Aker Lands 20-year Umbilicals Master Order with Chevron (Thursday, 26 March 2020)

Aker Solutions has entered a master agreement to provide umbilicals for Chevron-operated oil and gas fields in the US Gulf of Mexico. The company also secured the first work order under the new master agreement, to provide 15 miles of umbilicals for Chevron’s Anchor project. The scope of the Chevron agreement includes the delivery of […]

  • March 26 @ 5:00 am

Negative Oil Prices are Rare, But Not Impossible (Wednesday, 25 March 2020)

How bad is too bad for oil markets? As prices barrel toward the lowest levels since the start of the century, negative prices have re-entered the realm of possibility. U.S. oil futures just hit an 18-year low as an oil-price war between Saudi Arabia and Russia rages on, and that has a few traders and […]

  • March 25 @ 7:00 am

Storing Crude at Sea Becomes a Profitable Option for Traders (Wednesday, 25 March 2020)

The latest collapse in oil prices has put in play a lucrative trade to store crude at sea, reviving memories of the 2008-09 recession when millions of barrels were kept on the world’s oceans. Brent crude in May 2021 is now trading at about $14 a barrel more than it is in May of this […]

  • March 25 @ 7:00 am

BREAKING: Second Corona Case Removed from Elgin Field – Third Case Suspected (Monday, 23 March 2020)

CHC’s Corona Copter has been called into action today to remove a second suspected Coronavirus case from the Valaris drilling rig in the Elgin field. The room mate of the individual being evacuated has also been placed into isolation after showing symptoms. Both have been classed as category C cases (someone with confirmed symptoms). The […]

  • March 23 @ 11:50 am

Oil War Hits Home as Saudis Cut Nearly 5% from National Budget (Monday, 23 March 2020)

Saudi Arabia announced 50 billion riyals ($13.3 billion) in budget spending cuts after the crash in oil prices and the coronavirus outbreak wreaked havoc on its public finances. As the kingdom doubled down in its price war with Russia, authorities signed off on expenditure reductions equivalent to under 5% of the total outlays approved in […]

  • March 23 @ 3:00 am

Total, Shell Announce Multi-billion-dollar Budget Cuts as Oil Continues Decline (Monday, 23 March 2020)

Total and Shell each introduced significant cost-reduction measures, as the oil price war and the global spread of Covid-19 combined to disrupt operations. Following the lead of other supermajors like BP and ExxonMobil, Total and Shell are implementing plans to reduce capital expenditures, operational costs, and cancel planned share buybacks. Specifically, Total and Shell plan […]

  • March 22 @ 7:00 pm

Tendeka Lands Four-year Zonal Isolation Contract in Malaysia (Friday, 20 March 2020)

Tendeka has secured a four-year contract to supply its zonal isolation technologies across a leading operator’s Malaysian assets. This is the third time Tendeka has won this contract, which first started in 2013. This latest extension, worth more than $1 million, will see the company carry out the work until 2023. @cvReview2@ Tendeka’s SwellRight swellable […]

  • March 20 @ 9:00 am

ConocoPhillips to Implement $2.2B in Cash-saving Measures (Friday, 20 March 2020)

ConocoPhillips announced that it is taking several actions in response to the recent oil market downturn. “Our industry is clearly experiencing an unprecedented event brought about by simultaneous supply and demand shocks,” said Ryan Lance, chairman and chief executive officer. “The actions we are now taking reflect an acknowledgement of current events as well as […]

  • March 20 @ 7:00 am

History Shows the 2020 Oil-price War Won’t End Soon (Friday, 20 March 2020)

How long can the vicious oil-price war between Saudi Arabia and Russia last? If history is any guide, the battle will be a long one. Riyadh has waged four price wars, including the current one, over the last 35 years. All of them lasted at least a year, and prices plunged at least 50%. This […]

  • March 20 @ 5:00 am

200+ Oilfield Services Firms Could Go Bust (Friday, 20 March 2020)

More than 200 oilfield services companies might be forced to declare bankruptcy – most of them in Norway and the UK – due to the effects of the Covid-19 pandemic and its effect on oil prices. This is according to Norway-based energy intelligence firm Rystad Energy, which on Tuesday said, that around 20% of Europe’s […]

