Arctic oil drilling plan coming soon, U.S. interior chief says

The Trump administration is moving to sell drilling rights in the Arctic National Wildlife Refuge, Interior Secretary David Bernhardt said Saturday. ...

Saudis may yet get OPEC+ deal from recalcitrant Russia as crisis grows

Ever since it became clear the outbreak was savaging energy demand in China -- and oil prices everywhere -- Riyadh has been pushing for swift production cuts to compensate. Russia, the most important partner in the producers’ coalition, rebuffed those entreaties. ...

Schlumberger to de-list from London Stock Exchange

Schlumberger has announced that the company's board of directors in January 2020 approved the cancellation of the listing of the company’s common stock on the standard segment of the Official List of the London Stock Exchange and the cancellation of admission to trading of such shares on the main market of the LSE. ...

Wood to deliver engineering design for Chevron's Anchor development

Wood is delivering a multi-million-dollar engineering design project for Chevron’s Anchor deepwater development in the Gulf of Mexico. ...

U.S. to sell 12 MMbbl of oil just as virus hits demand

The U.S. will sell up to 12 MMbbl of oil from its emergency government stockpile just as global crude demand takes a hit from the spreading coronavirus. ...

BP extends multi-million-pound vessel contract with Vroon Offshore Services

One of the largest providers of emergency response and rescue vessels (ERRV) in the North Sea, VOS will continue its exclusive provision of four class-leading, high-performing vessels to support BP’s North Sea and West of Shetland assets until 2023. ...

EMGS receives LOI for multi-client pre-funding in Namibia

Electromagnetic Geoservices ASA is pleased to announce that the Company has received a letter of intent with a minimum value of USD 3.6 million from an undisclosed customer on behalf of a JV block consortium, offshore Namibia. ...

Stagnating output hands Pemex its biggest loss in two years

Petroleos Mexicanos reported its biggest quarterly loss in two years as production growth stalled. ...

Apache takes $3B writedown as it quits West Texas shale project

Apache is officially calling it quits on a highly publicized but disappointing shale discovery in West Texas after vehemently defending the play’s prospects for about three years. ...

EU sanctions Turkey over drilling in Cyprus’ economic zone

The EU asset freezes and travel bans on two people, whom the bloc plans to identify later on Thursday, make good on its months-long vow to counter Turkey’s oil and natural-gas exploration in waters that are part of the exclusive economic zone of member country Cyprus. ...

Time running out for Chevron’s sanctions waivers in Venezuela

The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp.’s operations in Venezuela as the U.S. seeks to further squeeze the Maduro regime. ...

Oil dives past 13-month low as pandemic fears spread

Oil continued to plunge after closing at a 13-month low as more new coronavirus cases were reported outside of China, adding to fears the world is on the brink of a pandemic that will stunt economic growth. ...

Chesapeake investors losing faith as debt options dwindle

Chesapeake Energy’s options for dealing with its towering debt load are shriveling as the natural gas driller seeks to auction off shale fields it needs to stay afloat. ...

Pakistan LNG considers canceling contracts with Eni, Gunvor

Pakistan’s main buyer of liquefied natural gas is considering canceling two long-term contracts as a slump in spot prices and abundant production create opportunities for cheaper supply, according to people familiar with the situation. ...

Aramco’s trading CEO sees recovery after ‘big hit’ from China abates

“By the end of April, we will not have that fear,” Ibrahim Al-Buainain, chief executive of Aramco Trading, said in an interview in London. “I am confident that the support and measures taken by countries will contain the virus.” ...

Activist investor to stake $1B on changing shale operations

The energy-focused private equity firm Kimmeridge Energy Management is looking for a U.S. shale producer to target for an overhaul, saying the sector has become “uninvestable.” ...

Shell moving ahead in Mexico deepwater, with production to wait for a new government

Shell is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government. ...

