Venezuelan oil official flees to U.S. with intel on Maduro’s inner circle

A former Venezuelan oil official fled the country and is talking to U.S. authorities about aiding their investigation of a high-level corruption scheme that helped plunge the oil-rich nation into an economic meltdown. ...

Siemens Energy and Kineticor advance Canada’s decarbonization efforts

Siemens Energy has been selected to provide its highly efficient gas turbine technology and long-term services to the planned 900 MW Cascade Power Plant in Alberta, Canada. The project supports the decarbonization of Alberta's power supply by switching from coal to natural gas. ...

Oil crests $43 on continued Chinese recovery and bullish analyst reports

Oil rose above $43 a barrel in New York to its highest closing level since early March amid a broader rally in equities and as China’s economic recovery continued. ...

Maersk Drilling secures 20-month extension for jack-up rig Maersk Convincer in Brunei Darussalam

The contract extension has an expected duration of 602 days and will commence in May 2021 in direct continuation of the rig’s current work scope, which means that Maersk Convincer is now contracted by BSP until the end of 2022. ...

Ocean Installer and Vard team up to develop offshore wind installation vessels

“We will jointly be developing one of the world's most advanced vessels for installation of future offshore wind turbines, which are too large for the existing turbine installation fleet,” says Erik Haakonsholm, General Manager of Vard Group Offshore and Specialized Vessels. ...

Aramco discovers two new oil and gas fields in northern Saudi Arabia

Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman. ...

Siemens to explore leveraging wind power for hydrogen production

The company, which earlier this year launched the world’s biggest wind turbine, plans to start a pilot project in Denmark to test how its machines could power production of the fuel seen as key to eliminating carbon emissions from transportation and heavy industries. ...

Siemens to explore leveraging wind power for hydrogen production

The company, which earlier this year launched the world’s biggest wind turbine, plans to start a pilot project in Denmark to test how its machines could power production of the fuel seen as key to eliminating carbon emissions from transportation and heavy industries. ...

Are oil prices stable enough to support a U.S. shale drilling recovery?

World Oil editors discuss how recent land drilling activity, and the oil price's resilience to external factors suggest that pieces may be coming into place to support the start of a U.S. shale recovery. ...

Oil prices hover at $43 as Gulf Coast hurricane recovery begins

Oil edged lower with U.S. Gulf Coast facilities shifting to recovery mode after Hurricane Laura and traders turning their attention to viral flare-ups dimming the prospects for a recovery in global fuel demand. ...

Equinor performs world’s first offshore logistics operation via drone

“Development is rapid, and we see a huge potential within drone technology that could transform the way we operate, both under and above the sea surface. Equinor aims to lead the way in utilizing new technology on the Norwegian continental shelf,” says Arne Sigve Nylund, Equinor’s executive vice president for Development and Production Norway. ...

API signs MOU with Brazilian technological, certification and standardization group

API signed a Memorandum of Understanding (MOU) with the Brazilian technological, certification and standardization group, ABENDI, to collaborate on industry standardization with the goal of enhancing safety, environmental protection and sustainability. ...

Texas oil regulator stands by to assist with Laura-related leaks or spills

Inspectors are ready to respond to reports of leaks or spills or other issues in oil and gas operations, pipelines, natural gas utilities, liquified petroleum gas (LP-gas), and coal and uranium surface mining operations. ...

Schlumberger New Energy and Thermal Energy Partners form geothermal development company STEP Energy

STEP Energy will combine Schlumberger’s subsurface and drilling expertise with Thermal Energy Partners’ experience in project development and risk mitigation to advance geothermal power projects. ...

U.S. LNG exporters prepare to survey Hurricane Laura’s damage

Along with millions of Americans, much of the Gulf Coast’s energy infrastructure is at risk from Hurricane Laura’s “unsurvivable storm surge” that could inflict more than $15 billion in insured losses. ...

