Oil News

 

ConocoPhillips Posts Smaller-than-expected Loss

Oct 29, 2020

Oil producer ConocoPhillips, which is buying Concho Resources Inc for $8.3 billion, posted a smaller-than-expected quarterly loss on Thursday as it benefited from a recovery in crude oil prices from pandemic-driven lows.Oil prices began recovering…

Exxon to Cut 14,000 Jobs as Pandemic Hits Oil Demand

Oct 29, 2020

ExxonMobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices.Exxon and other oil producers have…

FSO Nabarima Is 'Upright' but Crude Transfer Could Be Risky

Oct 26, 2020

A Venezuelan floating oil facility that had been listing in recent weeks is upright and shows no sign of sinking, but plans to offload crude from the vessel posed some risks, the energy minister of neighboring Trinidad and Tobago said on Thursday…

Tanker Approaches Listing FSO Nabarima to Load Crude

Oct 20, 2020

An oil tanker operated by Venezuelan state oil company Petroleos de Venezuela on Tuesday approached a floating oil facility where it is expected to receive crude via transfer at sea amid environmental concerns, Refinitiv Eikon data showed.Environmental…

Production Starts from Talos' Bulleit Field in Gulf of Mexico

Oct 20, 2020

U.S. oil and gas company Talos Energy has started producing oil from its Bulleit field, in the Green Canyon 21 block in the U.S. Gulf of Mexico.The news of the production startup from the field sitting in 365 meters water depth was shared on Monday by Talos' partner in the block…

Gallery: Heerema's Sleipnir Installs Premier Oil's Tolmount Platform in North Sea

Oct 15, 2020

Heerema Marine Contractors has completed the installation of Premier Oil's Tolmount platform in the UK North Sea, using its giant semi-submersible crane vessel, the Sleipnir.As part of the project in the Southern North Sea, Heerema installed the 2…

IEA: Pandemic Could Delay Energy Demand Recovery. Upstream Spending to Grow

Oct 13, 2020

A slow economic recovery from the pandemic threatens to delay a full rebound in world energy demand to 2025, the International Energy Agency said on Tuesday.In its central scenario, a vaccine and therapeutics could mean the global economy rebounds in 2021 and energy demand recovers by 2023…

OPEC Says Oil Demand to Plateau in Late 2030s

Oct 08, 2020

World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits…

Nigeria to Bar Unlicensed Vessels from Operating in Its Waters

Oct 04, 2020

Nigeria plans to bar vessels without a valid license to operate in Nigerian waters and has given shipping companies that trade in its coastal and inland waters three months to register, the maritime regulator said on Sunday.The Nigerian Maritime…

Exxon Presses for Guyana Approval of Third Offshore Project

Aug 27, 2020

Exxon Mobil Corp is pressing Guyana's newly-installed government for approval of its third offshore oil project, which has been under a months-long review that coincided with political turmoil in the South American country.Exxon, which operates…

Exxon Limits Guyana Output Due to Gas Injection Issues

Aug 21, 2020

Exxon Mobil Corp is limiting output at its flagship offshore project in Guyana to 100,000 barrels-per-day (bpd) due to more issues with the reinjection of natural gas, the South American country's environmental regulator said on Friday.Exxon…

Saudi Aramco Maintains Plan to Boost Output Capacity

Aug 10, 2020

Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group's CEO said on Monday.Aramco's capital…

Saudi Aramco's Profit Plunges, Sees Signs of Recovery

Aug 10, 2020

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75…

Oil Market Stalls as Absence of Signals Compounds Summer Slowdown

Aug 10, 2020

Hedge funds' oil trading largely dried up last week as the normal summer holiday slowdown was compounded by an absence of price or fundamental signals about the future direction of the market.Hedge funds and other money managers purchased the…

ConocoPhillips to Reverse Most Output Cuts by End of Q3

Jul 30, 2020

ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%…

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