NOV tapped to deliver flotation and mooring systems for windfarm offshore Scotland

Green infrastructure developer Cerulean Winds has named NOV as the first of its delivery partners for the fabrication of its proposed integrated 200-turbine floating wind and hydrogen development off the coast of Scotland. More »

AVEVA and Wood launch new industrial solution to accelerate digital transformation

The new Connected Build solution optimizes project efficiency and improves sustainability outcomes for capital projects across the power, energy, chemicals and mining industries. More »

EQT sets ambitious net zero goals for its natural gas operations

EQT. Corp., America’s largest natural gas driller, set a target to zero out emissions from its own operations and energy use in just four years. The harder part will be tackling pollution from customers, a problem the producer is still mulling. More »

Equinor moves ahead with Norwegian Sea’s Lavrans and Kristin Q discoveries

Equinor and the partners Petoro, Vår Energi and Total EandP Norge have decided to develop the Lavrans discovery and the Kristin Q-discovery which is a part of the Kristin field. Capital expenditures for this first phase will total about NOK 6.5 billion. More »

AqualisBraemar LOC completes decom project offshore Canada

Energy and marine consultants AqualisBraemar LOC has completed its assignment in connection with the decommissioning and removal campaign of the Sable Project off the coast of Nova Scotia, Canada. More »

Supreme Court rules fed-approved pipelines can seize state-owned land

The U.S. Supreme Court ruled that natural-gas pipeline projects with federal approval can seize state-owned land, boosting PennEast Pipeline Co.’s planned 116-mile line through Pennsylvania and New Jersey. More »

Oil prices seek direction in advance of OPEC meeting this week

Oil erased earlier losses with the market looking for its next direction from an OPEC+ meeting this week and the spread of the delta variant of Covid-19. More »

Schlumberger and IBM announce hybrid cloud enterprise data management solution for the energy sector

The solution will provide energy operators with full interoperability, making their data accessible by any application within their EandP environment through the OSDU common data standard to enable easy sharing of information between teams. More »

Highwood exporting advanced well service rigs to Middle East on massive cargo plane

Highwood Equipment Technologies Inc. is transporting two of the world’s most advanced automated well service rigs to the Sultanate of Oman. More »

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Baker Hughes takes a stake in synthetic natural gas startup

Baker Hughes is taking a 15% stake in a startup that aims to produce natural gas from hydrogen and carbon dioxide, the oilfield service company’s latest move to invest technology designed to capture emissions. More »

Ghana court orders Eni to escrow part of Sankofa revenues

Eni SpA and Vitol Group could lose a share of the proceeds from their offshore oil field in Ghana after resisting a government order to merge their asset with a domestic company’s neighboring field. More »

Oil prices hold near 2018 highs as OPEC output looks to trail global crude demand

Physical oil markets are screaming for more supply. Prices are rising in the North Sea, the key region that’s central to the value of many oil transactions, while differentials for Nigerian grades have also made notable gains. More »

Shell to buy BP’s share of Shearwater North Sea gas hub

Shell, already the operator of the field, has right of first refusal to any sale by BP. As such, its decision to acquire the stake puts an end to BP’s deal to divest the holding to Tailwind Energy Ltd., an explorer backed by trading house Mercuria Energy Group Ltd. More »

Wood Group settles Amec bribery case in $177 million agreement

John Wood Group Plc said it agreed to pay $177 million to settle a UK-led bribery and corruption probe into a British engineering firm it acquired in 2017. More »

Shell to buy BP’s share Shearwater North Sea gas hub

Shell, already the operator of the field, has right of first refusal to any sale by BP. As such, its decision to acquire the stake puts an end to BP’s deal to divest the holding to Tailwind Energy Ltd., an explorer backed by trading house Mercuria Energy Group Ltd. More »

Natural gas prices rally as global shortages abound

A long, frigid winter drained gas stockpiles from Louisiana to Germany, and utilities are struggling to build them back up. But unforeseen supply disruptions and a rebounding global economy are making it impossible to keep up. More »

TotalEnergies, Qatar Petroleum land two new offshore Suriname blocks

With these two new operated exploration blocks, TotalEnergies expands its position in Suriname, an emerging world class basin. A 3D seismic acquisition campaign will be carried out on these 2 licenses to confirm their potential. More »

UAE debates OPEC-leading net zero 2050 goals

The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but won't require it to sell less oil. More »