CGG adds second azimuth to Northern Viking Graben multi-client survey

CGG announced the commencement of a new multi-client 3D survey in the Northern North Sea. The survey will provide a second azimuth over CGG’s existing Northern Viking Graben (NVG) multi-client 3D survey and extend into open acreage on offer in the UK 32nd License Round. ...

Kongsberg and ABB announce digitalization collaboration on edge data collection

Kongsberg Digital and ABB Turbocharging have signed a cooperation agreement on edge data collection and ship engine performance analysis. The companies will work towards a common data infrastructure and accelerate the development of value-added digital applications and services. ...

Aveva expands cloud-based collaboration and decision-making capabilities

AVEVA unveiled ‘Cloud-First’, a key component of its long-term software portfolio strategy to focus on providing core services in the cloud to ensure high uptime and availability, user management and the flexibility to try new solutions. ...

Blackstone earns billions on Cheniere LNG stake sale

The firm’s private equity business is unloading its stake of just over 40% of Cheniere Energy Partners LP to Brookfield Asset Management Inc. and its own affiliated infrastructure group, according to a filing Monday. ...

Oil edges lower as Hurricane Laura threatens Gulf refinery capacity

Oil edged lower from a five-month high as Hurricane Laura bore down on key refining facilities on the U.S. Gulf Coast, with forecasts saying it will strengthen rapidly into a “potentially catastrophic” Category 4 storm. ...

Laura to strike U.S. oil and gas infrastructure as “potentially catastrophic” Cat 4 hurricane

The tropical threat has prompted more than 84% of oil output and nearly 61% of natural gas production in the Gulf of Mexico to be shut, according to the Interior Department’s Bureau of Safety and Environmental Enforcement. ...

Germany pushes for talks to de-escalate Greece and Turkey’s energy battle

German Foreign Minister Heiko Maas urged Greece and Turkey to restart talks over their competing claims to economic sovereignty in contested waters of the eastern Mediterranean as he visits the NATO allies on Tuesday. ...

LNG won’t see a Chinese buying spree this winter

China will likely pull back on spot purchases of liquefied natural gas before the peak demand season as a flurry of earlier bargain buying nearly maxed out storage space. ...

Category 3 hurricane Laura targets U.S. energy infrastructure

Laura’s winds will likely peak at 115 miles (185 kilometers) per hour as it comes ashore early Thursday, the National Hurricane Center said. Laura has disrupted offshore oil and natural gas production, shuttered refineries and export terminals and prompted mandatory evacuations. ...

Exxon Mobil exits exclusive Dow Jones Industrial Average club as focus shifts to tech firms

The latest reshuffling is testament to the ascent of technology companies, a trend amplified by this year’s Covid 19 lockdowns. While the Dow average is still 4.2% off its February record, the tech-heavy Nasdaq 100 is almost 20% above the pre-pandemic all-time high. ...

Plan to drill in Alaska’s wildlife refuge meets first legal challenge

Environmentalists and Alaska natives are challenging the Trump administration’s decision to sell drilling rights in the Arctic National Wildlife Refuge, arguing the government gave short shrift to the impact on polar bears and the region’s other wildlife. ...

Aramco sharpens focus on its portfolio with new management structure

The Saudi state energy company appointed Senior Vice President Abdulaziz Al Gudaimi to lead a new team that will “assess existing assets” and boost access to “growth markets,” it said Sunday in a statement. He will report to Chief Executive Officer Amin Nasser and start in his new role on Sept. 13. ...

Energean successfully completes Installation of Energean Power FPSO suction anchors at the Karish Field Development

In fewer than 3 weeks, 13 piles of 7.5m diameter, 19m height, and weighing 176 tons each plus one pile of 9m diameter, 17m height, and weighing 233 tons have been installed on the seabed, in water depths ranging from 1,695m to 1,763m. ...

Oil prices climb as two hurricanes shutter U.S. offshore production

Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday Sunday. The storms Marco and Laura -- the latter of which is forecast to become a hurricane -- are coming from different directions and have the potential to cause billions of dollars in damage. ...