BP leaves U.S. oil lobby groups in climate-policy change

BP Plc will leave three U.S. oil-industry lobby groups due to differences on climate policy, after the company’s new chief pledged to eliminate its greenhouse gas emissions by 2050. ...

Oil short-selling triples since the start of 2020

Hedge funds are bracing for more trouble in the oil market, even after crude rebounded for a second week on hopes the coronavirus outbreak’s threat to economic growth is waning. ...

Exxon hits 15-year low prior to new strategy rollout

Exxon Mobil fell to a 15-year low on Monday just over a week before CEO Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts. ...

Equinor decides against Great Australian Bight exploration

Equinor ASA has dropped plans for oil drilling deep in the ocean off Australia’s south coast following a sustained campaign from environmentalists who said the project posed too big a risk to the marine ecosystem. ...

Teck cancellation in Alberta may signal the end of oil sands mining

The cancellation of Teck Resources' Frontier project in northern Alberta - which envisaged producing more crude than OPEC member Gabon - epitomizes the struggles of an industry that has already seen most foreign investors flee. ...

BP’s “net zero” climate plan doesn’t quite add up

New BP CEO Bernard Looney's new climate plan needs an asterisk after "net zero", as the plan appears to fail to account for reduction of Scope 3 emissions. ...

Teck cancellation in Aberta may signal the end of oil sands mining

The cancellation of Teck Resources' Frontier project in northern Alberta - which envisaged producing more crude than OPEC member Gabon - epitomizes the struggles of an industry that has already seen most foreign investors flee. ...

Ownership battle for Mexico’s Zama field crimps Premier Oil’s sale plans

The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process. ...

Inmarsat launches connectivity services in Saudi Arabia across land, sea and air

Inmarsat announced that it will bring its maritime, aviation and enterprise connectivity solutions to customers based in Saudi Arabia through new partner agreements. ...

Schlumberger opens Saudi Arabia manufacturing center

The center will manufacture well completions technologies including liner hangers and packers and isolation valve technologies, to help improve the efficiency of oil and gas operations in the Kingdom and neighboring countries. ...

Rosneft shifts exports to affiliate, skirting U.S. sanctions on Venezuela

There are already signs that the latest U.S. sanctions thrown at Venezuela are failing. ...

Oil falls sharply alongside other commodities as uncertainty grows

Renewed fears that the coronavirus will harm global growth rocked commodity markets again on Monday, with oil and metals prices tumbling while gold soared toward $1,700 an ounce amid a flight to haven assets. ...

Saudis stake $110B on Jafurah unconventional gas field

Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency. ...

Rosneft shifts exports to affiliate, skirting U.S. sanctions on Venezuela

There are already signs that the latest U.S. sanctions thrown at Venezuela are failing. ...

Oil falls sharply alongside other commodities as uncertainty grows

Renewed fears that the coronavirus will harm global growth rocked commodity markets again on Monday, with oil and metals prices tumbling while gold soared toward $1,700 an ounce amid a flight to haven assets. ...

Saudis stake $110B on Jafurah unconventional gas field

Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency. ...

Oil short-selling triples since the start of 2020

Hedge funds are bracing for more trouble in the oil market, even after crude rebounded for a second week on hopes the coronavirus outbreak’s threat to economic growth is waning. ...

Chevron reports lowest reserve-replacement ratio since 2010

Chevron’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields. ...

Global LNG glut drives cancellations at key U.S. shale terminals

A buyer of liquefied natural gas has canceled two cargoes from Cheniere Energy Inc., the biggest U.S. exporter, as a global glut pummels prices for the fuel and threatens to shut a key outlet for shale production. ...

Enpro Subsea acquired by Hunting PLC in all-cash deal

Production optimization specialist Enpro Subsea has been acquired by Hunting PLC for a total consideration of US $33 million. ...

API highlights economic impacts of a fracing ban in new video

The American Petroleum Institute released a new video to coincide with Wednesday’s Democratic presidential debate that addresses what it says supporters of a fracing ban won’t discuss – its cost to America. ...

