Crude Oil News

 

Leading Service Providers to Help Develop Barryroe Offshore Field

Jul 31, 2020

Irish oil and gas explorer Providence has shared a list of industry-leading service providers that are set to help develop its Barryroe oil and gas field offshore Ireland.Providence has been in Barryroe farm-out discussions with Norway-based SpotOn Energy…

Rosneft to Cut Salaries at Central Office

Jul 31, 2020

Rosneft, Russia's largest oil producer, will cut salaries at its central office by a quarter following a decision to reduce the working hours due to the fallout from the coronavirus, Kommersant daily reported on Friday.The newspaper, citing unnamed sources…

Chevron Posts $8.3 Billion Loss

Jul 31, 2020

Chevron Corp on Friday reported an $8.3 billion loss on asset writedowns from plummeting fuel prices, a forced exit from Venezuela, and expenses tied to thousands of job cuts.Multibillion-dollar asset writedowns have become a prominent part of second-quarter energy results…

UK: Oil and Gas Production Efficiency Hits 80% 'Three Years ahead of Target'

Jul 31, 2020

Production efficiency on the UK Continental Shelf (UKCS) has improved for the seventh consecutive year and for 2019 reached 80%, three years ahead of the 2022 target, the UK Oil and Gas Authority (OGA) said Thursday.Production efficiency is…

Ex-Unaoil manager Sentenced to Three Years in Prison over Iraq Bribery

Jul 31, 2020

A former manager of consultancy Unaoil was sentenced to three years in jail by a London court on Thursday – the second Unaoil executive to be jailed for bribing an Iraqi official to secure a $55 million oil deal after the fall of Saddam Hussein in 2003…

Sakhalin Energy Starts Maintenance Work at Molikpaq Offshore Platform

Jul 31, 2020

Russian oil and gas company Sakhalin Energy has started seasonal maintenance of its Molikpaq offshore oil and gas platform, at the Russian far east.Sakhalin Energy said Friday that over 300 people, including about 160 maintenance contractor personnel…

EnQuest to Take Over Operatorship of Bressay Field from Equinor

Jul 31, 2020

Norwegian oil and gas company Equinor will sell a 40.8125% interest in and transfer operatorship of the Bressay oil field development on the UK continental shelf to UK-based EnQuest. The initial consideration is GBP 2,2 million (USD 2,8 million)…

ConocoPhillips to Reverse Most Output Cuts by End of Q3

Jul 30, 2020

ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%…

BP Shuts Caspian Sea Platform for Maintenance

Jul 30, 2020

BP suspended its Alfa platform in Azerbaijan on Thursday for planned maintenance that will last for five days, it said in a statement.The oil major uses the Alfa platform to produce natural gas at the Shah Deniz gas field in the Caspian Sea…

ConocoPhillips Sees Wider-than-expected Loss on Oil Price Plunge

Jul 30, 2020

ConocoPhillips reported a wider-than-expected loss on Thursday, as the oil and gas producer was hit by a plunge in crude prices due to a short oil price war and coronavirus-induced lockdowns that sapped demand for fuel.The pandemic destroyed…

Headache for OPEC as Oil Market Structure Signals Return of Glut

Jul 30, 2020

Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic…

Equinor Gets OK to use Maersk Intrepid Jack-up Rig at Martin Linge Field

Jul 30, 2020

The Norwegian offshore oil and gas safety body PSA Norway has granted Equinor an approval to use the Maersk Intrepid jack-up at the Martin Linge offshore oil and gas field.The consent is for the use of the low-emissions rig for production drilling…

Talos CEO Becomes Vice-Chairman of U.S. Offshore Industry Body NOIA

Jul 30, 2020

Tim Duncan, CEO of Talos, an oil and gas company focused on exploration and production in the Gulf of Mexico, has been appointed Vice Chairman of the U.S. National Ocean Industries Association (NOIA).Duncan will join NOIA Chairman and Halliburton…

Shell CEO: Oil Demand May Never Recover from COVID-19

Jul 30, 2020

Global oil demand might never return to levels seen before the outbreak of the COVID-19 epidemic, Royal Dutch Shell CEO Ben van Beurden said on Thursday.'Demand will take a long time to recover if it recovers at all,' van Beurden told reporters…

Rig-building Impairments Drag Keppel to 1H Loss

Jul 30, 2020

Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices.Keppel posted a net loss of S$537 million ($390 million) for the six months to June…

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