Weir Oil and Gas signs strategic services contract in UAE

Weir Oil and Gas Dubai has signed a three-year agreement for servicing and repairing pumps and motors with a national oil company in the UAE. The contract secures the provision of Weir Oil and Gas Rotating Equipment services, machine shop services, emergency manufacturing and site works. ...

Libya calls for cease-fire following a failed rebel assault on Tripoli

Haftar, aided by Russian mercenaries, the United Arab Emirates and Egypt, had led a failed offensive to capture the capital, Tripoli, from the internationally recognized government. A Turkish military intervention helped rout his self-styled Libyan National Army earlier this year, and Haftar’s forces fell back to Sirte, the gateway to key oil assets. ...

Turkey’s Black Sea find shapes its potential role as an energy producer

“Turkey is a premium gas market, which has never been significant on a global scale. The discovery really reinforces the country’s potential role as an energy producer in the region,” said Ashley Sherman, principal analyst on Caspian and Europe upstream at Wood Mackenzie. ...

Climbing U.S. rig count lends credence to Halliburton’s recovery projections

Drillers in the Permian basin of West Texas and New Mexico led the rest of the nation in expanding the rig count. With crude stabilizing above $40 a barrel, the total number of active U.S. oil rigs rose by 11 to 183 this week, according to Baker Hughes Co. data released Friday. ...

Turkey announces historic Black Sea natural gas find

Turkey bought three drilling ships in recent years as it dramatically expanded energy exploration in the Black Sea and contested waters of the eastern Mediterranean. It’s keen to find sizable energy reserves to ease its heavy reliance on imports from Iran, Iraq and Russia, and support one of the biggest economies in the Middle East. ...

China charters 19 tankers for record U.S. crude oil shipment

Chinese crude buyers have chartered about 19 tankers for September to send roughly 37 million barrels of oil to China, according to provisional tanker fixtures. If these proceed as planned, the exports would surpass a record set in May at 35.2 million barrels, according to U.S. Census data compiled by Bloomberg. ...

On-call logistics experts keep oil and gas companies moving through the downturn

Oil and gas companies adapting to new economic realities are finding success by outsourcing logistics support roles that were previously handled by full time, in house teams. Shifting to an on-call structure ensures expert support scaled to the company’s needs, while closely managing costs. ...

Oil falls below $43 on challenged demand recovery

Europe’s economy unexpectedly lost momentum this month, causing concerns over energy consumption and showcasing the challenge to growth. The region is battling to control a new spike in virus cases while trying to avoid renewed lockdowns. ...

API polling in Pennsylvania, Ohio shows strong oil and gas industry support

With the first of two party conventions underway this week, API Pennsylvania released new polling conducted by Morning Consult showing voters value American energy security and affordability and believe it is important for the U.S. not to rely on foreign energy sources. ...

API polling in Pennsylvania, Ohio show strong oil and gas industry support

With the first of two party conventions underway this week, API Pennsylvania released new polling conducted by Morning Consult showing voters value American energy security and affordability and believe it is important for the U.S. not to rely on foreign energy sources. ...

Tenaris wins intellectual property lawsuit against OFS International

The order prohibits OFSi from developing new connections using Tenaris’s confidential information and requires OFSi to return or destroy all stolen information in its possession. ...

Serva Group acquires Permian manufacturer ValTek Industries

Serva Group announced the acquisition of ValTek Industries, a Permian-based manufacturer of hydraulic fracturing pumps and pump parts, including high pressure pumps, fluid ends, power ends, and expendable parts such as valves and seats for the oil and gas industry. ...

Democrats cut fossil-fuel promises from party platform in snub to climate activists

In the weeks before the convention, delegates approved a draft of the party platform which included an amendment stating that “Democrats support eliminating tax breaks and subsidies for fossil fuels.” By the time final draft was officially passed on night one of the convention, that language had disappeared. ...

Shell in talks to sell Gasnor as part of asset reduction plan

A potential sale comes at a time when Shell, like many of its peers, is looking for ways to transition to low-carbon energy. A string of divestments in countries including Argentina, Canada and the UK helped it cut greenhouse gas emissions in 2019, according to a report from the company. ...

