Crude Oil News

 

Russia Wants to Make Sakhalin Island Carbon Neutral by 2025

Jun 02, 2021

Russia aims to make the fossil fuel-rich Pacific island of Sakhalin carbon neutral by 2025, and later to extend the ambition to its top oil production province in western Siberia, a deputy prime minister said.Along with the world's other leading…

Biden Allows Chevron, U.S. Oilfield Services Firms to Remain in Venezuela till Dec. 1

Jun 02, 2021

Chevron Corp, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the Treasury Department said on Tuesday.The United States beginning in 2019 imposed…

IEA: Energy Investments to Recover by 10% in 2021, But will Fall Short of Net-Zero Path

Jun 02, 2021

Investment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but spending will fall far short of meeting urgent climate goals.More of the $1…

Nigeria Awards Marginal Oilfields

Jun 02, 2021

Nigeria has awarded the rights to develop marginal oilfields to 50% of the 161 firms shortlisted after they met all the conditions, the petroleum regulator said on Tuesday.Nigeria is looking to production from the fields to bolster state finances and increase local participation in the oil sector…

Thousands of New Oil Wells Needed to Meet Demand, Rystad Says

Jun 02, 2021

Thousands of new oil wells and hundreds of new oilfields will be needed to meet global demand even if it falls sharply towards the middle of the century, Oslo-based consultancy Rystad Energy said last Friday.Its analysis stands in sharp contrast…

Non-Executive Chair Thompson Set to Leave Tullow

Jun 02, 2021

Oil and gas firm Tullow Oil said Wednesday that Dorothy Thompson CBE, Non-Executive Chair, had decided to step down from Tullow's Board.'A search process to find a new Chair has been launched and is expected to conclude towards the end of the summer…

Repsol Sells E&P Assets in Malaysia, Vietnam to Hibiscus Petroleum

Jun 01, 2021

Spanish oil company Repsol is set to sell its oil and gas exploration and production assets in Malaysia and in Block 46 CN in Vietnam to Malaysia-based Hibiscus Petroleum for an undisclosed fee.Repsol said that the sale of its upstream assets…

Cerulean Plans to Build 200-turbine Floating Wind Farm to Power UK Offshore Oil Platforms

Jun 01, 2021

Low-carbon infrastructure developer Cerulean Winds said on Tuesday it has submitted plans to develop a floating wind turbine project in the British North Sea.An application for a lease for the 10 billion pound ($14 billion) project has been submitted to Marine Scotland…

Sakhalin Energy Shuts Largest Offshore Platform for Maintenance

Jun 01, 2021

Russian oil and gas firm Sakhalin Energy has started its annual preventive maintenance campaign at Piltun-Astokhskoye-B (PA-B), the largest oil and gas production platform of the Sakhalin-2 project in the Russian far east.With the topsides installed on the base structure…

OKEA to Develop Hasselmus Gas Discovery as Tie-back to Draugen Platform

Jun 01, 2021

Norwegian oil company OKEA has with partners Petoro and Neptune Energy decided to develop the Hasselmus offshore gas discovery in the Norwegian Sea as a tie-back to the Draugen platform.The Hasselmus gas discovery is located on the western edge of the Trøndelag platform in the Norwegian Sea…

Brent Reaches $70, Highest Since March

Jun 01, 2021

Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world's top oil consumer.Prices were also boosted…

Equinor Sanctions $8B Bacalhau Field Development in Brazil

Jun 01, 2021

Norwegian oil and gas company Equnior has made a final investment decision for the development of the Bacalhau field offshore Brazil.The development of the field located in the Santos Basin will cost around $8 billion. Arne Sigve Nylund, Equinor’s executive vice president for Projects…

Ørsted Wraps Sale of Offshore Wind Farm Stake to Norwegian Oil Fund

May 31, 2021

Danish offshore wind farm giant Ørsted said Monday it had completed the sale of 50% of the Borssele 1 & 2 Offshore Wind Farm in the Netherlands to Norges Bank Investment Management.Norges Bank Investment Management (NBIM), an entity running Norway's $1…

Iran Can Boost Oil Output to 6.5 mln bpd, Minister Says

May 31, 2021

Iran's oil output can easily reach 6.5 million barrels per day (bpd) when U.S. sanctions are lifted, Iranian Oil Minister Bijan Zanganeh said on Monday, according to the Ministry's SHANA website.Zanganeh also said an increase in Iranian oil output would boost the country's political power…

BlackRock Goes Against BP Board in Climate Resolution Vote

May 28, 2021

The world's biggest asset manager and top BP investor BlackRock said on Friday it had backed a shareholder resolution calling for faster climate action which the energy company's board opposed.BlackRock's vote at BP's annual general meeting…

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