The U.S. Interior Department said on Wednesday that one oil company had begun the process of requesting relief from royalty payments on its offshore production as the industry reels from slumping prices.Lawmakers representing U.S. Gulf Coast…
Chinese independent refiners have snapped up rare crude grades from the North Sea and Guyana at low prices in an oversupplied market after the coronavirus pandemic destroyed demand, four sources with knowledge of the matter said on Tuesday.The North Sea grades bought included Balder…
After receiving consent from the Petroleum Safety Authority Norway for the extended operation of the Troll B offshore platform, oil firm Equinor has now received the green light from the Norwegian Petroleum Directorate, too.The authorities have…
The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.U.S. crude prices dropped below $0 for the first time ever on Monday…
Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government's share of the country's crude, despite a plunge in global prices, four people familiar with the matter said.Oil…
After recently delaying projects in Vietnam, London-listed oil company Jadestone Energy has decided to postpone infill drilling programs at its Stag and Montara offshore fields in Australia, in a move to reduce cash spending due to the oil price rout…
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.U.S. West…
The UK-based subsea well decommissioning specialist Well-Safe Solutions has awarded a contract to Fugro for the supply of an integrated marine-based solution onboard its Well-Safe Guardian offshore rig.The Well Safe Guardian is Well-Safe Solutions’…
Russian oil companies are examining which wells they will cork, looking mainly at mature fields where production was falling anyway and as Moscow needs to deliver its biggest output cut ever to comply with the new global supply deal, sources said…
As the offshore market entered 2020, many within the industry had an optimistic outlook for the future and the consensus was ‘the worst is behind us’. However, nobody could have foreseen the events that would unfold in Q1 2020 and the impact…
State-run Electricity Generating Authority of Thailand said it will buy a second spot-market shipment of liquefied natural gas (LNG) on Tuesday.The state-owned PTT's Map Ta Phut LNG receiving terminal in the eastern part of Thailand will receive the 65…
British North Sea oil and gas producer EnQuest cut its operating costs by a further $40 million to $335 million from previous guidance and senior management will take a voluntary 20% pay cut to weather an oil price slump, it said on Thursday…
Exxon Mobil Corp said on Tuesday that production at the Payara project, its third development in Guyana, could be delayed due to delays in government approvals as the company scales back spending elsewhere due to the crude price crash.Payara's…
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said…
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%…
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