Chevron Technology Ventures is the first named tenant of Houston's Ion innovation hub

The Ion, formerly the Sears Building in mid-town, will anchor the 16-acre Innovation District with the goal to become the epicenter for Houston’s innovation ecosystem focusing on quality collaborations among entrepreneurs, incubators, accelerators, corporations and the academic community. ...

Valaris, world’s largest offshore rig owner, declares bankruptcy

“The substantial downturn in the energy sector, exacerbated by the Covid-19 pandemic, requires that we take this step to create a stronger company able to adapt to the prolonged contraction in the industry,” Valaris CEO Tom Burke said in a statement. ...

OPEC+ leaders push to maintain production cuts as oil recovery slows

Saudi Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak hailed the rebound in oil prices and demand, but repeatedly urged their allies in a video conference on Wednesday not to ease off their output curbs. ...

High costs, low oil prices increasing financial risks for deepwater drillers

Firms including Transocean, Seadrill and Pacific Drilling are exploring strategic options as they seek to stave off default, leaving more than $30 billion of debt at risk. The industry’s turmoil has sparked the biggest wave of restructurings since 2017, when the effects of the last oil price downturn reverberated through the industry. ...

U.S. considers expanding Venezuelan oil sanctions

The measures could target crude swaps with companies in Asia and Europe, according to people familiar with the matter. U.S. officials have debated the move for months, yet they initially prioritized actions against Iran, which began exporting gasoline to fuel-starved Venezuela. ...

Neptune Energy and Eserv partner for digitization of Cygnus platform

Neptune Energy announced a new partnership with 3D technology specialist, Eserv, as part of the ongoing digitalization of Neptune’s assets including its operated Cygnus gas platform in the UK southern North Sea. ...

Siemens Energy launches its first megawatt green hydrogen production project in China

"Promoting the application and development of renewable hydrogen is of great significance for China to build a modern and cleaner energy system,” said Christian Bruch, CEO of Siemens Energy. “Together with our partner SPIC, we are making an important contribution to tackling climate change and reducing carbon emissions.” ...

Tehran confirms tankers seized by U.S. were en route to Venezuela

Four tankers whose cargoes were seized by the U.S. over the past month were heading to Venezuela with gasoline loaded in Iran, according to Iranian Oil Minister Bijan Namdar Zanganeh. ...

Turkey stokes EU tensions with exploration activity off Cyprus

Ankara resumed its search of the contested waters last week after German-mediated negotiations with Greece collapsed when Athens announced a maritime delimitation agreement with Egypt on Aug. 6 in retaliation to a similar deal between Turkey and Libya. ...

Chevron to explore Iraq’s Nasiriyah province under new MOU

While any production would likely be years away, the California-based oil major is looking to use this year’s crude price crash to gain access to quality reserves cheaply, while European rivals are focusing on a transition to low-carbon energy sources and Exxon Mobil Corp. is reining in spending. ...

China buys millions of barrels of U.S. oil to comply with trade deal

As much as 14 million barrels -- or seven super-class tankers full -- of U.S. oil will be loaded next month for delivery to China, according to estimates by Vortexa Ltd. based on provisional tanker bookings. If all those shipments make the trip that will be more than double the volumes set for August. ...

API endorses Arctic National Wildlife Reserve oil and gas exploration

“Today’s announcement brings us one step closer to unlocking Alaska’s energy potential, which will create good-paying jobs and provide a new revenue stream for the state,” API senior vice president of policy, economics and regulatory affairs Frank Macchiarola said. ...

OPEC+ tries to balance market share gains with weak oil demand

The coalition of producers led by Saudi Arabia and Russia is restoring some of the vast quantities of crude halted during the depths of the coronavirus crisis. So far the supply boost hasn’t derailed oil’s fragile recovery, which has seen prices climb to a five-month high. ...

