Saudi Arabia's sweltering summer may complicate the kingdom's pledge to deepen oil production cuts.Curbing crude output means lower production of associated gas, a byproduct of crude extraction, which Saudi Arabia uses to power air conditioners…
Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus crisis and weak oil prices, it said on Friday…
Following Norway's decision in April to cut oil production to support oil prices, and the King's approval of the proposed cuts last week, the country's Energy Ministry on Monday announced the list of fields covered by the planned cuts that are expected to take effect from June…
Offshore accommodation company Prosafe has seen its fleet utilization rate drop to 32 percent in the first quarter of 2020 - down from 62.5% a year ago - and based on its clients' recent actions caused by low oil prices and the coronavirus pandemic…
From Kazakhstan and Azerbaijan to Nigeria and Angola, oil majors are haggling with national governments over how to share out deep production cuts that add to their pain from low oil prices and depressed fuel sales because of the coronavirus pandemic…
Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers. Brent crude was up $2.32, or 7.1%, at $34.82 a barrel by 1344 GMT…
The U.S. Securities and Exchange Commission has dropped its inquiry into Royal Dutch Shell's 2011 acquisition of an offshore oil block in Nigeria, the Anglo-Dutch company said on Thursday.'The SEC has notified us that it has closed its inquiry into Shell in relation to OPL 245…
Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing…
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd)…
Royal Dutch Shell has postponed decisions on whether to go ahead with two large oil and gas developments in the Gulf of Mexico and North Sea after oil prices collapsed due to the coronavirus crisis, a company source said on Wednesday.The Anglo…
Oslo-listed offshore drilling contractor Awilco Drilling did not generate revenue during the first quarter of 2020, and it on Wednesday reported a net loss of $9,4 million. However, the company is optimistic about the future, that is, when its high-end rigs…
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.The announcement by the kingdom…
Nigeria's state oil company has delayed publishing its future oil export plans as it negotiates with local companies and international majors about how to cut output in line with a global deal on production curbs, trading sources said.Official selling prices (OSPs) for Nigerian oil…
Sonardyne International Ltd. and XOCEAN have completed a live seabed-to-shore data harvesting mission using an unmanned surface vessel (USV) for A/S Norske Shell, as part of a seabed monitoring campaign at the giant Ormen Lange field offshore Norway…
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide…
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