Nigerian oil reform bill has lawmakers racing a July deadline

Nigerian lawmakers are racing to pass long-awaited legislation to reform the country’s petroleum industry before the current parliamentary session ends in mid-July. More »

OPEC’s output plans expected to leave oil markets wanting more

The global oil market is calling out for a substantial increase in supplies, but OPEC+ is expected to provide only a fraction of what consumers are demanding. More »

Nigeria’s Dagonte Group plans Cameroon oil and gas push

Aliko Dangote, Africa’s richest person, said he plans to diversify his group’s investments in Cameroon, starting with energy. More »

U.S. oil demand may drive crude inventories to historical lows

Stockpiles in Cushing, Oklahoma, the delivery point for West Texas Intermediate oil futures fell nearly 4 million barrels in the last two weeks, bringing inventories to the lowest since March of 2020 when the pandemic forced the country into lockdown. More »

India’s Reliance Industries plans $10 billion clean energy investment

Reliance Industries Ltd., which operates the world’s largest crude oil refining complex, plans to invest 750 billion rupees ($10.1 billion) in clean energy over three years, paving way for a crucial transformation as investors, consumers and governments world over seek sustainable growth. More »

OPEC has a role in taming inflation, says Saudi energy minister

Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel. More »

Iran complicates sanctions talks with demands that predate the U.S. nuclear deal

Iran and the U.S. are haggling over problems with the nuclear deal that predated the Trump administration’s 2018 withdrawal from the accord, a top Iranian government official said, suggesting that negotiations to bring Washington back into the fold have become more complicated than previously known. More »

South Sudan launches first-ever oil licensing round

The South Sudan Oil Licensing Round aims to attract interest from a diverse group of foreign investors to a region that is already home to oil and gas majors from China and Malaysia. More »

LLOG tallies first production from its Praline discovery in Mississippi Canyon block

Philip LeJeune, LLOG’s President and CEO said “We are pleased to announce first oil from our Praline field, our first pipe-in-pipe tieback, and the continued successful development of our high quality prospect inventory. Praline is the first of four tieback projects we expect to have online in the next year." More »

BP starts new Gulf of Mexico production at Na Kika platform

BP announced a significant milestone with the safe start-up of the Manuel project in the US Gulf of Mexico, the fourth of five major projects expected to be delivered globally in 2021. More »

BP CEO sees higher oil prices boosting energy transition plans

BP’s energy transition plan will receive a boost from rising oil prices, and the company is already winning back investors after a difficult year, Chief Executive Officer Bernard Looney said. More »

Schlumberger commits to net zero 2050 greenhouse gas targets

Schlumberger’s decarbonization plan leverages technology to address operational emissions, customer emissions, and carbon-negative actions. More »

Oil futures spread hits seven-year high as U.S. crude inventories shrink

A key spread between monthly oil futures contracts has blown out to the widest level in seven years as traders bet that U.S. crude inventories are about to get a whole lot tighter. More »

Oil prices slip below $75 as OPEC considers crude output hike

Oil retreated after hitting $75 a barrel in London for the first time in more than two years, as Russia and other OPEC+ nations were said to consider increasing production. More »

OPEC discusses August crude output hike as oil markets tighten

Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other OPEC+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned. More »

Exxon plans to annually cull up to 10% of U.S. office jobs for next several years

Exxon Mobil Corp. is preparing to reduce headcount at its U.S. offices by between 5% and 10% annually for the next three to five years by using its performance-evaluation system to suss out low performers, according to people familiar with the matter. More »

Venezuela’s oil boss projects soaring output, despite crumbling infrastructure and U.S. sanctions

“They blocked us, they sanctioned us, they stole all our foreign assets,” said Venezuelan oil minister Tareck El Aissami. “Without any financing, with our own money, we’ve been able to invest enough to stop the slide and start a gradual recovery.” More »

Oil prices hold near $72 as Iran nuclear talks pause without a deal

Oil held near $72 a barrel as inconclusive nuclear talks between world powers and Iran -- which has elected a new hardline president -- allayed prospects for a swift revival of the Islamic Republic’s crude exports. More »

DNV completes concept verification review of Odfjell Oceanwind’s WindGrid floating wind power system

Odfjell’s WindGrid is a solution for providing an uninterrupted power supply from Mobile Offshore Wind Units to micro-grids. It combines energy storage, grid converters and floating wind turbines in order to enable gas turbine generators to be shut down during peak wind power production. More »