Oil auctions in Alaskan refuge set up a potential post-November clash

The Trump administration on Monday authorized a sweeping plan to sell drilling rights and spur oil development in Alaska’s rugged Arctic refuge, setting up a possible auction by the end of 2020 and a political clash if the president loses the November election. ...

Abu Dhabi merges oilfield services companies into single unit

Abu Dhabi has been merging some companies as it looks to bolster the economy and diversify from hydrocarbon production. Earlier this year, it decided to combine utilities Taqa and ADPower. ...

Shale driller Chapparal Energy files bankruptcy

Chaparral Energy Inc.’s filed for bankruptcy protection for the second time in four years, paving the way for bondholders to take control of the Oklahoma driller in the aftermath of sluggish oil prices. ...

How "lower for longer" has become the new baseline for the oil and gas industry

As forecasts show no near-term end in sight for depressed oil demand, operators are making dramatic adjustment to meet the new oil and gas industry reality. ...

Drilling rig count falls on distant prospects of an oil price recovery

Shale explorers parked more drilling rigs in the U.S. this week as stagnant oil prices push the industry to extend a historic retrenchment. The number of active oil rigs in U.S. fields fell by 4 to 172, according to Baker Hughes Co. data released Friday. ...

Berkshire Hathaway sells its Oxy stake

That Berkshire no longer shows a stake in Occidental, revealed in a regulatory filing Friday, indicates that Buffett has been selling the common stock he received as dividends to reduce his overall exposure to the Houston-based oil producer. ...

Stranded assets force oil companies to ask: Is new exploration worth it?

As the coronavirus ravages economies and cripples demand, European oil majors have made some uncomfortable admissions in recent months: oil and gas worth billions of dollars might never be pumped out of the ground. ...

U.S. conducts largest-ever seizure of Iranian oil

The U.S. seized four tankers carrying Iranian oil bound for Venezuela in violation of sanctions, the Justice Department announced. ...

Major forecasters agree: No oil demand recovery until at least 2022

All three of the world’s main oil forecasting agencies — the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries — published new quarterly forecasts this week and none project oil demand back at 2019 levels by the end of next year. ...

Xodus launches major floating offshore wind study

The study, led by Xodus through the IDCORE program, is a collaborative partnership between the Universities of Edinburgh, Strathclyde and Exeter as well as the Scottish Association for Marine Science. ...

Bleak air travel forecasts lead IEA to lower oil demand projections

The IEA reduced oil demand estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades. Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying, it said in a monthly report. ...

Weatherford, INT expand collaboration to create 2D, 3D real-time well visualization

Weatherford International announced a strengthened collaboration with upstream data visualization provider INT to provide next-level, real-time well visualization in both 2D and 3D. ...

A tough summer for oil-dependent nations may foretell their new normal

The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular. ...

How bad is the shale downturn? Oxy has only one rig drilling the Permian.

“Every step we take and every decision we make is around ensuring that ultimately we get back to a stronger balance sheet and that we’re breakeven at less than $40” a barrel, Hollub said during a call with analysts on Tuesday. ...

Kamala Harris’ frac stance worrisome to shale states, attractive to the left

Less than two hours after Kamala Harris was named Joe Biden’s running mate, President Donald Trump had cast the California Democrat as an oil industry and fracing foe. ...

Saudi Aramco plans a 50% capital spending cut in 2021

Saudi Arabia’s state oil company plans to cut capital expenditure to $25 billion or less next year, about half the amount it was originally planning, according to people familiar with the matter. ...

Southwestern Energy to acquire Montage Resources in all-stock deal

Based on the 3-day average closing share prices of the companies as of August 11, 2020 and under the terms of the agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share. ...

Trump eases methane monitoring rules for oil and gas operators

“There’s this false narrative that controls are going to be coming off and emissions spewing -- and that’s just not correct,” said Howard Feldman, senior counselor of policy, economics and regulatory affairs at the American Petroleum Institute. “Our members are committed to emissions reductions.” ...

