U.S. oil major Chevron Corp on Thursday cut billions off its long-term capital and exploratory budget even after a major restructuring of its operations as it tries to ride out a collapse in oil prices and preserve its dividend.Oil majors have…
OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer-term policy for the rest of next year.The increase means the Organization of the Petroleum Exporting Countries and Russia…
U.S. oil and gas company ConocoPhillips has via its Norwegian subsidiary ConocoPhillips Scandinavia brought online its Tor II project, a redevelopment of the Tor field, which was in production from 1978 through 2015. The field is located in the Norwegian part of the North Sea…
Angola’s state oil giant Sonangol will next year accelerate reforms and efforts to raise revenue after the pandemic drained investor interest in an asset sale that has so far netted only around $60 million, its CEO told Reuters in a rare interview…
OPEC and Russia have moved closer to a compromise over oil supply policy for 2021 after talks earlier this week failed to yield a decision on how to tackle weak oil demand amid a second coronavirus wave, OPEC+ sources told Reuters.The Organization of the Petroleum Exporting Countries…
Old offshore oil wells could be turned into geothermal energy producers under a plan by a new consortium.The group, The Aquarius North Sea Geothermal Consortium, is “actively” working with North Sea operators to see if old wells could be used to generate geothermal energy for existing platforms…
Australian oil company Triangle Energy has restarted production from its CH-7 well at the Cliff Head offshore oil field in the Perth Basin, Australia.The company in October said it had begun operations to bring back online two wells at the Cliff head offshore field…
Oil prices inched down on Tuesday as investors awaited direction from OPEC and its allies after the producers postponed a formal meeting to decide whether to lift output from January.Brent crude was down 19 cents at $47.69 a barrel by 1430 GMT and West Texas Intermediate was down 36 cents at $44…
Environmental activists took Royal Dutch Shell to court on Tuesday, as they demand the energy firm drastically reduces the production of oil and gas to limit its effects on climate change.Seven activist groups, including Greenpeace and Friends of the Earth Netherlands…
Norway's oil output curbs, in place since June, are set to end on Dec. 31, the Ministry of Petroleum and Energy said on Tuesday.'The Norwegian regulation will expire at the end of the year,' the ministry said in a statement.Following a sharp…
U.S. crude oil production rose 286,000 barrels per day in September to 10.86 million bpd, as production increased in North Dakota and in offshore waters in the U.S. Gulf of Mexico.Oil production rose 61,000 bpd in North Dakota and 315,000 bpd in the offshore Gulf of Mexico…
Exxon Mobil Corp on Monday said it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest-ever impairment, and slash project spending next year to its lowest level in 15 years.The oil major is reeling…
The UK North Sea energy jobs count will drop by at least 20 percent in the coming years without urgent investment in the clean technologies needed to create a net-zero offshore energy system, a report by OGTC and Offshore Renewable Energy Catapult shows…
OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.The 13-member Organization of the Petroleum Exporting Countries has pumped 25…
OPEC+, a group of leading oil-producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week, a source with the knowledge of the matter said.OPEC+ is debating whether to ease oil output cuts from Jan…