Bank of America projects 2022 oil prices near $100 on growing travel demand

Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new crude production is crimped by environmental concerns, the bank said in a report. More »

Devon Energy sets net zero 2050 emissions targets, ESG performance goals

Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain. More »

Biden rejects Maduro’s call for the U.S. to end Venezuela sanctions

President Joe Biden’s administration rejected Nicolas Maduro’s call for relief from U.S. sanctions, saying the Venezuelan leader needs to do more toward restoring democracy before penalties would be lifted. More »

China joins consortium taking a 49% equity stake in Aramco Oil Pipelines Co.

China’s Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines. More »

World powers convene on Iran sanctions after hardliner wins power

While Ebrahim Raisi’s presidential win isn’t expected to derail efforts to return the U.S. to the accord, the change in administration in Tehran has complicated diplomacy. More »

Iran’s election results will likely slow a return to global oil markets

Iran will continue talks aimed at reviving a nuclear deal during its transition to a new government, yet the election of a conservative cleric as president lowers traders’ expectations of a quick return to the world oil market. More »

Iran’s new, hardline leader Raisi may complicate U.S. sanctions deal

A former judiciary chief with support from the highest levels of Iran’s religious and military establishment, Ebrahim Raisi’s election means that all of Iran’s state institutions and levers of power will be controlled by ultraconservatives. More »

WTI crude nears Brent valuation as U.S. oil demand accelerates

As little as 18 months ago, it would have been unthinkable, but transformation of oil markets post-pandemic is already having ramifications on crude pricing and international trading patterns. More »

Equinor extends Heimdal gas center’s North Sea service contract to 2023

New wells at Valemon will extend profitable operations at Heimdal, which is processing gas from Valemon. The Heimdal partners have now decided to extend operations at Heimdal to 2023. More »

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Oil prices sink as rising U.S. dollar pushes investors out of commodities

Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors. More »

Shale operators’ strict financial discipline is finally paying off

After years of booms and busts that produced astronomical losses along with a whole lot of oil, the shale industry seems to have found a sweet spot, poised to hit a record of more than $30 billion of free cash generated in 2021. More »

DNV and Keppel Offshore and Marine ink deal to develop hydrogen projects in Singapore

The aim of the collaboration is to explore safe implementation of potential new technologies, working jointly with relevant governmental agencies to promote the introduction of hydrogen as an energy source in the Singapore market to support the country’s decarbonization goals. More »

Suncor Energy and Terra Nova partners agree to short-term project funding

Co-owners of the Terra Nova FPSO facility and associated Terra Nova Field have reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision this fall. More »

Saudis warn an oil price surge could follow reduced global crude exploration

A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said. More »

Saudis warn a global oil price surge could follow reduced crude exploration

A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said. More »

API wants Biden to reduce reliance on foreign oil imports with lease ban blocked

"Now is the time for the administration to put an end to this ‘import more oil’ policy that threatens American jobs and deprives state and local communities of much-needed revenue, all while likely increasing emissions and the risks of climate change," the American Petroleum Institute said in a statement. More »

NOIA calls for immediate resumption of Gulf of Mexico oil lease sales

"The Department of the Interior is required by law to expeditiously develop America’s energy resources, and this includes the obligation to schedule and hold offshore oil and gas lease sales," said National Ocean Industries Association President Erik Milito. More »

Lundin Energy targets carbon-neutral oil from Johan Sverdrup

Lundin Energy is starting with the Johan Sverdrup field offshore Norway because the direct emissions from the project are already about 40 times lower than the world average, largely because its offshore facilities are powered by electricity. More »

Biden’s oil lease ban lifted by federal judge

A federal judge lifted the Biden administration’s temporary ban on new oil and gas leases on public lands and offshore waters. More »

Boycott Texas oil, and Texas will boycott you, says Gov. Abbott with new law

Governor Greg Abbott signed a bill into law on Monday banning state investments in businesses that cut ties with the oil and gas industry. The underlying message, according to one of the most powerful energy regulators in the state, is simple: Boycott Texas, and we’ll boycott you. More »

Transocean joins GameStop and AMC in monetizing its meme-stock status

Transocean Ltd. is planning to raise cash and cut debt by selling new shares, taking advantage of a surge in its stock price driven by the meme-stock frenzy and rising oil prices. More »