Cyberattack targets oil infrastructure, shuttering facility for two days

A recent ransomware attack caused a U.S. natural gas compressor facility to shut for two days, the latest in a string of attacks targeting the country’s energy infrastructure over the past few years. ...

Siemens lands compressor contract for Venture Global in Louisiana

The new LNG export facility, Calcasieu Pass, is expected to produce 10 MTPA of clean liquefied natural gas that will be exported to global markets. ...

IntelliView introduces automated methane leak detection system

The fixed-format optical gas imaging (OGI) camera is first to integrate the GF77a Gas Find IR, FLIR System’s first uncooled infrared sensor spectrally filtered to visualize methane, sulfur dioxide and nitrous oxide in any lighting condition. ...

Neodrill targets drift-off, reducing idle offshore rig time by several days

Neodrill has launched its new Wellhead Saver System, to directly address the industry challenge of drift-off during offshore drilling. ...

Shell projects bright future for LNG beyond short-term pricing challenges

Global demand for LNG grew by 12.5% to 359 million tons in 2019, according to Shell’s latest annual LNG Outlook, bolstering LNG’s growing role in the transition to a lower-carbon energy system. ...

Maduro declares “energy emergency”, shakes up PDVSA leadership

Venezuela’s President Nicolas Maduro declared an “energy emergency” as he announced a commission to revamp state oil company Petroleos de Venezuela SA, redoubling efforts to shore up the nation’s crumbling oil industry. ...

Mexico to continue world’s largest oil hedge for 2021

Mexico plans to lock in prices for the country’s crude output for next year, continuing the world’s largest sovereign oil hedge, Finance Minister Arturo Herrera said. ...

Texas regulator says stricter flaring rules would increase global CO₂ levels

Texas Railroad Commissioner Ryan Sitton recommends a new methodology for measuring gas flaring, saying that acting based on current measurements would only increase greenhouse gas emissions worldwide. ...

Saudi energy minister likens impact of coronavirus to a ‘house on fire’

Saudi Arabia gave the clearest signal yet of its concerns about the impact of the coronavirus on oil markets, comparing the situation to a blaze that needs the fire brigade. ...

Siemens wins modernization contract for Middle East jackup

Siemens was awarded a contract by Arabian Drilling Company to modernize a complete and integrated drilling-drives lineup, including auxiliaries and controls, that will be installed on an offshore jackup drilling rig for a customer in the Middle East. ...

Accenture says cybersecurity is upstream’s top digital focus, but scaling is a challenge

Cybersecurity is a top focus of upstream's digital investments, yet companies are struggling to scale digital technologies and unlock additional value, according to a report from Accenture. ...

Neptune announces first gas from Dutch North Sea well

Neptune Energy announced first gas from the new L5a-D4 well in the deepest producing gas field of the Dutch North Sea. ...

Sparrows Group’s cranes to support Qatargas’ North Field expansion

The project, awarded through engineering firm McDermott International, will see the firm deliver two of its EC750 cranes for installation on wellhead platforms, as well as an EC1000 crane for a riser platform. ...

Oil reaches two-week high on hope for Chinese demand revival

Crude is being supported along with equities by signs that China, the world’s biggest oil importer, is considering steps to shore up its economy, such as direct cash infusions and mergers to revive its airline industry. ...

U.S. sanctions on Rosneft crimp Venezuela’s main source of cash

Rosneft Trading, the main exporter of Venezuelan crude, was targeted by the U.S. for helping to sell the commodity that bankrolls Maduro. ...

Geoprovider rolls out Western Barents Sea multi-client 3D data

The reprocessed broadband data covers 900 km² of the Veslemøy High and reveals a working petroleum system and interesting prospects related to the 340 km² megaclosure. ...

