Oil News

 

Petrobras CEO: Oil Industry is not the Villain

Aug 24, 2023

Petrobras CEO Jean Paul Prates participated in the CEO Oil and Gas Governors Meeting in Geneva this week and highlighted that it is crucial to raise people's awareness of the essential contribution of oil to the economy.The event was coordinated by the World Economic Forum…

Guyana's Oil Boom Grabs Bigger Share of European Market

Aug 23, 2023

Guyana has gained a larger share of Europe's oil market this year, vessel monitoring data showed, driven by rising output by a consortium led by ExxonMobil and strong demand for light sweet crude grades amid a reshuffling of global oil flows…

US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

Aug 22, 2023

Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U…

US, Brent Crude Futures Stabilize After Negative Turn

Aug 21, 2023

Crude oil futures stabilized on Monday after briefly turning negative following gains of more than $1 earlier in the session, as markets weighed supply tightness against expectations of slow demand growth, particularly from China.Brent crude was up 14 cents to $84…

MODEC’s FPSO Anita Garibaldi MV33 Achieves First Oil in Brazil

Aug 21, 2023

Japan's MODEC said its FPSO Anita Garibaldi MV33 has achieved first oil production for Petrobras at the Marlim field in the Campos Basin off the coast of Brazil.The FPSO is leased on a 25-year time charter contract to the state-owned Brazilian energy company—one of MODEC's longest charters to date…

China Jitters Set to Snap Oil's Seven-week Winning Streak

Aug 18, 2023

Oil prices looked set to close down this week following seven weeks of gains, as China's economic woes eclipse signs of tight supply.The seven-week upswing in prices, galvanised by supply cuts by the Organization of the Petroleum Exporting Countries and allies (OPEC+)…

NGO Shipbreaking Platform Pushes for Safe Recycling of FSO Safer

Jul 06, 2023

The NGO Shipbreaking Platform has called for the safe and environmentally friendly recycling of the FSO Safer, currently being salvaged off the coast of Yemen.The UNDP is looking for a destination for the FSO’s recycling, and the Platform is calling on the Dutch government…

Guyana Not Interested in Joining OPEC, VP Says

Jun 26, 2023

Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators…

Petrobras Says Reinjection of Gas in Wells is Essential to Oil Production

Jun 22, 2023

Brazil's state-run oil company Petrobras said on Thursday the reinjection of natural gas in wells is essential to its oil production, especially in its pre-salt fields.Speaking at an event, its Chief Executive Jean Paul Prates also said the…

Saudi Arabian Crude Oil Exports Fall 12%

Jun 22, 2023

“By agreeing to an additional voluntary production cut within OPEC (Organization of the Petroleum Exporting Countries) of 500,000 barrels per day in May and announcing a further independent production cut of 1,000,000 barrels per day in July…

TGT Launches Flow Characterizing Accoustic Platform

Jun 21, 2023

TGT Diagnostics has launched its latest acoustic platform, ChorusX, a new diagnostic resource specifically designed to locate and characterise flow in oil and gas wells.The acoustic array platform enables energy companies to find and map fluid…

China’s First Smart FPSO Delivered

Jun 20, 2023

China’s first smart FPSO Hai Yang Shi You 123 has been delivered to CNOOC in Nantong, Jiangsu.Hai Yang Shi You 123 is the first FPSO in China that integrates digital technologies including cloud computing, big data, internet of things, artificial intelligence and edge computing…

China Banks "Massive Volume" of Crude in May

Jun 19, 2023

China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small…

Shell's Olympus Gulf of Mexico Platform Offline for Maintenance

Jun 16, 2023

Top U.S. Gulf of Mexico oil producer Shell on Thursday said its Olympus production platform in the U.S. Gulf of Mexico is offline for planned maintenance.The work started a week ago on Wednesday, June 7, and is expected to last 14 days, Shell said…

China Steps Up Purchases of Nigerian Crude

Jun 16, 2023

Differentials for some grades of Nigerian crude rose on Friday, while Chinese refiners stepped up purchases of crude from other West African exporters.At least around 35 cargoes of Nigerian crude for loading in June and July have yet to find a buyer…

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