Equinor awards offshore Brazil EPCI contract to Subsea Integration Alliance

Schlumberger announced an award to Subsea Integration Alliance of a large contract by Equinor on its Bacalhau project offshore Brazil. The contract scope covers the engineering, procurement, construction and installation of the subsea production systems and subsea pipelines. More »

Norway’s climate activists pivot to human rights to challenge Arctic drilling

Climate activists that failed in their attempt to stop oil and gas drilling in Norway’s Arctic are taking the case to the European Court of Human Rights. More »

Minnesota court upholds Enbridge’s Line 3 oil pipeline permit

The pipeline, which will carry Canadian oil-sands crude from Alberta to Superior, Wisconsin, has faced fierce opposition from indigenous and environmental groups, who clashed with law enforcement last week. More »

Trade group says Gulf of Mexico energy output fits with Biden’s climate plans

“There is substantial momentum across all segments of the economy in transparency and reporting of GHG emissions, sustainability, and ESG performance. The SEC should exercise restraint from taking any action that could hinder or otherwise complicate these ongoing efforts," said NOIA president Erik Milito regarding potential changes to the SEC's climate change disclosure rules. More »

Iran believes a U.S. energy sanctions deal is in reach, warns “very little time” to settle it

Oil markets are closely watching the negotiations for any clues as to when the OPEC member will be able to resume crude sales, and how quickly Washington will allow it to ramp up production. More »

Oil price climb continues as expectations for more Iranian crude exports fade

Oil hit a 32-month high as the rollout of coronavirus vaccines boosted demand expectations for Europe and the U.S., and confidence faded over a quick return of Iranian crude supply. More »

Shell said to consider sale of largest oil field in the U.S., valued at up to $10 billion

The potential sale could include all of Shell’s 260,000 acres in the Permian Basin, Reuters reported citing unidentified people familiar with the matter. Shell declined to comment on Reuters’ report. More »

Keystone XL protestors want Biden to revoke more pipeline permits

Environmentalists emboldened by this week’s defeat of Keystone XL are pressuring President Joe Biden to revoke permits for other oil and gas pipelines, warning their votes depend on the administration blocking fossil fuel infrastructure. More »

Three Chesapeake Energy executives depart in post-bankruptcy shakeup

Chesapeake Energy said three executives are leaving, marking the latest shakeup of the senior ranks at the Oklahoma oil and gas producer since it emerged from bankruptcy four months ago. More »

Norway’s energy minister sees both renewables and fossil fuels in the nation’s future

Norway, Western Europe’s biggest oil producing nation, plans to expand its green energy industry and strengthen its power grid, but isn’t willing to budge when it comes to exploiting its oil and gas resources. More »

Saudi oil minister takes short-seller battle straight to Wall Street

Prince Abdulaziz bin Salman has battled to keep short-sellers at bay for more than a year, famously warning speculators in September not to bet against him, and more recently lambasting the view that the world should stop investing in oil to protect the climate. More »

IEA sees global oil demand reaching pre-virus levels in 2022

World consumption will once again reach 100 million barrels a day in the second half of 2022 as developed economies bring the virus under control, the International Energy Agency said, in its first detailed outlook for the year ahead. More »

OPEC projects further oil demand growth in the second half of 2021

Oil consumption will climb by 5%, or about 5 million barrels a day, in the second half of 2021 versus the first as the world emerges from the pandemic slump, the Organization of Petroleum Exporting Countries forecast in a report. More »

Inflation data, strong demand raise oil prices to two-year highs

Crude found support with U.S. consumer prices in May topping forecasts, extending a months-long buildup in inflation that is seen helping spur more interest in alternative assets like commodities to find yield. More »

Schlumberger New Energy, Panasonic Energy partner on new lithium production process

The collaboration paves the way for improved lithium production solutions that will help meet the expected surge in demand for lithium as the electric vehicle market takes off worldwide. More »

Oxy sells non-core Permian acreage for $508 million, reaffirms 2021 production guidance

The transaction, which is expected to close in the third quarter of 2021, includes approximately 25,000 net acres in the Southern Delaware Basin in Texas with current production of approximately 10,000 barrels of oil equivalent per day from about 360 active wells. More »

