Oil News

 

Pertamina Q1 Oil Output Slightly Below Target

Apr 06, 2020

Indonesia's state oil and gas company PT Pertamina produced 421,000 barrels of crude oil per day and 2,887 million cubic feet of gas per day (mmscfd) in the first quarter of 2020, it said in a statement on Monday.'Amid work and personnel adjustment due to the COVID-19 pandemic…

Norway May Cut Oil Output if Other Big Producers Agree Deal

Apr 05, 2020

Western Europe's largest oil and gas producer Norway said on Saturday it would consider cutting its oil production if a global deal to curb supply is agreed by the world's biggest producers.OPEC and its allies are working on a deal for an oil…

Guyana's Oil Output Rises 58%

Apr 03, 2020

Guyana's oil output rose 58.2% to 56,320 barrels per day (bpd) in January, up from 35,607 bpd in December, the South American country's finance ministry said in a report published this week.The government is still working with the consortium…

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Apr 03, 2020

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47%…

Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal

Apr 02, 2020

Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil…

Apache Makes 'Significant' Discovery Offshore Suriname

Apr 02, 2020

U.S. oil company Apache has said it has made a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. This is the company's second large oil discovery in the country this year. The first was struck in January…

Norway: No Oil Production Cuts Despite Price Drop

Mar 31, 2020

Norway's oil production remains profitable despite the recent plunge in prices and it does not plan to shut output, the country's Minister of Petroleum and Energy said on Tuesday.The price of North Sea Brent crude fell to its lowest level in…

Brazil: FPSO Charter Ends 5 Years after Deadly Explosion

Mar 30, 2020

FPSO leasing company BW Offshore has informed that a charter for FPSO Cidade de Sao Mateus has expired. The FPSO was involved in an explosion in February 2015, an incident in which nine workers were killed, and 26 others injured. There were…

Oil Crash Puts Africa's Cash-Strapped Producers in Peril

Mar 30, 2020

Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain.The continent's producers such as Nigeria, Angola and…

Equinor's Johan Sverdrup to Hit Upgraded Oil Output Target in May

Mar 30, 2020

Norwegian oil company Equinor has said its Johan Sverdrup field will reach plateau production faster than previously expected. The company also said that the North Sea field's plateau target will increase.The giant oil field's first phase is now expected to reach plateau production in early May…

Vaalco Brings Offshore Gabon Well Online. Says No Covid-19 Impact on Ops so Far

Mar 26, 2020

Vaalco Energy has said it has completed the South East Etame 4H development well offshore Gabon, including approximately 750 feet of horizontal section in the Gamba reservoir.The company said Thursday it had brought the South East Etame 4H well onto production on March 21…

Ten Signs the Oil Industry is Bent Out of Shape

Mar 26, 2020

The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals.International crude…

Lekoil 'in Process' of Paying $2M to Optimum

Mar 25, 2020

Nigerian oil company Lekoil has said it is in the process of paying $2 million to Optimum Petroleum, its partner in an offshore block in Nigeria.The 2 million payment was agreed in January, and it is the first of two installments Lekoil is due…

Oilfield Services Giant to Cut Spending by 30%

Mar 24, 2020

Schlumberger, the world's largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year's levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war.The company…

Chevron to Slash Spending by $4B

Mar 24, 2020

Chevron Corp will slash capital spending by $4 billion this year and suspend share buybacks, the latest oil company to cut costs in the face of an unprecedented slide in oil prices.Oil has crashed by more than 60% since January, hit by global…

Current News

TotalEnergies to Boost Renewables Spend. Plans $1.5B Share Buyback

TotalEnergies to Boost Renewables Spend. Plans $1.5B Share Buyback

UK Gov't Joins Floating Wind Development Center

UK Gov't Joins Floating Wind Development Center

Brazil: Output from Manati Offshore Field Stopped Due to Gas Leak

Brazil: Output from Manati Offshore Field Stopped Due to Gas Leak

UK: JDR to Build $176M Subsea Cable Manufacturing Plant

UK: JDR to Build $176M Subsea Cable Manufacturing Plant

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