  • March 20 @ 3:00 am

Oil Falls to Lowest Since 2003 as Global Economy Stalls (Friday, 20 March 2020)

Oil extended its slide to the lowest level in almost 17 years as the coronavirus pandemic threatens to bring the global economy to a standstill, battering demand just as supply explodes. Futures in New York fell as much as 4.2% to $25.83 a barrel, the lowest since May 2003, extending losses this week to almost […]

  • March 20 @ 3:00 am

U.S. Senators Urge Saudis to Calm Oil Market Tensions (Friday, 20 March 2020)

More than a dozen U.S. Republican senators wrote to Saudi Crown Prince Mohammed bin Salman to urge him to take action to cool tensions in the oil market at a time when the world economy is already being battered by the coronavirus. “It was greatly concerning to see guidance from the Kingdom’s energy ministry to […]

  • March 20 @ 1:00 am

China Refuses Oil From Russian Companies Hit by U.S. Sanctions (Thursday, 19 March 2020)

The trading arm of a Chinese state-owned refiner is turning away crude from Russian energy giant Rosneft PJSC, the parent of a unit hit by U.S. sanctions. Sinochem International Oil (Singapore) on Monday sought crude for May-to-June delivery, company documentation seen by Bloomberg shows. While Sinochem didn’t say why it had excluded Rosneft Oil Co. […]

  • March 19 @ 3:00 pm

Oil’s Crash is Both a Help and a Hazard for LNG Export Projects (Thursday, 19 March 2020)

Oil’s rout may have been an unexpected boon for the biggest buyers of liquefied natural gas, but its knock-on effects may come back to bite them. That’s because more than a dozen proposed LNG export projects from the U.S. to Mozambique are at risk of being delayed or scrapped as crude careened to levels that […]

  • March 19 @ 1:00 pm

ExxonMobil Planning Significant CAPEX, OPEX Cuts Due To Oil Price and Pandemic (Thursday, 19 March 2020)

ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, the company said in a statement. “Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term,” said Darren Woods, chairman and […]

  • March 19 @ 9:00 am

Total Tallies New Gas, Condensates Discovery in UK North Sea (Thursday, 19 March 2020)

Total and its partners have made an encouraging discovery with the Isabella 30/12d-11 well on the license P1820, located in the Central North Sea offshore U.K., about 40 kilometers south of the Elgin-Franklin Field and 170 kilometers east of Aberdeen. The well was drilled in a water depth of about 80 meters and encountered 64 […]

  • March 19 @ 7:00 am

BP Can Cut Spending by 20% This Year (Thursday, 19 March 2020)

BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment. The London-based oil major’s shares have fallen more than 30% since the OPEC+ alliance broke down after a showdown between Saudi Arabia and Russia, triggering a price war as the […]

  • March 19 @ 5:00 am

Global Oil Use Heads for Steepest Annual Contraction in History (Thursday, 19 March 2020)

Global oil consumption is in free-fall, heading for the biggest annual contraction in history, as more countries introduce unprecedented measures to fight the coronavirus outbreak. Travel bans, work-from-home, canceled vacations and disrupted supply chains all mean reduced demand for fuel. As societies respond to the virus, oil demand — already hammered by China’s decision to […]

  • March 19 @ 3:00 am

Aramco Slashes CAPEX as Oil-price War Hits Home (Thursday, 19 March 2020)

Saudi Aramco is slashing planned spending this year in the first sign that plunging demand and the oil-price war the kingdom unleashed are hitting home. Capital expenditure will be between $25 billion and $30 billion in 2020 and spending plans for next year and beyond are being reviewed, Aramco said. The oil giant is lowering […]

  • March 19 @ 1:00 am

Why Fracking Will Never Be Banned In The U.S. (Wednesday, 18 March 2020)

Several democratic presidential candidates have proposed fracking bans, but oil companies have room to breathe easily knowing that killing off fracking in the US is a bit too big of a bite for any political party to handle. But as environmental issues continue to remain front and center in the media, fracking has become a […]