Oil majors adding renewables projects for long-term sustainability

Expected declines in demand for fossil fuels are compelling major oil and gas companies to actively restructure their businesses to add renewable power projects in their portfolio. This will help these companies reduce their carbon intensity and align with the changing energy mix in the long run, according to GlobalData. More »

TC Energy officially terminates Keystone XL pipeline after Biden revokes permit

TC Energy Corporation confirmed that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the $9 billion Keystone XL Pipeline Project. More »

Interior Department gauges deepwater Gulf of Mexico for new offshore wind projects

The Bureau of Ocean Energy Management will publish a Request for Interest in the Federal Register on Friday, June 11 to assess interest in potential offshore wind development in the Gulf of Mexico's outer continental shelf. More »

Uganda stands to be one of Sub-Saharan Africa’s top five oil producers by 2025

With the East African Oil Pipeline project recently getting the go-ahead, Uganda is set to produce its first oil as early as 2025 and production in the next five years is expected to jump to 230,000 barrels per day, from zero in 2021, says GlobalData, a leading data and analytics company. More »

Iran projects 90 days to hit 4 million barrels of daily oil output once sanctions are lifted

Iran plans to restore the bulk of its crude oil production within one month of the easing of U.S. sanctions if world powers manage to broker the revival of the 2015 nuclear deal, the official Shana news agency reported, quoting an official at the National Iranian Oil Co. More »

Oil price climb continues as Iran’s sanctions talks drag on

Crude extended gains after an industry report showed another draw in U.S. crude inventories, while Iran said a deal to end sanctions on its oil sector remained elusive. More »

BP Singapore inks 10-year LNG supply deal with Pavilion Energy that includes CO2 reporting

Pavilion Energy Trading and Supply and BP Singapore have signed a long-term LNG sale and purchase agreement for the supply of approximately 0.8 million tons of LNG per year to Singapore for 10 years from 2024. As part of the agreement, both companies will strive to co-develop and implement a greenhouse gas quantification and reporting methodology. More »

BP Singapore inks 10-yeat LNG supply deal with Pavilion Energy that includes CO2 reporting

Pavilion Energy Trading and Supply and BP Singapore have signed a long-term LNG sale and purchase agreement for the supply of approximately 0.8 million tons of LNG per year to Singapore for 10 years from 2024. As part of the agreement, both companies will strive to co-develop and implement a greenhouse gas quantification and reporting methodology. More »

Exxon and its partners log new discovery at Longtail-3 offshore Guyana

“Longtail-3, combined with our recent discovery at Uaru-2, has the potential to increase our resource estimate within the Stabroek block, demonstrating further growth of this world-class resource and our high-potential development opportunities offshore Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. More »

Canada’s major oil sands producers unite to achieve net zero 2050 carbon emission goals

Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy and Suncor Energy formally announced the Oil Sands Pathways to Net Zero initiative. “The initiative is an industry driven, made-in-Alberta solution which will strengthen our position as global ESG leaders,” said Sonya Savage, Alberta’s Minister of Energy. More »

Talos Energy, Storegga form carbon capture JV targeting offshore Gulf of Mexico opportunities

Talos Energy has formed an exclusive joint venture with Storegga Geotechnologies to source, evaluate and develop carbon capture and storage project opportunities on the United States Gulf Coast and Gulf of Mexico, including state and federal waters. More »

Shell CEO pledges faster carbon emissions cuts after Dutch court ruling

The oil and gas giant still expects to appeal the verdict and believes it has been unjustly singled out, CEO Ben van Beurden said in a statement posted on LinkedIn. However, the company also feels “determination to rise to the challenge” posed by the ruling, he said. More »

Biden’s climate czar to meet with API leaders on oil and gas emission cuts

The session will be at least the second meeting this year between top API executives and White House National Climate Adviser Gina McCarthy, who is coordinating the Biden administration’s efforts to clamp down on greenhouse gas emissions from the use of fossil fuels. More »

WTI crude closes above $70 for the first time since Oct. 2018

Oil broke through a months-long trading range as expectations of tightening supplies in the U.S. compounded signs the world’s largest oil-consuming country is in the midst of a robust recovery. More »

Canadian public opinion poll shows strong support for offshore oil and gas projects

“The offshore oil and gas industry continues to receive broad support across Newfoundland and Labrador and I believe this can be attributed to the value it provides our province and country in tangible terms of well-paying jobs, royalties and benefits to help pay for public services," said Charlene Johnson, Noia CEO. More »

