across three AWS regions in the United States, performing full-waveform inversion on 3,200 km2 of 3D seismic data from the Greater Sunrise gas resource, located offshore Timor-Leste. SourceContinue Reading

The Oil and Gas Climate Initiative’s biggest project to date has been to set targets for the reduction of carbon dioxide and methane emissions from its member companies. SourceContinue Reading

Iran’s top political chamber gave final approval to a bill forcing President Hassan Rouhani to end international nuclear inspections unless the U.S. lifts key sanctions by February, giving the incoming Biden administration just weeks to make a diplomatic breakthrough. SourceContinue Reading

Futures in New York traded near $45 a barrel. Discussions are now focusing on proposals for a gradual easing of production cuts over several months, following talks between Russia, Saudi Arabia and the United Arab Emirates, said a delegate. SourceContinue Reading

Discussions have focused on a gradual relaxation of output cuts over several months, and according to one delegate there could be a one-month delay before the tapering starts. SourceContinue Reading

Reducing emissions intensity means that Pioneer will cut the amount of pollution per barrel of oil produced rather than the absolute amount of greenhouse gases pumped into the atmosphere. SourceContinue Reading

The Center for Offshore Safety announced the winners of the 2020 Safety Leadership Awards, recognizing companies for their outstanding leadership in developing safety management and performance practices and projects that advance the offshore industry’s culture of safety. SourceContinue Reading

Petrobras CEO Roberto Castello Branco’s stance more or less echoes those of U.S. oil giants Exxon Mobil and Chevron, which have emission reduction plans but have been outspoken about their focus on crude. SourceContinue Reading

Expanding stockpiles, strong demand in Asia and a suddenly resurgent North Sea market highlight the problems faced by OPEC and its allies as they consider whether a bifurcated market can handle more supply. SourceContinue Reading