U.S. sanctions Russian producer over links to PDVSA

The U.S. sanctioned a unit of Russia’s largest oil producer Rosneft PJSC for maintaining ties with Venezuela’s Nicolas Maduro and state-run oil company PDVSA. ...

CGG officially exits the seismic acquisition business

CGG has completed the wind-down and exit from its land seismic data acquisition business after completing its last land seismic acquisition contract in Tunisia. ...

Oil’s five day rally ends, revealing longer-term price weakness

Citigroup Inc. said that markets are overconfident in expecting a v-shaped recovery and oil prices are likely to remain weak during the first half of the year. ...

Shell, Subsea 7 ink five-year digital transformation program

The agreement will help fast-track innovation and streamline the adoption of applied technologies in areas such as marine robotics, advanced sensing, artificial intelligence and autonomous systems to address the industry’s challenges to improve safety, cost-efficiency and sustainability. ...

ADNOC awards Petrofac $1.65B Dalma Gas Development contract

Petrofac Emirates has been awarded two contracts, together worth around US$1.65 billion with Abu Dhabi National Oil Company in the United Arab Emirates. ...

Vessel option emerges to complete sanctioned Nord Stream 2 pipeline

A Russian pipe-laying vessel is on the move in the Far East, feeding speculation that Gazprom PJSC will work out a way to circumvent U.S. sanctions and complete a controversial natural gas link. ...

Low gas prices dampen appeal of wind and solar as energy alternatives

Cheap natural gas is making it tough for states, cities and utilities to achieve their goals of being zero-carbon in power production by 2050 or earlier. ...

Europe’s bearish natural gas market searches for a bottom

As natural gas prices across the Atlantic are flirting with their lowest level in more than two decades, European energy traders this week struck a very bearish tone at a giant industry event in Germany’s industrial heartland. ...

Halliburton rolls out real-time frac performance monitoring system

The SPIDRlive retriever combines quartz-based hardware and proprietary modeling software to capture high-resolution, high-accuracy and high-frequency data from the wellhead without running downhole equipment. ...

Climate protestors target world’s biggest independent oil traders

Scores of climate change protesters from a Swiss branch of the Extinction Rebellion campaign group staged protests against commodity houses in Geneva, occupying the office of Vitol Group, the biggest independent oil trader. ...

Chevron Technology Ventures invests in modular CO₂ capture system

Carbon Clean Solutions Limited has completed an equity investment of $16 million from three global investors, WAVE Equity Partners, Chevron Technology Ventures, and Marubeni Corporation. ...

Oil short-selling fueled by coronavirus slows

With the market less panicky, hedge funds kept their bets against West Texas Intermediate crude little changed in the week ended Feb. 11, data released Friday showed ...

U.S. says sanctions mean Russia can’t finish Nord Stream 2 pipeline

Asked about Russian efforts to circumvent U.S. sanctions on the pipeline by completing it on its own, U.S. Energy Secretary Dan Brouillette said “they can’t” -- and dismissed claims that project owner Gazprom PJSC will face only a short delay. ...

Ghana approves Tullow gas-flaring request to support offshore development

Ghana’s agreement with Tullow entitles the West African nation to free deliveries of gas that the company extracts with crude from its fields. ...

Russia-Belarus oil dispute begins to threaten supplies to Europe

The warning comes amid a pricing disagreement between the two former Soviet republics, with Russian producers curtailing crude supply to the neighboring country this year. ...

Oil too cheap to ignore sends Chinese refiners on buying spree

The spree is probably a sign that independent refiners are getting ready for an eventual rebound in demand, taking advantage of the slump in crude prices to buy cheaply. ...

Is there a bottom for Europe’s plunging natural gas market?

The global glut of the fuel has seen prices plunge in the U.S., Europe and Asia as a wave of liquefied natural gas hits the market. Associated gas from oil fields in North America also boosted supplies at a time when demand growth is under threat from a slowing global economy and the coronavirus. ...