  • March 18 @ 3:00 pm

Tarriff on Saudi Crude May be Trump’s Answer to Oil-price War (Wednesday, 18 March 2020)

If Donald Trump wanted to shield U.S. shale from oil’s crash, he could unleash a familiar weapon against rival producers such as Saudi Arabia: tariffs. The U.S. president’s trade war with China that spawned tit-for-tat levies has shown his administration is willing to break with precedent to combat economic adversaries. Now, with Harold Hamm — […]

  • March 18 @ 1:00 pm

CNOOC Tallies ‘Large-sized’ Discovery in Bohai Bay (Wednesday, 18 March 2020)

CNOOC Limited announced a large-sized discovery Kenli 6-1 in Bohai Bay, which is expected to be the first large-sized oil field in the Laibei lower uplift. The Kenli 6-1 structure is located in Laibei lower uplift in southern Bohai basin with an average water depth of about 19.2 meters. The discovery well KL6-1-3 was drilled […]

  • March 18 @ 9:00 am

Why Didn’t Russia Just Cut Oil Production? (Wednesday, 18 March 2020)

Last week OPEC conducted meetings with a coalition of partners that have worked together to limit oil production since 2016. It was widely reported that the group hoped to come to an agreement to reduce oil production by an additional 1.5 million barrels per day (BPD). The meetings came in the wake of reports from […]

  • March 18 @ 7:00 am

Cairn Ups Kraken Reserves Estimate (Wednesday, 18 March 2020)

Cairn Energy on Tuesday revised up reserves at its British North Sea Kraken oil field, which is majority-owened by EnQuest, effectively reversing a $163 million impairment it had booked on a Kraken downgrade a year ago. Cairn, which owns 30% of Kraken, upgraded its reserves estimates at the field by 6.4 million barrels of oil […]

  • March 18 @ 5:00 am

Oil Price Crash: 50% Of U.S. Shale Could Go Bankrupt (Tuesday, 17 March 2020)

Oil opened on Monday down roughly 25 percent, the sharpest decline in decades, and broader financial markets fell so precipitously that the circuit breakers put in place during times of volatility tripped, temporarily halting trading. The list of adjectives available to describe what is happening to the oil market is not adequate. There are now […]

  • March 17 @ 9:00 am

OPEC Now Sees Zero Growth In Global Oil Demand In 2020 (Tuesday, 17 March 2020)

Due to the coronavirus outbreak weighing on economic growth, OPEC now sees global oil demand rising by mere 60,000 bpd in 2020 after it has slashed its forecasts by 920,000 bpd from last month’s assessment. In its closely watched Monthly Oil Market Report (MOMR) published on Wednesday, OPEC said that the near-zero growth projection for […]

  • March 17 @ 7:00 am

ADNOC Joins Price War, Pledging to Boost Supply to 4 MMbpd (Tuesday, 17 March 2020)

Abu Dhabi National Oil Co. will boost crude supply to customers to more than 4 million barrels a day in April as OPEC’s third-biggest producer joins an oil supply battle sparked by Saudi Arabia and Russia. @cvReviewBoth@ Adnoc is also accelerating plans to boost output to 5 million barrels a day, the company said in […]

  • March 17 @ 1:00 am

Almost All New Wells Lose Money in Shale’s ‘New Normal’ (Monday, 16 March 2020)

America’s shale producers already had a profitability problem. It just got a lot worse. At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale drilling unprofitable. Only five companies in two areas of the country have breakeven costs lower than the current oil price, according to […]

  • March 16 @ 3:00 pm

Russian Producers Equipped to Compete with Flood of Saudi Oil (Monday, 16 March 2020)

A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it. With some of the world’s lowest production costs, a flexible tax system and a free-floating ruble, Russian companies can keep pumping, even in an extremely bearish price scenario, analysts […]

  • March 16 @ 3:00 am

Oil Crash Makes Wind Power Firm Nordics’ Biggest Energy Company (Monday, 16 March 2020)

The oil price crash has led to Danish offshore wind developer Orsted overtaking Norwegian oil major Equinor as the most valuable energy company in the Nordics, highlighting the appeal to investors of renewables over fossil fuels. Shares in Equinor slid nearly 18% on Monday as crude prices plunged 25% after top producers Saudi Arabia and […]