KKR plans more shale acquisitions after $5.5B Contango Oil and Gas deal

KKR is bucking the trend among private-equity peers that have been unloading shale investments after back-to-back oil market busts. The move may signal a bullish turn with U.S. crude prices heading for the best annual performance since 2015. More »

Fewer than 20% of U.S. shale oil jobs held by women, says trade group

Gender diversity remains a challenge in the U.S. shale patch, where fewer than two of every 10 jobs are held by women, according to the latest study by a trade group representing the hired hands of the oil field. More »

KKR’s Independence Energy, Contango Oil and Gas aim for $5.5B all-stock merger

KKR and Contango are doubling down on investing in exploration and production companies as many in the sector seek to recover from years of poor returns amid the shale boom and bust. The combination will allow the merged company to reach greater scale, boost access to capital and drive down the cost of production, the people said. More »

Colorado shale deal leaves CPP Investment Board as largest investor in Civitas

Bonanza Creek Energy Inc. and Extraction Oil and Gas Inc. -- which announced a merger last month and a plan to rename the combined entity Civitas Resources Inc. -- said Monday they’re buying closely held Crestone Peak Resources LLC. Crestone investors will get 22.5 million shares of Bonanza, according to a statement. All three companies operate in the Denver-Julesburg Basin. More »

Oil price rally loses steam after reaching 2018 highs

Futures dropped back below $69 a barrel on Tuesday, mirroring wider markets where the dollar rose and U.S. equity futures pared gains as the recent surge in various assets brought on inflation concerns. More »

Texas AandM to lead new Ocean Energy Safety Institute

The Texas AandM Engineering Experiment Station will collaborate with energy-sector stakeholders, several national labs and universities in ten states as the manager of a new Ocean Energy Safety Institute. More »

BP CEO sees lasting trends in global oil demand growth, limited U.S. crude output

Energy giant BP sees a strong recovery in global crude demand and expects it to last for some time, with U.S. shale production being kept in check, according to CEO Bernard Looney. More »

Transocean strikes new delivery terms for two 20,000 psi-capable deepwater drillships

The Deepwater Atlas and Deepwater Titan are the world’s first eighth generation ultra-deepwater drillships, and the only rigs to feature a 3,000,000 pound hook-load. These drillships will include the offshore industry's first 20,000 psi well control systems. More »

World’s largest oil trader says U.S. has left OPEC in control of global crude prices

The decline in U.S. drilling and output leaves little competition to OPEC's efforts to manage markets, Mike Muller, Vitol’s head of Asia, said during an online conference on Sunday. Brent crude closed above $70 a barrel last week for the first time in two years, as buyers demand more oil than producers are pumping. More »

U.S. oil and gas jobs increased slightly in May as companies remain focused on debt

Oil and gas employment has remained fairly flat in 2021 as companies have focused on reducing debt, repaying investors and focusing on research and development instead of boosting production. Employment in the sector is down 13.8% since the onset of the pandemic in March 2020. More »

Rising steel costs bring inflation woes to U.S. shale plays

Costs for everything from labor to diesel to steel have climbed in the oil field this year as explorers return to work following last year’s pandemic-driven crash in crude prices. Steel prices for the drill pipe used in new wells could rise about 50% in 2021, Citigroup said. More »

Russia’s Rosneft projects global oil shortages during “hasty” energy transition

“The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world consumes oil, but isn’t ready to invest in it.” More »

Turkey announces significant new Black Sea natural gas discovery

Turkish President Recep Tayyip Erdogan announced that state energy company Tpao has found 135 billion cubic meters of gas at the Amasra-1 offshore well, bringing the total amount of deposits discovered in the Black Sea over the past year to 540 billion cubic meters. More »

Saudis raise oil prices in key Asian markets as demand challenges supply

Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year. More »

Turkey expected to announce new Black Sea natural gas discoveries

Turkey has discovered further deposits of natural gas in the Black Sea, according to people familiar with the matter, and is likely to make an announcement soon. More »

OPEC leaders mock IEA’s “la-la land” 2050 net zero roadmap

If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak. More »

OPEC leaders mock IEA’s “la-la land” 2050 net zero raodmap

If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak. More »

Saudis, Dubai and UAE’s ADNOC grapple for joint ownership of Egypt’s Wataniya Petroleum

