U.S. Energy Information Administration (EIA) on Tuesday noted the Brent oil price remained low despite the recent OPEC+ deal, but added it expected the prices to average $48 a barrel next year. It also warned that the forecast was subject to…
BP said on Tuesday that oil output at its projects in Azerbaijan declined to 524,000 barrels per day (bpd) in the first quarter of 2020 from 571,000 bpd a year earlier.Associated gas output at the Azeri-Chirag-Guneshli (ACG) oilfields was 7…
Inpex Corp, Japan's top oil and gas company, on Tuesday cut its annual net profit forecast by 93% after first-quarter earnings slumped due to an oil price collapse and as the coronavirus pandemic choked off international energy demand.The group…
The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday.Norway is Western Europe's largest oil and gas producer, with petroleum…
'The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three-quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11…
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.The announcement by the kingdom…
Following Norway's decision in April to cut oil production to support oil prices, and the King's approval of the proposed cuts last week, the country's Energy Ministry on Monday announced the list of fields covered by the planned cuts that are expected to take effect from June…
Norwegian offshore EPC contractor Aragon has won a contract to deliver topside modules for Malaysia-based Yinson's Anna Nery FPSO that will produce oil from Petrobras' Marlim field in Brazil.The Bergen-based company, part of Singapore's SembMarine…
Oil companies Neptune Energy and Wintershall Dea have informed that the 740-tonne topside module for the Nova development project in the Norwegian North Sea was lifted aboard the Neptune-operated Gjøa platform.The Nova topside module was installed by the world’s largest crane vessel…
Ghana has directed Eni SpA and Springfield E&P to begin talks to combine their adjacent oil and gas fields, according to a letter seen by Reuters.The April 9 letter from Energy Minister John-Peter Amewu to the two companies says seismic data indicates that Eni's Sankofa offshore field…
U.S. oil major Chevron has awarded pipeline operator Williams a contract for the provision of offshore natural gas transportation services for the Anchor development in the U.S. Gulf of Mexico.Anchor, sanctioned in December 2019, is located…
Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus crisis and weak oil prices, it said on Friday…
Shell Midstream Partners said on Thursday it is offering storage in its Mars Sour crude cavern on the U.S. Gulf Coast, as offshore producers are not cutting output like onshore shale drillers despite the oil price downturn caused by the coronavirus pandemic…
U.S. oil and gas producer Hess Corp on Thursday introduced deeper spending cuts after reporting a quarterly loss due to impairment charges of $2.25 billion on some oil-producing assets amid the coronavirus crisis.Stay-at-home orders designed…
More global oil production curtailments will be needed to reduce the gap between supply and demand and normalize the oil market, the chief executive of Norway's Equinor said on Thursday.Eldar Saetre, who led the company through the previous market downturn in 2014-2016…
