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OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC agreed to keep oil production restrained until early next year. Saudi Arabia and Russia have instead signed up for eternity. OPEC will extend production cuts into 2020. Oil surged to a five-week high after Saudi Arabia and Russia signaled their support. OPEC+ will agree to extend production cuts for at least another six months...

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Shale fight makes OPEC accept lowest market share since 1991

Shale fight makes OPEC accept lowest market share since 1991

OPEC has always pumped at least 30% of the world’s crude oil. OPEC and its allies look set to extend oil supply cuts on last week. OPEC members are set to meet on July 1 in Vienna. The oil ministry plans to amend the Petroleum & Natural Gas Rules 1959. Oil continued its revival from...

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Equinor reports oil observed on the sea surface at Statfjord

Equinor reports oil observed on the sea surface at Statfjord

In connection with loading oil from buoy to shuttle tanker on the North Sea Statfjord field. Norwegian energy giant Equinor is “working the details” of its next potential Scottish floating wind project. A new cost-reducing, first of its kind well abandonment tool developed by Aberdeen. Equinor ASA EQNR recently announced that the company has exercised...

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Chevron beats earnings estimates with cuts to operating expenses

Chevron beats earnings estimates with cuts to operating expenses

Chevron beat analysts’ estimates for the first quarter. Chevron Corporation reported earnings of $2.6 billion per share. The Supreme Court of the Netherlands has ruled in favor of Chevron Corporation (NYSE: CVX). Chevron Corporation (NYSE: CVX) announced that it has entered into a definitive agreement with Anadarko Petroleum Corporation. Chevron Corporation (NYSE: CVX) announced expectations...

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Norway’s Petroleum Safety Authority investigates gas leak at Aasta Hansteen field

Norway’s Petroleum Safety Authority investigates gas leak at Aasta Hansteen field

The Petroleum Safety Authority Norway has launched an investigation into a gas leak experienced on the Aasta Hansteen field. Communicated sanctioning plans in Norway and the UK show signs of increased activity going forward. The Norwegian Ministry of Petroleum and Energy has opened the country’s 24th licensing round. Wood Mackenzie has identified five themes to...

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BP explores buying solar energy to power operations in U.S.

BP explores buying solar energy to power operations in U.S.

BP Plc may become the next oil giant to power operations with clean energy. The London-based company is in talks with a solar developer it partially owns. Bernard Looney, the 48-year-old who controls BP Plc’s massive oil and gas production. BP has renewed Veolia Middle East’s five-year contract. BP is offering a 5.6% dividend yield,...

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NEB rules Trans Mountain expansion project should be approved

NEB rules Trans Mountain expansion project should be approved

Canada’s NEB announced its recommendation that the Trans Mountain pipeline expansion project is in the Canadian public interest. The National Energy Board (NEB) is seeking feedback on Draft Pipeline Financial Requirements Guidelines (Draft Guidelines). The National Energy Board (NEB) approved TransCanada’s Keystone Pipeline GP Ltd. The decision enables the company to continue its ongoing work...

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OPEC’s oil exports to U.S. fell to five-year low in January

OPEC’s oil exports to U.S. fell to five-year low in January

The United States last week exported more crude oil and fuel than it imported for the first time on record. The OPEC oil embargo was a decision to stop exporting oil to the United States. The United States received in December the lowest volume of OPEC-derived crude oil in five years. Less foreign oil is reaching American...

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Oil climbs to 3-week high as trade talks fuel demand optimism

Oil climbs to 3-week high as trade talks fuel demand optimism

Oil futures rose on Monday, buoyed by optimism tied to trade talks between the U.S. and China as well as output reductions by major oil producers. Brent crude futures were up $1.02, or 1.78 percent, to $58.35 per barrel at 1450 GMT. Talks with China are “going very well,” U.S. President Donald Trump said in a...

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Petrofac secures contract with Petroleum Development Oman

Petrofac secures contract with Petroleum Development Oman

Petrofac was awarded an Engineering, Procurement and Construction Management (EPCM) Support Services contract worth around $115 million for the development of the Qarn Alam Co-Generation Project in Oman, the company announced Monday. Petrofac has secured a $265m contract from Petroleum Development Oman (PDO) for the development of the third phase of the Marmul field (MPP3)...

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