  • March 16 @ 3:00 am

Saudis Book More Supertankers to Help Flood Oil Market (Monday, 16 March 2020)

Saudi Arabia is preparing to unleash so much oil on the world that its own fleet can’t handle it all. The kingdom’s National Shipping Co., also known as Bahri, has booked on a preliminary basis at least eight supertankers to load this month and next from Saudi Arabia’s main oil ports, according to people familiar […]

  • March 16 @ 1:00 am

Shale Drillers Facing Uncharted Territory in Worst Oil Bust Yet (Friday, 13 March 2020)

America’s shale drillers have never faced an oil bust quite like this. The split between Russia and its one-time OPEC allies last week has ignited an all-out price war, leaving oil markets defenseless against the unprecedented demand shock brought on by the coronavirus. Crude plunged by the most since the 1990s on Monday, with West […]

  • March 13 @ 3:00 pm

A Look At How The Oil Price Crash is Upending Markets (Friday, 13 March 2020)

A crude-oil price war in the middle a worsening global virus outbreak sent a fresh wave of volatility surging through financial markets beginning on Monday in Asia. Oil futures tumbled the most since the Gulf War in 1991, Norway’s krone slid to its weakest against the dollar since the 1980s and Australia’s benchmark stock index […]

  • March 13 @ 1:00 pm

Norway Economy Strong Despite Oil Crash (Friday, 13 March 2020)

The Norwegian economy remains strong despite the sharp fall in the price of oil, Norway's biggest export, but it is too early to tell what the full impact will be from cheaper crude and the coronavirus, Finance Minister Jan Tore Sanner said on Monday. Norway's currency weakened to an all-time low against the euro in […]

  • March 13 @ 9:00 am

Rosneft to Raise Output as Soon as Current OPEC+ Deal Ends (Friday, 13 March 2020)

Russia’s state oil company Rosneft is planning to lift oil production as soon as the current OPEC+ deal ends, according to a person close to the company. The comments, the first Russian response to the oil price war launched by Saudi Arabia over the weekend, suggest that Rosneft could start boosting output as soon as […]

  • March 13 @ 5:00 am

Offshore Wind To See $200+ Billion Expansion By 2025 (Friday, 13 March 2020)

Despite lower returns than offshore oil and gas, offshore wind will become an increasingly attractive investment destination in the energy transition. Global investments in offshore wind are expected to total US$211 billion between 2020 and 2025, and the offshore wind market will become more attractive to oil and gas companies, Wood Mackenzie said in a […]

  • March 13 @ 3:00 am

Saudi’s Oil-price War Begins as Buyers Snap Up Cheap Crude (Friday, 13 March 2020)

The opening battle of the global oil price war got under way in Asia as some of the world’s biggest buyers said they’d try to buy more Saudi crude than planned in April after the exporter offered them unprecedented discounts. Even as they grapple with a collapse in fuel demand because of the coronavirus, at […]

  • March 13 @ 1:00 am

Exxon Cuts Permian Growth (Thursday, 12 March 2020)

Exxon Mobil is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices. The U.S. energy giant will cut Permian production growth by about 10% over the next two years, the […]

  • March 12 @ 3:00 pm

Are America’s Days As Net Oil Exporter Numbered? (Thursday, 12 March 2020)

America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers. The U.S. only in recent months began exporting more petroleum than it imports, a shift fueled by record shale production in fields such as the Permian Basin. Now, […]

  • March 12 @ 1:00 pm

Neptune Stops Gjøa Platform Flights on Coronavirus Suspicion (Thursday, 12 March 2020)

Neptune Energy has reportedly halted all helicopter traffic to and from the Gjøa platform in the North Sea, off Norway, on suspicions that a crewmember aboard has contracted coronavirus. According to a report by NRK on Friday, a female offshore worker on the platform has been quarantined after being in contact with a person onshore, […]

  • March 12 @ 9:00 am

Exxon Keeps Up $35 Billion Annual Spending Despite Oil Rout (Thursday, 12 March 2020)

