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…
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 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…
Oil and gas project sanctioning in 2020 could drop almost 70% compared to 2019 if the oil prices remain in the $30 a barrel area, Norway-based Rystad Energy said in an analysis on Monday.'The effect of the COVID-19 virus on global demand for oil and gas…
Gazprom Neft, the oil arm of Russian gas giant Gazprom, plans to raise oil production at its Arctic projects this year, the company said on Tuesday.It said its oil production at the Novy Port project will rise to 8 million tonnes (160,000 barrels per day) in 2020 from 7…
Oil major Shell lowered capital expenditure for 2020 by about $5 billion on Monday and suspended the next tranche of its share buyback plan, as the company tries to weather a hit from the recent oil price crash. The company said it would reduce…
Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia…
Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent…
Norway's Equinor and Canada's Husky Energy have reportedly pulled brakes on the plan to develop the Bay du Nord project offshore Canada, Reuters reported on Thursday.'Equinor and partner Husky Energy have decided to defer the Bay du Nord development…
Oil and gas companies around the world aim to slash spending as crude prices have plunged due to the impact of the coronavirus and a push by Saudi Arabia and Russia to ramp up output.Oil prices have more than halved in value since the start of the year…
Oil prices fell for the third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.U.S. crude was down $1.49 cents, or 5.53%…
Norwegian oil and gas company Equinor is set to form what it described as a 'temporary corporate project' aimed at dealing with the effects of the coronavirus and the low oil prices.'The Coronavirus, measures to limit the spread and the significant…
Energy companies across the Asia Pacific responding to unprecedented challenges on multiple fronts 2020 has hit us like a fist. Coronavirus is already the most severe shock to hit the world economy since the financial crisis over a decade ago…
Total has made a hydrocarbon discovery at the Isabella exploration well in the UK Central North Sea, Neptune Energy, Total's partner in the project has informed.Neptune Energy has described Isabella as 'an encouraging hydrocarbon discovery'…
China's CNOOC Ltd said on Monday that it made a large-sized discovery in Bohai Bay offshore China.Located in the Laizhou Bay in southern Bohai basin, the Kenli 6-1 discovery is expected to produce around 1,178 barrels of oil per day, the company said in a statement…
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