Crude Oil News

 

Seven Oil Firms Offered Offshore Acreage in Norway's 25th Licensing Round

Jun 23, 2021

Norway has awarded four exploration licenses to seven oil companies that include three for the Barents Sea in the Arctic in a sign that the country aims to continue to pump hydrocarbons for decades to come.The awards were part of Norway's so…

Greener Oil or Green Industry? Gridlock Puts Norway in a Bind

Jun 23, 2021

Norway’s oil and gas industry is counting on renewable power from hydro plants to cut emissions from its offshore platforms but rival demand from the green economy is putting a spanner in the works.The decision to keep investing in new oil and…

Taiwan: Refiner CPC Cleaning Up Offshore Oil Spill

Jun 23, 2021

Taiwan's state-owned refiner CPC Corp has started cleaning up an offshore oil spill caused by a pipeline that cracked during the discharging of oil from a vessel at its Talin refinery, the company's spokesman said on Wednesday.The oil leak occurred on Tuesday at 2:18 a…

Valaris Tallies Jack-up Contract Off Qatar

Jun 22, 2021

Offshore drilling contractor Valaris said Tuesday that it had secured work for one of its jack-up drilling rigs off the coast of Qatar.The company said it was awarded a contract with North Oil Company, which will see the VALARIS JU-110 deployed…

Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs

Jun 22, 2021

Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday.'There is quite a chance to reach $100 but we could see again…

Oil Settles Slightly Lower as OPEC+ Discusses Raising Production

Jun 22, 2021

Crude oil prices settled slightly lower on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production.Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75…

UK: OGA Toughens Stance, Eyes Zero Routine Flaring and Venting by 2030 'at the latest'

Jun 22, 2021

The UK oil and gas regulator on Tuesday issued guidance which it said set out a tougher approach to driving flaring and venting reductions, including the OGA's ability to stop production if flaring and venting is excessive.'Forecasts suggest…

UK Union Plans July Strike at Oil and Gas Terminal

Jun 22, 2021

UK's Unite union's Scotland unit on Tuesday said talks to prevent industrial action at Sullom Voe Terminal have ended with no movement on the part of Shetland Islands Council (SIC) to resolve the dispute over a long service award.Unless the Council accepts liability…

Higher Oil Prices to Make Asset Sales Easier, BP Says

Jun 22, 2021

BP will be in the hydrocarbons business for decades to come, Chief Executive Bernard Looney told Reuters on Tuesday, while high oil prices are set to make its asset sales and transition to lower-carbon energy easier.Referring to worries that its green strategy could hit profits…

OPEC+ in Talks to Increase Oil Output from August

Jun 22, 2021

OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said on Tuesday.The Organization of the Petroleum Exporting Countries and allies…

Equinor CEO Calls for More Offshore Wind Areas

Jun 21, 2021

Countries worldwide should make more offshore areas available for wind farms than they do currently if they want to fulfil their climate ambitions, the chief executive of Norwegian oil firm Equinor told Reuters.Like other European oil majors…

Vår Makes 'Significant' North Sea Discovery

Jun 21, 2021

Vår Energi announced a new significant oil and gas discovery in production license PL027 in the Southern North Sea, with the dual branch exploration wildcat Prince 25/8-20 S, King 25/8-20 B and the appraisal side-track 25/8-20 C in the King Paleogene prospect…

WTI-Brent Spread Narrows as Oil Market Tightens

Jun 21, 2021

The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S. oil output is still in the COVID-19 doldrums with the market likely to remain undersupplied.North Sea Brent futures traded at a premium of $1…

As Big Oil Pushes into Offshore Wind, Seabed Lease Prices Will Rise

Jun 21, 2021

The world's largest offshore wind developer Orsted is concerned that Big Oil's eagerness to harness wind at sea could push up prices for seabed leases, making the technology less competitive, its chief executive told Reuters.European oil firms including Total…

As Iran Eyes Return to Oil Trading, Storage at Sea Rises

Jun 21, 2021

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said…

Current News

Dutch Gov't Grants Subsidy for Offshore Green Hydrogen Project

Dutch Gov't Grants Subsidy for Offshore Green Hydrogen Project

"We'll vigorously defend," Keppel Says After FPSO Arbitration Request

"We'll vigorously defend," Keppel Says After FPSO Arbitration Request

Schlumberger Issues Bullish Forecast as 2Q Profit Beats Estimates

Schlumberger Issues Bullish Forecast as 2Q Profit Beats Estimates

Large Offshore Hydrogen Park in Germany Moves Step Closer

Large Offshore Hydrogen Park in Germany Moves Step Closer

Subscribe for OE Digital E‑News

Offshore Engineer Magazine