Oil rallies for a fourth day as virus fears ease

Chinese refiners have used oil’s earlier drop to snap up cheap cargoes, taking many traders by surprise. ...

Petrofac hands over BorWin3 offshore wind grid connection project to TenneT

The 900 MW project converts three-phase electric power generated by offshore wind farms into direct current and transmits it 160 kilometers to shore into the German national grid, from where it will now supply more than one million of the country’s households with clean electricity from wind power. ...

Putin keeps OPEC+ waiting for decision on output cuts

President Vladimir Putin, who plays a decisive role in OPEC+ oil policy, hasn’t yet decided whether Russia will support the group’s proposal for deeper production cuts. ...

Rail trouble strikes Canada’s oil patch with disrupted shipments

Canadian oil shipments are getting snarled once again as protesters block train lines in the latest setback to the nation’s rail-dependent crude industry that was struck by a blazing derailment just last week. ...

Global oil demand expected to drop for the first time in a decade

Global oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency said. ...

Global oil demand will drop for the first time in a decade

Global oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency said. ...

BP expands carbon capture capabilities to meet 2050 climate goals

BP is expanding its team working on carbon capture and storage projects as part of its ambition to zero out net greenhouse-gas emissions by 2050. ...

Saudis, Kuwait agree to restart jointly-held Wafra field on Sunday

Saudi Arabia and Kuwait authorized the restart of oil production at the Wafra field from Sunday, more than four years after they halted output at the shared deposit. ...

Total signs five-year processing center contract with CGG

CGG's Geoscience division has been awarded a contract renewal by Total, for the continued operation of its Dedicated Processing Center in Pau, France. ...

Ashtead Technology supports Northern Lights carbon capture project offshore Norway

Developed by Equinor in partnership with Shell and Total, the Northern Lights project aims to securely collect and transmit CO₂ from onshore sources and store it under the seabed. ...

BP’s carbon-neutral pledge puts pressure on Exxon, Chevron

BP’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more. ...

Russia’s top oil producers support further OPEC+ cuts

Russia’s key oil producers voiced support for the idea of extending OPEC+ output cuts into the second quarter, as the global oil market awaits a definitive response to the coronavirus outbreak. ...

New GOP climate plan focuses on innovation, conservation

House Republicans will begin revealing on Wednesday their plan to combat climate change that comports with conservative principles of less regulation and increased domestic energy development. ...

Oil prices climb despite increasing U.S. stockpile volumes

Oil held above $51 a barrel as investors shrugged off a government report showing U.S. crude stockpiles rose for the third straight week. ...

CGG, Fairfield team up on new Permian multi-client seismic program

The new wide-azimuth datasets will provide a better understanding of the structural complexity of the transition between the Central Basin Platform and surrounding basins to enhance industry drilling efforts. ...

OPEC cuts forecast as virus dents China’s oil demand

The cartel reduced projections for demand growth in the first quarter by 440,000 barrels a day, or about a third, in its monthly report. ...

Noble Energy targets U.S. onshore growth in 2020 capital budget

Noble Energy says it will take advantage of offshore cash flow to focus on drilling in the DJ and Delaware basins in the U.S. ...

BP’s new CEO plans for net-zero carbon emissions by 2050

London-based BP became the latest fossil fuel giant to set out an ambitious, yet rather distant, target for curbing emissions of planet-warming gases. ...

India taking up the slack as China cancels oil deliveries

Distressed oil supplies are being offered to India as the spread of the coronavirus crimps fuel consumption across China, prompting requests for cargo deferrals and cancellations by Asia’s no. 1 importer. ...

UN continues efforts to solve Libya’s export-halting political crisis

Libyan economic experts will study the distribution of crucial oil revenue as efforts continue to solve the war-ravaged OPEC member’s political crisis, the United Nations said. ...