Halliburton to auction 13 real estate properties in the U.S. and Canada

Williams and Williams, a leader in global live and interactive real estate auctions announced it will auction surplus real estate assets for Halliburton through live and online auction events Oct 7-9. ...

Oxy decides against selling Algerian assets after government pushback

“It’s not that we gave up on selling Algeria,” Hollub said on a call with analysts. “We believe that those assets there are such high quality, they’re going to be very competitive with our domestic assets. We want to be in Algeria.” ...

Sembcorp Marine to demerger from parent Sembcorp Industries

Shareholders of Sembcorp Marine and Sembcorp Industries (parent company of Sembcorp Marine) have approved the proposed Sembcorp Marine Renounceable Underwritten S$2.1 billion Rights Issue and Demerger from Sembcorp Industries at the companies’ respective Extraordinary General Meetings on Tuesday. ...

OU researcher receives grant to increase geothermal energy production in the United States

“I am very proud to hear that the Department of Energy is equipping and empowering the University of Oklahoma to pursue a groundbreaking project to unleash safe and sustainable energy,” said Congressman Tom Cole. “Widely recognized as a center for scientific excellence and innovation, OU’s contributions will indeed be critical in honing production and refining the use of geothermal energy.” ...

Siemens Energy delivers technology for seventh offshore wind farm connection in the North Sea

Siemens Energy is supplying the high-voltage direct-current (HVDC) power transmission technology for a further offshore connection in the German North Sea. ...

Oxy takes $6.6 billion impairment on reduced-value assets

Occidental Petroleum booked a total impairment of $6.6 billion for the second quarter after the collapse in energy prices reduced the value of several of its assets. ...

Marathon sets up for $1.1 billion tax refund via coronavirus aid law

Marathon Petroleum Corp. is poised to claim a $1.1 billion tax refund due to the coronavirus stimulus law enacted in March. ...

Prumo, bp and Siemens enter into partnership with SPIC on Brazil LNG projects

Under the agreement, SPIC will initially acquire 33% of the GNA I and GNA II LNG-to-power projects, located in Port of Açu, Rio de Janeiro. SPIC has also entered into an agreement to participate in the future expansion projects GNA III and GNA IV, which are expected to be fueled by a combination of LNG and domestic gas from Brazil’s vast pre-salt reserves. ...

Halliburton, Honeywell develop open-architecture oil and gas software

The collaboration will leverage Halliburton Landmark’s DecisionSpace 365 EandP cloud applications and Honeywell Forge, a powerful industrial analytics software solution, to deliver unparalleled insights about oil and gas assets. ...

PESA says oilfield job losses are accelerating, with more likely to come

Roughneck job cuts accelerated in July and the outlook may worsen as new Covid-19 cases stifle economic activity, according to the Petroleum Equipment and Services Association. ...

$3 billion deal for rig-builder Keppel canceled after quarterly loss

Kyanite Investment Holdings, a unit of Singapore state-backed investor Temasek Holdings Pte, scrapped its bid to take control of Keppel Corp. after the oil-rig builder posted a second-quarter loss. ...

Oil climbs on signs of recovery in Asia and increasing air travel

Oil snapped a two-day losing streak on growing signs that consumption in key regions is edging higher. ...

Norway cuts September crude shipments to help limit global supply

While Norway isn’t officially participating in production cuts orchestrated by the Organization of Petroleum Exporting Countries and allied nations, it nonetheless pledged to curb output. ...

Equinor promotes technology chief to CEO to lead clean-energy push

Anders Opedal, 52, will take over in November with a mandate to accelerate Equinor’s transformation into a broader energy company as pressure grows on the industry to act on climate change. ...

Negative impacts of historically low drilling activity reverberate across the oil and gas industry

From bankruptcies and asset fire sales to job losses and record declines in crude production, drilling activity levels not seen since 1940 are affecting every corner of the oil and gas industry. World Oil editors explore this new low-output reality, how companies large and small are maneuvering to survive, and the potential effects of emerging political and grasroots action. ...

