Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery
Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday.Global demand for oil is likely to recover from the second half of the year and could reach 99 million barrels per day (bpd) in 2022, Amin Nasser said at IHS Markit's online CERAWeek conference.Diesel demand has recovered globally due to door-to-door deliveries, thou
Shell to Slash Jobs and Capacity at Major Singapore Refinery
Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions.The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell's largest wholly-owned refinery worldwide.The move brings the total refining capacity cuts by Shell in recent months to 571…
Chevron Diversity Ratio to Improve as Layoffs Progress
Oil major Chevron Corp expects to reduce the dominance of white males in company management during cost-cutting this year, upping the share of senior level jobs held by women and ethnic minorities to 44% from 38% last year, the company said in a statement.Like most of its peers in an industry struggling with the collapse of oil prices this year, Chevron is cutting spending…
US LNG Exports Drop More Than a Third
U.S. liquefied natural gas exports are down by more than a third since governments started imposing lockdowns to stop the spread of the coronavirus.Worldwide gas prices have plunged as lockdowns squeezed energy demand even as strong renewables output boosted supply. Gas prices are more expensive now in the United States than in Europe for the first time in a decade.Buyers in Asia and Europe have already canceled over 20 U.S.
Oil Price at Highest Since March
Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.Crude prices have slumped in 2020, with global benchmark Brent hitting a 21-year low below $16 in April as demand collapsed.
Oil Rises After OPEC+ Agrees Record Output Cut
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+…
Offshore Technology Conference (OTC) 2020 Postponed
Offshore Technology Conference 2020, one of the world's largest conferences and exhibitions dedicated to the offshore energy industry, will be postponed this year due to the coronavirus outbreak.The OTC 2020 organizers said on Friday that the conference, originally scheduled for May 4-7, 2020, would be delayed.“The Offshore Technology Conference (OTC)…
China Opens Up to Foreign E&P Firms
For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to boost domestic energy supplies.The long-awaited opening accompanies a reshuffle of the so-called "midstream" pipeline business, but experts say it may not excite immediate interest from global drillers because of the poor over
U.S. Drillers Add Rigs for first Week in Eight
U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling.Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm Baker Hughes Co said in its closely followed report on Friday.In the same week a year ago, there were 873…
Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is…
U.S. NatGas Prices Near 25-year Low as Glut Weighs
In the shale field that helped launch the U.S. natural gas boom a decade ago, Chesapeake Energy Corp this month set aside its last drilling rig. The problem for the once No. 2 U.S. gas producer was not a lack of gas, but too much of it.A long, steady increase in U.S. gas production – much of it a byproduct of the shale oil boom – has prices for the fuel heading toward a 25-year low, with output outpacing U.S.
China Aims to Boost Natural Gas Production
Following several years of natural gas consumption outpacing local production growth, China is introducing incentives to spur several forms of domestic production in hopes of reducing its reliance on imports.China’s natural gas imports, both by pipeline and as liquefied natural gas (LNG), accounted for nearly half (45%) of China’s natural gas supply in 2018, an increase from 15% in 2010, according to the U.S.
Schlumberger, WesternGeco to Provide E&P Data
WesternGeco, the seismic and geophysical data solutions division of Schlumberger, has entered a strategic collaboration with IHS Markit, a global provider of information, analytics, and solutions.The collaboration will bring together data, technology, and expertise from two of the industry’s leading sources of exploration and production (E&P) information…
Australia Dominates China's LNG Supply
Australia's fast-expanding liquefied natural gas industry has this year been supplying the lion's share of China's growing demand for imports of the commodity, with appetite surging as Beijing shifts away from dirtier fuels such as coal.Australia supplied over 53% of China's LNG imports during the first five months of 2019, shipping data in Refinitiv showed…
Fuel Futures: Diesel Will Spike on IMO2020
New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight…
Occidental Tops Chevron's Bid for Anadarko
Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by Chevron Corp.Both suitors are offering a premium for Anadarko's holdings in the Permian Basin of West Texas and New Mexico. The vast shale field holds oil and gas deposits that can produce supplies for decades using new…
Chevron to Buy Anadarko for $33 Bln
Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production, behind Exxon Mobil Corp, up from fourth. It expands Chevron's reach in two areas where U.S.
BP Plans to Exit China's Shale Gas
European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results.
Oil Majors Rush to Dominate US Shale
In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic pumps…
Exxon, Microsoft Ink Cloud Computing Deal for U.S. Shale
Exxon Mobil Corp and Microsoft Corp have agreed to use cloud technology in the U.S. oil producer's shale operations, they said on Friday, helping to boost profitability in the nation's largest shale field.The companies will collect data from Exxon's wells and other production assets in the Permian Basin of West Texas and New Mexico, where the world's largest publicly traded oil and gas company holds 1.6 million acres…
