Oil News


Oil Prices Rise on Strong Fuel Demand Data

May 10, 2023

Oil prices rose in early Asian trade on Thursday after strong demand for fuels in the U.S. outweighed concerns about the possibility of the world's biggest oil producer and consumer defaulting on its debt.Brent crude futures LCOc1 rose by 26 cents…

ExxonMobil Taps TechnipFMC for Uaru Subsea Production System

May 02, 2023

TechnipFMC announced Tuesday it has been awarded a contract by ExxonMobil affiliate Esso Exploration and Production Guyana Limited to supply the subsea production system for the Uaru project offshore Guyana.The award covers 44 subsea trees and associated tooling…

Eni CEO Sees No Major Energy Price Upsets in 2023

May 01, 2023

The CEO of Italian oil and gas company Eni, Claudio Descalzi, has said he does not expect any 'big shocks' on the energy markets this year.'European gas storages are full and, although the global economy has restarted, demand is not at its highest because China has not yet resumed full operations…

UK Court to Hear Greenpeace Challenge to Oil and Gas Licensing Round

Apr 24, 2023

Britain's High Court is expected to decide on Tuesday whether to grant Greenpeace permission to proceed with a challenge to the country's last oil and gas licensing round on climate grounds, the activist group said on Monday.Last year Britain…

Angola Expects Oil Output to Increase Next Year

Apr 13, 2023

Angola expects its oil production to temporarily increase next year on the back of recent private investments in the sector, but output will remain below 1.5 million barrels per day, its finance minister told Reuters on Thursday.Beyond next year…

Guyana Delays Closely-watched Oil Blocks Auction to July

Apr 13, 2023

Guyana's closely watched auction of 14 offshore oil blocks faces a delay with the South American country pushing back the deadline for oil explorers to submit bids to mid-July.The three-month delay is in response to industry feedback and the…

BW Energy Achieves First Oil at Hibiscus/Ruche Development off Gabon

Apr 10, 2023

BW Energy on Monday announced it has achieved first oil from the Hibiscus / Ruche Phase 1 development in the Dussafu license offshore Gabon.'Production performance from the first well has been in line with expectations and is currently stabilized at approximately 6…

Oil Price Levels Off

Apr 10, 2023

Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers balanced concern about weakening global growth that may dampen fuel demand.Last week crude jumped more than 6% after OPEC+…

Indonesia Auctions Trio of Oil and Gas Blocks

Apr 10, 2023

Indonesia has put three oil and gas exploration blocks out for tender in its first bidding round of the year, with estimated resources of more than 2.4 billion barrel of oil and 9 trillion cubic feet of gas, its energy ministry said.Indonesia plans to offer 10 oil and gas working areas this year…

PetroVietnam Beats Q1 Crude Output Target

Apr 10, 2023

Vietnam's state oil firm PetroVietnam said on Monday its crude oil output was 2.6 million tonnes in the first quarter this year, 12.6% higher than its target.The figure, however, is lower than the company's crude oil output of 2.74 million tonnes in the same period last year…

Guyana's Shore Base Project Could Cut Shipping Costs by About 12%

Feb 16, 2023

Companies working on a $300 million logistics facility in Guyana that will support offshore oil operations said on Wednesday the shore base will help reduce shipping costs for supplies by as much as 12% by allowing larger supply vessels to dock…

Finance: Investors Become Super-Bullish on Oil

Jan 30, 2023

Portfolio investors have piled into petroleum futures and options at the fastest rate since the first successful coronavirus vaccines were announced in late 2020.China’s exit from a zero-COVID strategy, along with hopes the global economy can avoid a recession and low oil inventories…

Guyana's Oil Exports Double, with Europe Taking Half of Cargoes

Jan 13, 2023

Guyana's oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer's light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.Since…

North Sea Crude: Forties Unchanged as Mercuria Offers Cargoes

Jan 04, 2023

North Sea Forties crude oil differentials were unchanged on Wednesday as Mercuria offered cargoes while BP withdrew one, all above Forties' current assessed value.Platts windowIndications are on a free-on-board (FOB) basis unless marked as cost…

Britain's Windfall Tax Risks North Sea Cash Flight, Output Drop, Industry Warns

Nov 22, 2022

North Sea oil and gas producers hit back after Britain's decision to raise a windfall tax on the sector, warning the move risked jeopardizing investment in the ageing basin and could cut output just as Britain seeks to boost domestic production…

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