Oil News

 

Gazprom's Arctic Offshore Platform Ships Its 200th Oil Cargo

May 28, 2020

Gazprom Neft, the oil branch of Russian gas giant Gazprom, has shipped the 200th consignment of ARCO crude from its Prirazlomnaya offshore platform in the Russian arctic.This milestone shipment was carried out by the Mikhail Ulyanov tanker — several return trips to the Prirazlomnaya platform being necessary to despatch a consignment comprising 70,000 tonnes of oil. 'The vessel typically approaches one of various direct-loading facilities — or moves away from the platform…

Norway Raises Spending from Oil Fund to $44B in 2020

May 29, 2020

Norway's government has further raised its projected 2020 spending from the country's sovereign wealth fund to 424.6 billion Norwegian crowns ($43.67 billion) from 419.6 billion seen on May 12, it said on Friday.The so-called structural non-oil deficit corresponds to 4…

IEA: Global Energy Investment to Plunge 20%

May 27, 2020

Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the International Energy Agency (IEA) said on Wednesday.The Paris-based IEA said this…

AET Takes Delivery of Petrobras-bound Shuttle Tanker

May 26, 2020

Tanker operator AET has taken delivery of Eagle Petrolina shuttle tanker which will be used to offload oil from Petrobras' offshore oil platforms in Brazil.The Eagle Petrolina, built by South Korea's Samsung Heavy Industries, is the first of…

Petrobras Sees No Need to Cut Oil Production

May 15, 2020

Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy…

BP's Azerbaijan Output Drops

May 12, 2020

BP said on Tuesday that oil output at its projects in Azerbaijan declined to 524,000 barrels per day (bpd) in the first quarter of 2020 from 571,000 bpd a year earlier.Associated gas output at the Azeri-Chirag-Guneshli (ACG) oilfields was 7…

Saudi Arabia to Reduce Oil Production Further

May 11, 2020

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…

These Norwegian Oil Fields Will Cut Output

May 11, 2020

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…

Oil rises 5% in second weekly gain on output cuts, demand hopes

May 08, 2020

Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic…

Ghana Instructs Eni and Local Producer to Combine Oil Fields

May 08, 2020

Ghana has directed Eni SpA and Springfield E&P to begin talks to combine their adjacent oil and gas fields, according to a letter seen by Reuters.The April 9 letter from Energy Minister John-Peter Amewu to the two companies says seismic data indicates that Eni's Sankofa offshore field…

Guyana's Liza Phase 2 on Track for First Oil in 2022

May 08, 2020

Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. said Thursday.Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO…

Mexico Gives Oil Firms More Time to Get Permits

May 07, 2020

Mexico's oil regulator will extend the time companies have to secure needed permits and plan approvals through the end of this month because of the coronavirus pandemic, it said in a statement on Wednesday.Deadlines will be suspended until at least May 31…

Aker BP Cuts Dividend by Two-thirds on Oil Price Slump

May 06, 2020

Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the plunge in crude prices, the Norwegian oil firm said on Wednesday after reporting a better-than-expected first-quarter core profit.Earnings before interest…

Brazil Oil Production Rose in March Despite Pandemic

May 04, 2020

Brazil produced 2.973 million barrels per day of oil in March, up 0.1% from February and up 16.1% from the same month a year before, national oil regulator ANP said on Monday.The figures suggest that production cuts announced at the end of March…

Guyana Has No Plans to Cut Crude Output

May 04, 2020

Guyana has no plans to cut crude output despite a plunge in oil prices, the government's top energy official said on Monday, adding that shutting down production could prove costly and harm future output.Mark Bynoe, the director of the Department of Energy…

Current News

Tullow Says 58 Workers Test Positive for COVID-19 Offshore Ghana

Tullow Says 58 Workers Test Positive for COVID-19 Offshore Ghana

Turkey May Begin Drilling Under Libya Deal in 3-4 Months

Turkey May Begin Drilling Under Libya Deal in 3-4 Months

Norway Earmarks $369M for Green Industry Investments

Norway Earmarks $369M for Green Industry Investments

Oil Drops but Still Set for Biggest Monthly Gain in Years

Oil Drops but Still Set for Biggest Monthly Gain in Years

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