IDEX acquires Flow Management Devices LLC in all-cash deal

IDEX Corporation has entered into a definitive agreement to acquire Flow Management Devices, LLC, a privately-held provider of flow measurement systems that ensure custody transfer accuracy in the oil and gas industry, for cash consideration of $125 million, before closing adjustments. ...

Daily Brief podcast, Tuesday, February 11th

In today's episode, we look at what the coronavirus is doing to Chinese gas demand, and the rare steps China is taking in response; gas prices in teh U.S. fall to a four-year low; and oil holds around $50 in spite of OPEC's inaction. ...

Oil price gains hold while Russia keeps OPEC+ waiting on output cut

Oil advanced from a one-year low even as Russia kept OPEC+ waiting on a decision about whether to cut production in response to the coronavirus outbreak. ...

BP awards Oceaneering two light well intervention projects offshore Angola

BP has awarded Oceaneering a contract to provide comprehensive riserless light well intervention services offshore Angola in Blocks 18 and 31. ...

Natural gas hits four-year low on ‘epic’ U.S. demand failure

Natural gas futures sank to a four-year low as the latest U.S. forecasts all but eliminated bulls’ hopes for a late-winter cold push. ...

Chevron’s Venezuela output jumps as U.S. considers more sanctions

Chevron has ramped up output at a key Venezuela oil project to levels not seen in almost a year, offering a thorny reminder of how U.S. sanctions are failing to deliver a knockout of Nicolas Maduro’s regime. ...

Chevron selects Sea Swift platform for Lifua-A field offshore Angola

Sea Swift was chosen for its modular design to minimize build and implementation time and for the ability to fabricate the platform locally in Cabinda, Angola. ...

Texas energy regulator prepares first-of-its-kind report on flaring trends

The report will showcase flaring trends, its proportion to surging oil production and potentially a list of the best and worst operators, said Ryan Sitton, a member of the Texas Railroad Commission. ...

Traders consider oil storage at sea as virus slows demand

Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China. ...

Trump proposes selling oil from strategic reserve to fund budget plan

President Donald Trump has proposed selling 15 million barrels of oil from the U.S. emergency stockpile as part of his fiscal 2021 budget plan. ...

Daily Brief podcast, Monday, February 10th

At Baker Hughes' 2020 Annual Meeting in Italy, we spoke with Chuck Chauviere, the company's Vice President of Subsea Drilling Systems, about how new technologies are driving predictivity into offshore drilling, and helping to build the baseline of reliability and certainty that operators demand. ...

UN-backed peace talks hope to restore Libya’s stalled oil output

The two-day meeting in Cairo is being closely monitored for any sign of a deal to restore output in the North African nation after supporters of eastern commander Khalifa Haftar forced ports to close mid-January, driving production to its lowest since 2011. ...

Wärtsilä, DNV GL to collaborate in accelerating marine sector’s digital transformation

The project will examine the application of digital technologies in areas such as autonomous ships, advanced remote services, new bridge technologies, and data sharing. ...

Oil hovering around $50 isn’t enough to spur OPEC to action

Oil held near $50/bbl in New York on signs that OPEC and its allies probably won’t go ahead with a much-touted emergency meeting, even as a global oversupply piles up. ...

BJ Services commences field trials for natural gas fueled fracturing technology

BJ Services has reached a key milestone with the advancement of field trials for its next-generation fracturing pump platform, the TITAN—the backbone of the Company’s next-generation fleet. ...

Cost of Trudeau’s pipeline wager balloons 70% to $9.5 billion

The cost to build Justin Trudeau’s pet oil-pipeline project just got a few billion dollars more expensive. ...

PetroChina tells its expats to buy medical supplies and ship them to Beijing

In a sign of how desperate shortages may be getting, companies from PetroChina Co. to Geely Automobile Holdings Ltd. are scouring the world for medical supplies to send back home. ...

Total profit beats estimates on rising output

Total SA’s fourth-quarter profit beat even the highest estimate as record production offset the impact of slumping natural gas prices and strikes at its French oil refineries. ...

