Norwegian independent oil company Aker BP reported its fifth consecutive record quarterly profit on Thursday as petroleum prices soared, and is preparing to ramp up gas deliveries to Europe, the company said on Thursday.Earnings before interest…
Exxon Mobil Corp said on Wednesday that its Russian unit Exxon Neftegas Ltd has declared force majeure for its Sakhalin-1 operations, where it has become increasingly difficult to ship crude out of due to sanctions on Russia.The Sakhalin-1 project…
Oslo-listed FPSO leasing company BW Offshore said Wednesday a fatal incident had occurred in the Priya Blue shipyard in India, but that it was not related to ongoing recycling of former BW Offshore FPSOs at the yard.BW Offshore said in February…
U.S. oil and gas producer Hess Corp reported a 65% rise in first-quarter profit on Wednesday, helped by a jump in energy prices due to Russia's invasion of Ukraine.Oil prices hit multi-year records during the quarter as the conflict in Ukraine led to sanctions against Russia…
Malaysian state energy firm Petronas is seeing growing demand for gas as the world lifts COVID-19 restrictions and prioritizes energy security due to Russia's invasion of Ukraine, its chief of upstream operations told Reuters on Wednesday.Petronas…
Norway's Vår Energi raised its annual dividend and posted a sharp rise in first-quarter profit on Wednesday, aided by a surge in oil and gas prices following Russia's invasion of Ukraine.Vår Energi, majority-owned by Italy's Eni, reported a pretax profit of $1…
Africa-focused oil company VAALCO Energy on said it had started production from the Avouma 3H-ST development well that was drilled from the Avouma platform in the Etame field, offshore Gabon. The initial flow rate of the well was approximately 3…
Oil demand could peak as soon as 2025, as the energy transition continues to gain steam and as electric vehicle adoption increases, McKinsey & Company said in a new report.Christer Tryggestad, a Senior Partner at McKinsey, says: “In the past few years…
Harbour Energy has started production at the Tolmount gas field in the British North Sea, a source close to the company said on Monday.Harbour operates and holds a 50% stake in the field along with Dana Petroleum.The field, whose start-up was initially planned for the first quarter of the year…
Malaysia's Petronas on Friday signed a Production Sharing Contract (PSC) with SK earthon and Petroleum Sarawak Exploration & Production Sdn. Bhd. (PSEP) for Block SK427 off the coast of Sarawak. SK earthon, a subsidiary of South Korea’s SK Innovation…
Thai oil and gas company PTTEP has become the official operator of the G1/61 offshore block, containing the Erawan, Platong, Satun, and Funan fields, as well as the G2/61 project, containing the Bongkot field, offshore Thailand.Back in December 2018…
Guyana sold its first share of crude oil from the country's newest offshore production facility to ExxonMobil for about $106 million, the government said.One of South America's poorest nations, Guyana plans to use proceeds from oil in the short term to build roads…
Should Japan ever exit the Sakhalin energy projects in Russia and their stakes were acquired by Russia or a third country, this would weaken the effectiveness of Western sanctions and benefit Russia, Japan's industry minister said on Friday…
Morgan Stanley raised its third-quarter price forecast for Brent by $10 per barrel to $130 citing a 'greater deficit' this year due to lower supply from Russia and Iran, which is likely to outweigh short-term demand headwinds.'The oil market is contending with negative GDP revisions…
Norway's crude oil output in March missed the official forecast but gas output exceeded expectations, preliminary data from the Norwegian Petroleum Directorate (NPD) showed on Thursday.Crude oil output fell to 1.74 million barrels per day (bpd) in March from 1…
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