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OPEC sees growing supply threat from rivals beyond U.S. shale

OPEC sees growing supply threat from rivals beyond U.S. shale

OPEC’s latest forecasts suggested a weaker outlook for global oil markets this year as surging supplies from competitors from Norway. They still committed to meeting in March to decide on future production policies. OPEC set to further lose market share in 2020. Brent gives up all gains made after Iranian general killed. Angolan output posts...

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OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia. China’s record imports of crude oil in November underscore both the challenges and risks facing OPEC. Brent rises 3% in wk;WTI up 7% in biggest weekly gain since June. It has long carried an outsized share of...

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Equinor hopes for a dry well near Troll, for potential CO₂ storage

Equinor hopes for a dry well near Troll, for potential CO₂ storage

For the first time, an exploration well is being drilled in the North Sea where the objective is not to find oil or gas. New York State governor Andrew M. Cuomo announced Equinor’s Empire Wind. Equinor and Masdar have joined forces with ORE Catapult to share floating offshore wind data. The well is being drilled...

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Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

The Dragon, a massive oil tanker flying the Liberian flag, is supposed to be floating somewhere off the coast of France. Venezuela has expelled El Salvador’s diplomats in a tit-for-tat response after El Salvador. Venezuela has won a seat on the United Nations Human Rights Council. Instead, it’s currently thousands of miles away in Venezuela....

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Shell says it’ll stay in Canada while other oil majors flee

Shell says it’ll stay in Canada while other oil majors flee

Royal Dutch Shell is reassuring investors, workers, and anyone else who will listen that it’s the international oil major. Consortium announces oil and gas production start at P-68 FPSO located at BM-S-11-A concession in Berbigão, Sururu. Royal Dutch Shell plc announces the commencement of trading in the next tranche of its share buyback programme. Shell’s...

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U.S. oil production growth in for a ‘major slowdown,’ says IHS Markit

U.S. oil production growth in for a ‘major slowdown,’ says IHS Markit

The chief source of rapid growth that made the United States the world’s largest oil producer. IHS Markit is a world leader in critical information, analytics and solutions. United States wind operations and maintenance annual spending is expected to increase to more than $7.5 billion by 2030. The new IHS Markit outlook for oil market...

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OPEC predicts U.S. shale will steal market share for years to come

OPEC predicts U.S. shale will steal market share for years to come

OPEC slashed estimates for the amount of oil it will need to pump in coming years. OPEC will supply a diminishing amount of oil in the next five years. Brent crude futures fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. It projecting that its share of world markets will shrink until...

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OPEC+ will have to cut output in December, according to market data

OPEC+ will have to cut output in December, according to market data

The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. OPEC said on last Tuesday that oil inventories had continued to rise despite a global deal. The International Energy Agency (IEA) urged Opec countries to swiftly deliver on promised production. The price of a barrel of brent...

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Kongsberg Digital to digitalize Shell’s Nyhamna gas facility in Norway

Kongsberg Digital to digitalize Shell’s Nyhamna gas facility in Norway

Kongsberg Digital, a subsidiary of KONGSBERG, signed an agreement to digitalize the Nyhamna facility. KONGSBERG and MAN Energy Solutions have signed a Memorandum of Understanding. The company behind the advanced SeaCross navigation system for safe. The contract award includes the full SURF System including Production wells, Gas and Water Injection wells. Students at the Jiangsu...

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Equinor chooses Saipem for industry-first autonomous subsea drone project

Equinor chooses Saipem for industry-first autonomous subsea drone project

Equinor has awarded Saipem a subsea service contract using a wireless underwater intervention drone. Equinor joins YPF Luz for the development of the Cañadón León wind farm in Santa Cruz in Argentina. New York State governor Andrew M. Cuomo today announced Equinor’s Empire Wind as a winner. This contact will make Equinor the first user...

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