Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said.A combination of OPEC-led global production cuts, cheap freight rates…
Hurricane Energy has shut down an offshore well at its Lancaster field in the UK as its testing to produce oil simultaneously from two wells with the aim to reach 20,000 bopd proved unsuccessful. As a result, Hurricane has backtracked on its 2020 output guidance of net 17…
Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.Speaking during a webcast organized by the U.S-Qatar Business Council…
China's CNOOC said Thursday that Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project had started production.The Penglai 19-3/19-9 oilfields are located in Bohai Bay with an average water depth of approximately 28 meters…
Woodside Petroleum will improve the quality of Vincent crude by increasing its flash point from July so that it can be blended into very low sulphur fuel oil (VLSFO) and capture higher premiums, two sources told Reuters.Among crude grades, heavy sweet oil…
Offshore classification company ABG has launch what it says is industry’s most comprehensive support package for offshore operators in Brazil’s complex regulatory environment, with a detailed technical advisory and two new notations.The ABS…
Azerbaijan's oil and gas condensate output was flat in January-April at 12.4 million tonnes compared with 12.44 million tonnes in the same period last year, the Energy Ministry said on Thursday.Natural gas output rose to 13.4 billion cubic meters (bcm) in the first four months of 2020 from 11…
Norway's oil output jumped more than expected in April, the Norwegian Petroleum Directorate (NPD) said on Wednesday, while forecasts for the remaining year's production were cut in line with the government's decision following May's OPEC+ meeting…
Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.Crude prices have slumped in 2020…
German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration.Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March…
Spanish oil company Repsol has been given a green light to use the Maersk Inspirer jack-up rig at the Yme field, in the North Sea, offshore Norway.The consent, granted by the Petroleum Safety Authority Norway, to connection, completion, and…
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city…
Oil and gas company Neptune Energy has terminated the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas. Neptune will pay a $5 million termination fee to Energean.The two companies had last year agreed…
Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers. Brent crude was up $2.32, or 7.1%, at $34.82 a barrel by 1344 GMT…
Israeli energy conglomerate Delek Group said on Sunday it was in talks to sell royalty rights to two small natural gas fields and was amending its proposed share offering.Delek said it planned to sign a 300 million shekel ($85 million) deal…
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