Contrary to Greek commitment, Turkey restarts offshore oil exploration

Turkish President Recep Tayyip Erdogan on Friday announced the decision to dispatch a seismic research vessel, after Greece signed a deal with Egypt to draw maritime boundaries between the two countries. ...

OPEC+ pressures Iraq to take deeper cuts as non-compliance continues

Iraq made its strongest commitment yet to implement deep cuts in crude production after the country’s oil minister and his Saudi counterpart held a phone call Thursday. ...

Negative impacts of record-low drilling activity reverberate across the oil and gas industry

From bankruptcies and asset fire sales to job losses and record declines in crude production, drilling activity levels not seen since 1940 are affecting every corner of the oil and gas industry. World Oil editors explore this new low-output reality, how companies large and small are maneuvering to survive, and the potential effects of emerging political and grasroots action. ...

U.S. drilling rig count lowest since 1940 on falling shale exploration

“North American EandPs are in a battle for investment relevance, not a battle for global market share,” Matt Gallagher, chief executive officer at Parsley Energy Inc., told analysts during a conference call this week. “Allocating growth capital into a global market with artificially constrained supply is a trap our industry has fallen into time and time again.” ...

Drilling rig count hits 15-year low on falling shale exploration

“North American EandPs are in a battle for investment relevance, not a battle for global market share,” Matt Gallagher, chief executive officer at Parsley Energy Inc., told analysts during a conference call this week. “Allocating growth capital into a global market with artificially constrained supply is a trap our industry has fallen into time and time again.” ...

Oil slips below $42 on rising U.S. – China tensions

Oil in New York fell as U.S. President Donald Trump’s latest attack on Chinese tech companies stoked tensions between the two countries, weighing on risky assets. ...

Alberta’s oil-based wealth fund misses a $433 billion opportunity

In 1976, Alberta’s government established a special fund to save some of its oil and gas revenue for leaner times when prices dropped or resources ran dry. For decades, royalties poured into Alberta’s coffers, with the gusher accelerating in the boom of the early 2000s as the province developed its vast oil-sands reserves, the world’s third-largest oil resource. But successive governments failed to stick to the savings plan. ...

Petrofac, Storegga team up for UK renewable energy development

Petrofac has signed a Memorandum of Understanding with independent clean energy champion, Storegga Geotechnologies. The agreement builds new energy capability and capacity in the UK and represents a significant strategic step in Petrofac’s continued expansion into new and renewable energy. ...

Australia’s energy future may hinge on Santos’ Narrabri gas project decision

After a decade-long struggle pitting a mix of farmers, grandmothers and activists against oil producers and local and federal governments, a panel will decide by early next month whether to greenlight the A$3.6 billion ($2.6 billion) natural gas project. ...

OGUK supports Energy Integration Project’s low-carbon ambitions

OGUK is also discussing a transformational sector deal with the UK government, which will also set out how the UK’s oil and gas industry will play its part in supporting a green recovery that attracts investment, jobs and supports the supply chain. ...

Exxon warns low oil prices may erase 20% of proved reserve value

If depressed prices persist for the rest of the year, “certain quantities of crude oil, bitumen and natural gas will not qualify as proved reserves at year-end 2020,” the company said in a regulatory filing on Wednesday. ...

Dakota Access Pipeline wins a U.S. appeals court reprieve

Judges said Wednesday that they expect the U.S. Army Corps of Engineers to clarify in front of a federal district court whether the agency thinks the pipeline must shut after a key permit was vacated in July. The decision from the U.S. Court of Appeals for the District of Columbia Circuit buys pipeline operator Energy Transfer LP some time after the July 6 shutdown order rocked the industry. ...

Halliburton introduces Cerebro Force drill bit sensors

Halliburton introduced Cerebro Force in-bit sensors, a first-of-its-kind technology that captures weight, torque and bending measurements directly from the bit to improve understanding of downhole environments, optimize bit design and increase drilling efficiency. ...