AVEVA unveils operations portfolio to deliver increased connectivity, interoperability

AVEVA today unveiled its latest Operations portfolio delivering a new level of technology and commercial flexibility. ...

Energy Capital pauses pipeline deals on widening shale despair

Energy Capital Partners LLC is pausing new pipeline deals, according to people familiar with the matter, as the accelerating downturn in shale prompts investors to seek returns elsewhere. ...

GEODynamics introduces new firing solution for high speed frac completions

A complete firing solution using the latest technology in switch design and flexibility, integrated with one of the most advanced and intuitive shooting panel and surface testers on the market. ...

Oil heads for fifth weekly loss as demand concerns dominate

Oil headed for a fifth weekly loss as demand concerns grow in Asia and Europe, while OPEC+ awaited Russia’s response to its proposal to cut output further. ...

Shell, Total reject China’s force majeure on LNG shipments

Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets. ...

Canada’s biggest oil trade show reinvents itself amid new energy landscape

Every year, the Global Energy Show brings together more than 50,000 industry professionals, government officials and companies to have forward-thinking conversations about creating a prosperous and sustainable future for upcoming generations. ...

U.S. mulls sanctioning Rosneft over Maduro ties, but is wary of market chaos

The U.S. is weighing whether to sanction Russia’s biggest oil producer, Rosneft PJSC, for maintaining ties with Venezuela’s Nicolas Maduro, though American officials are wary that the move could cause chaos in global oil markets, according to people familiar with the matter. ...

Chevron to evaluate CO₂ capture technologies for California facility

The pre-FEED study will evaluate the feasibility and design of a 10,000 ton per year carbon capture unit from Svante Inc., and is expected to be complete in the first half of 2020. ...

Tullow to slash jobs, close offices after poor Africa and Guyana results

Tullow Oil will reduce its headcount in Kenya by about 40% as part of a company-wide restructuring following poor performances at its Africa and Guyana operations. ...

UAE finds 80 tcf gas field, the world’s biggest since 2005

Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates aim to push the country to energy self-sufficiency. ...

Oil price recovery stalls as Russia dithers on output cuts

Oil pared gains as an OPEC+ committee agreed on a required level of output cuts, but didn’t reach a decision on an emergency meeting as Russia resisted. ...

CNOOC refuses LNG cargoes, declaring force majeure over coronavirus

In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus is constraining its ability to import the fuel. ...

Following Repsol’s lead, Equinor includes end use in its climate goals

The move, which Equinor had initially resisted, is another illustration of the tremendous pressure building against the oil industry to act on climate change, including from a growing proportion of major investors. ...

Guyana slams activist group’s “cunning and calculated attack” on Exxon deal

Guyana vigorously defended its oil contract with ExxonMobil after the deal was criticized by human-rights group Global Witness just a month before the country holds a general election. ...

Oil snaps a five-day losing streak on possible OPEC+ cuts

Oil reversed five days of losses as the potential for an OPEC+ production cut overshadowed an uptick in U.S. crude inventories. ...

Stress Engineering Services, Optimum Program form RiGUARD JV

Stress Engineering Services, Inc., (SES) the global leader in consulting engineering services and solutions,has entered into an agreement with Optimum Program Ltd, an internationally recognized provider of inspection services, digital data, knowledge and process solutions, to form the RiGUARD joint venture. ...

Emerald Bay Energy spuds well in Duval County

Emerald Bay Energy Inc. reported today that the Company has spudded the fifth well, #4HC, on the Duval County Ranch Company (DCRC) "E" lease. ...

Trendsetter enhances intervention capability with new system

As part of their continued focus on subsea well intervention, Trendsetter is pleased to announce that they have expanded their systems inventory in response to market demand to include a second Subsea Tree Injection Manifold (STIM). ...

Equinor awards subsea integration alliance integrated FEED contract for Bacalhau field

Schlumberger announced today an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED) on its Bacalhau (formerly Carcará) project offshore Brazil. ...