Whichever company wins would partner with Egypt’s sovereign wealth fund in taking joint full ownership of Wataniya Petroleum, a fuel distribution firm that has more than 200 filling stations and is run by the North African nation’s military. More »

Maersk Drilling lands two development well contract in Brazil’s Patola field

Karoon Energy Ltd has exercised an option to add the drilling of two development wells at the Patola field offshore Brazil to the work scope of the semi-submersible rig Mærsk Developer. The work is expected to commence in the second half of 2022. More »

Canada’s Brookfield tries to derail $6.9 billion Pembina-Inter pipeline deal

Brookfield Infrastructure Partners LP raised its hostile offer for Inter Pipeline Ltd. to C$8.4 billion ($6.9 billion) as it sought break up the company’s deal with Pembina Pipeline Corp., setting off a full-blown takeover battle for Canada’s fourth-largest pipeline company. More »

Iran preps to aggressively reclaim key Asian oil markets when sanctions lift

The likely return of Iranian oil is setting up what promises to be an aggressive, price-driven battle to supply a corner of the coveted Asian market. More »

Chevron open to sale of Canadian oil sands stake to meet green goals

Chevron CEO Mike Wirth signaled he would consider selling its 20% stake in a Canadian oil sands mine as its faces investor pressure to do more to curb emissions and fight climate change. More »

Oil price rally continues on strong summer demand outlook

Oil extended gains with signs of a recovery in demand from the U.S. to Europe stoking optimism among producers and analysts in the crude market. More »

EU, Bill Gates form $1 billion clean energy pact

The Commission and Breakthrough Energy Catalyst, a program founded by Gates, want to muster the funding in 2022-2026 to build large-scale, commercial-demonstration projects that will deliver significant reductions in carbon dioxide. More »

DJ Basin production could increase, with greater capital allocation among operators

The Denver Julesburg (DJ) Basin located in Colorado and Wyoming has experienced a constant decline since production peaked in November 2019. Reversing this trend will depend on the capital allocation from major oil and gas operators in this region, says GlobalData, a leading data and analytics company. More »

IEA criticizes oil and gas industry’s green spending, expecting a fourfold increase

“Much greater resources have to be mobilized and directed to clean energy technologies to put the world on track to reach net-zero emissions by 2050,” said Fatih Birol, the IEA’s executive director. Among other milestones, the IEA's 2050 plan depends on all new oil and gas exploration worldwide being halted several weeks ago. More »

Biden blocks Trump’s last-minute Arctic Refuge drilling permits

Under an Interior Department order issued Tuesday, the agency is temporarily halting action on nine leases spanning more than 400,000 acres (161,870 hectares) of the Arctic National Wildlife Refuge, while it conducts a fresh environmental analysis of the program. More »

Schlumberger rolls out enterprise-scale DELFI digital solutions for Petronas

“The strategic approach to digital transformation, the adoption of the OSDU Data Platform, and the DELFI environment position PETRONAS among the digital leaders of the industry, and we are proud to be supporting them in this journey,” said Rajeev Sonthalia, president of Digital and Integration, Schlumberger. More »

Biden administration grants Chevron another Venezuela sanctions waiver

Chevron and top American oil-service companies won an extension to keep a limited presence in Venezuela despite U.S. sanctions intended to starve President Nicolas Maduro’s regime of petrodollars. More »

OPEC to raise oil production in July, stays mum on what’s next

OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the accelerating global recovery. More »

BP advances its green ambitions with key U.S. and Greek solar deals

“When you consider the 20-gigawatt target we’ve laid out until 2025, it’s a significant move forward,” Dev Sanyal, BP’s head of gas and low-carbon energy, said in an interview. More »

Brent oil price passes $70 on OPEC projections of a tightening crude market

A robust recovery in the U.S. and Europe has given OPEC+ the confidence that markets can absorb additional barrels, despite the prospect of more supply from Iran should a nuclear deal be revived, and a Covid-19 comeback in Asia, most notably India. More »

New nuclear violations may derail Iran’s return to global oil markets

A bleak assessment of Iran’s nuclear transparency cast a pall over months of arduous diplomacy aimed at restoring its atomic accord with world powers that has major implications for Middle Eastern security, global business and oil markets. More »

Exxon walks away from stake in deepwater Ghana block

Exxon Mobil is pulling out of a deep-water oil prospect in Ghana just two years after the west African nation ratified an exploration and production agreement with the U.S. oil titan. More »