Climate activists pressure Biden to take “no holds barred” anti-fossil fuel stance

Climate-change activists are pressuring Joe Biden to distance himself from former Obama administration advisers they view as either too moderate or too cozy with the fossil fuel industry, a sign of disunity on the eve of the Democratic convention. ...

Shale drillers plan for maintenance, not growth, as oil prices stall

The pandemic and subsequent plunge in crude prices has forced U.S. crude explorers to scrap plans to expand supplies amid investor skepticism toward the shale business model. For some of the biggest names, that’s meant vowing restraint as long as oil lingers at levels too low to support a new boom. ...

Texas oil regulators update rules to limit gas flaring

While the amount of gas produced in Texas declined by 13 percent from June 2019 to May 2020, the portion of produced gas that was flared dropped even more sharply by 79% during that same time period. ...

Brent crude tops $46, WTI passes trading milestone on falling stockpiles

Brent futures gained for a fourth day, rising as much as 2.6% to the highest price since March 6. The American Petroleum Institute reported a 8.59 million-barrel drop in crude inventories last week, according to people familiar with the figures. ...

U.S. offshore energy industry releases economic impact study of offshore wind auctions

The United States has an opportunity to accelerate offshore wind energy growth, and benefit from 28 new gigawatts of clean energy and $1.7 billion in U.S. Treasury revenue by 2022, a new study released today from research group Wood Mackenzie finds. ...

Neptune Energy confirms significant discovery at Dugong well

Neptune Energy and its partners today announced the commercial discovery of oil at the Dugong well (PL882) in the Norwegian sector of the North Sea, the largest discovery in Norway so far this year. ...

U.S. crude production dropped a record 2 MMbpd in May

Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day, the largest monthly decrease since at least January 1980, according to the U.S. Energy Information Administration’s (EIA) Monthly Crude Oil and Natural Gas Production Report. ...

Range Resources sells Louisiana shale assets at dime-on-the-dollar valuation

Range Resources Corp. is selling its Louisiana shale fields for about one-10th of what it paid for them just four years ago as depressed natural gas prices hammered the heavily indebted driller. ...

Weak oil outlook propels investor interest in renewable-energy technologies

Even as the pandemic continues to drive down consumer spending and depress oil prices, investors are spending big on clean-tech companies. Shares are now near record highs, the latest sign that wind and solar are no longer fringe bets. ...

Fugro performs first fully remote platform inspection on UK continental shelf

Fugro has delivered the first fully remote inspection of an oil and gas platform in UK waters, 250 km east of Scotland, using a remotely operated vehicle and Fugro’s state-of-the art remote operations centre in Aberdeen. ...

BP cuts dividend, focusing cash on low-carbon investments

BP Plc slashed its dividend for the first time in a decade and set out new targets to accelerate its shift to greener energy after the coronavirus pandemic upended the oil business. ...

Oxy restores employees’ pay, doubles executive salary cap

Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year. ...

NEO Energy completes acquisition of UK North Sea assets from Total

The transaction consists of a material, cash generative portfolio of assets in four producing areas of the UK North Sea, with an average 2019 production of approximately 23,000 boepd and substantial development upside. ...

UK offshore unions say longer shifts increase coronavirus risk

North Sea oil workers are staying offshore for as long as three weeks at a time, potentially increasing the risks of an already dangerous operating environment, according to unions. ...

Exxon delays flagship upstream projects to protect its balance sheet

As recently as March, the Texas giant had pinned its future to huge capital spending on oil and natural gas at a time when peers were exploring ways to decarbonize. Exxon CEO Darren Woods’ plan was to lean on the company’s impeccable balance sheet to drill for gushers and still cover almost $15 billion in annual dividends. ...

Oil tests $40 as OPEC’s extra barrels loom on the horizon

The Organization of Petroleum Exporting Countries and its allies will pump about 1.5 million barrels a day more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output sightly last month. ...

With oil's supermajors in distress, can smaller independents step up and lead a recovery?

A disconnect between drilling activity and supermajors' earnings may reveal a shift in industry leadership, as evidence that the oil and gas industry is reaching a bottom emerges. ...