Virus has U.S. exporters facing risk of production cuts

Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. ...

Coronavirus impedes Alberta’s drive to reach oil markets in Asia

The coronavirus is hampering the Canadian oil industry’s efforts to build relations with crude buyers in Asia. ...

Driving efficiencies and value creation via electrification of subsea systems

Adoption of electrically-operated subsea production architecture not only improves return on investment, but it helps operators get closer to their net-zero carbon goals as well. ...

Increasing drilling efficiency with a bit that adjusts on the fly

When drilling in conglomerates, stick slip is a common problem that hinders ROP. A bit that can change its depth of cut based on downhole conditions reduces shock loads that can damage both the bit and the bottomhole assembly, while also increasing drilling efficiency. ...

Reducing greenhouse gas emissions through automated flaring

Gas flaring at refineries and other facilities is a delicate balance between volumes of flare gas, the steam that propels it, and natural gas that helps it burn. Getting the mixture wrong can result in hundreds of millions of dollars in fines. ...

Shell: Customers will drive energy transition

Technology can empower end-users to determine their carbon emissions and influence the pace of climate change, says the oil and gas major. ...

Introducing predictivity into offshore drilling operations

Integrating people, processes, and technologies is a complex challenge in modern offshore drilling operations. From and operator’s standpoint, finding a baseline of reliability and certainty to minimize rig downtime is the primary goal. ...

Cost control and regulatory flexibility could spur deepwater revival

The decline in investment post-2014 could be arrested if processes are standardized and regulators become more responsive to industry concerns. ...

Oil sellers try to find alternative buyers for China-bound crude

Oil sellers are looking for alternative buyers in Asia for prompt cargoes as Chinese demand dries up because of the coronavirus and some customers ask to defer purchases. ...

EU to sanction Turkish nationals over gas drilling off Cyprus

European Union diplomats agreed to impose travel bans on two Turkish nationals and freeze their assets in retaliation for Ankara’s gas prospecting in disputed waters near Cyprus, two officials familiar with the matter said. ...

Citi sees coronavirus impacting oil prices until Q4

Citigroup Inc. slashed its price forecasts for commodities from oil to copper and iron ore as it said the impact of the coronavirus looks much worse than it initially thought. ...

Oil crests $50/bbl before OPEC+ meets to assess demand

Oil traded back above $50 a barrel before OPEC and its allies gather Tuesday for an urgent meeting to assess the impact of the coronavirus on global demand. ...

Oil tumbles below $50/bbl with virus sapping Chinese demand

Oil fell below $50/bbl for the first time in more than a year as China’s oil consumption was said to plunge by 20% amid the spread of coronavirus, threatening what could be the largest demand shock since the since the global financial crisis. ...

UAE finds world’s biggest gas field since 2005

Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates aim to push the country to energy self sufficiency. ...

Decarbonization of oil and gas is as much about perception as performance

In an industry that faces continuous scrutiny of its environmental policies, the need to be seen as a proactive leader in carbon reduction is as important, if not more so, than achieving climate-change targets. ...

U.S. crude oil and natural gas production increased in 2018, with 10% fewer wells

In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014. This increase in production, despite the decline in the number of wells, reflects advances in technology and drilling techniques. ...

Defining the oilfield service sector’s role in meeting CO₂ goals

As operators worldwide set ambitious net-zero-emissions goals, oilfield service companies have an opportunity to both play a key role in meeting these targets, and take a leadership position in shaping the path of the coming energy transition. ...

A tale of two oil giants, with two strategies that aren’t working

Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil and Chevron are taking increasingly diverging approaches as they try to weather the storm. The problem is, neither strategy is working right now. ...

Oil off to slowest start since 1991 with virus fear spreading

Oil is off to the worst start to a year since 1991, tumbling 16% in January on concern that the spread of coronavirus will curb demand for transportation fuels. ...