The Neptune-operated Dugong discovery, in Production License 882, was one of the largest discoveries on the Norwegian Continental Shelf in 2020. Neptune estimates recoverable resources to be between 40 – 120 million barrels of oil equivalent (boe). SourceContinue Reading

The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.” SourceContinue Reading

The Nordic country’s oil and gas industry has been keen for new acreage to offset an expected decline in production toward the middle of the decade. The Barents is estimated to hold more than 60% of the undiscovered resources off Norway, according to the nation’s petroleum directorate. SourceContinue Reading

The situation could worsen as Big Oil makes another round of deep spending cuts, leaving consequences both for the oil market, which needs more supply from the OPEC cartel in the coming years, and the economic stability of a region that’s dependent on petroleum revenue. SourceContinue Reading

With the need for more oil supply evident, traders expect the OPEC+ coalition, led by Saudi Arabia and Russia, will agree to increase crude production when it meets on March 4, reversing some of the output cuts made last year. But it’s unclear if the group will act vigorously enough. SourceContinue Reading

Oil fell the most since November with a stronger dollar and concerns surrounding inflation weighing on crude’s best start to the year on record. Yet, the U.S. crude benchmark still managed to post a nearly 18% gain this month as inventories worldwide tighten and pockets of demand return. SourceContinue Reading

Ecopetrol SA, Colombia’s biggest oil company, would hand over about $4 billion to the government in exchange for control of another state-sponsored outfit, the electric utility giant known as ISA. The deal, as investors from Bogota to New York see it, has all the markings of a cash-strapped federal government forcing a state-run company to...Continue Reading

Kaktovik Iñupiat Corporation strongly disputed the U.S. Fish and Wildlife Service announcement that it failed with respect to its permit application to conduct seismic studies in the Arctic National Wildlife Refuge, the company said in a statement. SourceContinue Reading

Last year’s crash in oil prices and China’s rapid rebound from the first wave of the Covid-19 pandemic set the stage for a flurry of crude purchases. However, stockpiling has leveled off as oil prices rebounded and storage space runs out. SourceContinue Reading

Jennifer Granholm was confirmed as Secretary of Energy, putting the former Michigan Governor at the head of agency that will play a key role in implementing President Joe Biden’s ambitious climate agenda. SourceContinue Reading