U.S. supermajor ExxonMobil maintains its strategy for capital expenditures between US$30 billion and US$35 billion each year through 2025, chairman and CEO Darren Woods said at the company’s annual investor day on Thursday, even though oil prices have tumbled by 25 percent since the start of the year. This year, Exxon sees its investments at […]

  • March 12 @ 7:00 am

Russian Resistance Hammers Oil Prices, Pushing OPEC to Brink (Thursday, 12 March 2020)

Russia resisted pressure from OPEC allies to make deeper production cuts, pushing the cartel’s high-stakes diplomatic gamble to the brink of failure and sending prices plunging. Energy Minister Alexander Novak arrived from Moscow on Friday morning and told fellow ministers that he favored maintaining the group’s supply reduction at current levels until June, when they […]

  • March 12 @ 5:00 am

Aramco Delays April Oil Pricing, Waiting for OPEC’s Decision (Thursday, 12 March 2020)

Saudi Aramco is delaying the release of its monthly crude-pricing announcement, an exceptional step by the world’s biggest oil exporter, as it waits to see if the OPEC+ alliance will deepen cuts in global output. Aramco plans to announce on Saturday the official pricing for crude that will be exported in April, according to people […]

  • March 12 @ 1:00 am

Offshore Oil Rig Infection Exposes Coronavirus Dangers (Thursday, 12 March 2020)

Equinor reported the oil industry’s first coronavirus infection on an offshore installationon Wednesday, highlighting the challenge in preventing contamination for thousands of workers living in the close quarters on rigs and platforms. A worker was in isolation on the Norwegian energy firm’s Martin Linge oil and gas platform off Norway where production is due to […]

  • March 11 @ 7:00 pm

Arctic Oil Drilling Plan Coming Soon, U.S. Interior Chief Says (Wednesday, 11 March 2020)

The Trump administration is moving to sell drilling rights in the Arctic National Wildlife Refuge, Interior Secretary David Bernhardt said Saturday. “We are about to finalize a leasing plan for that,” Bernhardt said at the Conservative Political Action Conference in Maryland, without providing a more specific timetable. His declaration comes amid delays in standing up […]

  • March 11 @ 3:00 pm

More Chinese LNG Orders Canceled Under New Force Majeure claims (Wednesday, 11 March 2020)

China National Petroleum Corp. has issued a force majeure on all prompt natural gas imports, according to people with knowledge of the situation, the second Chinese buyer to refuse shipments in a sign that global commodity flows may face a sustained impact from the coronavirus fight. CNPC, the parent of PetroChina Co., is taking the […]

  • March 11 @ 1:00 pm

Europe Looks To Pass 2050 Net Zero Carbon Goal Into Law (Wednesday, 11 March 2020)

The European Commission proposed on Wednesday enshrining the European Green Deal’s commitment for carbon neutrality by 2050 into legislation, as part of the European Union’s heightened focus on climate action and policy. Under a European Climate Law, the 2050 carbon neutrality target would become legally binding, and all EU institutions and member states will be […]

  • March 11 @ 7:00 am

Travel restrictions, crew screenings – Service Companies Ramp Up Coronavirus Responses (Wednesday, 11 March 2020)

As coronavirus cases multiply worldwide, oilfield service companies are stepping up their internal safeguards to protect the health of employees and contractors onshore and offshore. Defending employees from exposure to the coronavirus in the close confines of an offshore vessel presents its own set of challenges. Subsea engineering and service provider Oceaneering has implemented a […]

  • March 11 @ 3:00 am

Workers at Oil and Gas Terminal Vote for Strike Action (Wednesday, 11 March 2020)

Workers at the Sullom Voe Terminal in Shetland have voted in favour of strike action. Unite the Union said 94% of those who took part in a ballot have “taken an emphatic stand” following a dispute with operator EnQuest over terms and conditions, including the pensions. @cvReview1@ John Bolan, Unite’s regional industrial officer, described EnQuest […]

  • March 11 @ 3:00 am

Aker BP Taps Tendeka for Sand-face Completion Program Offshore Norway (Wednesday, 11 March 2020)

Tendeka has received a Letter of Intent for a multi-million-pound contract to supply sand-face completion equipment to Aker BP’s Norwegian assets. Over the next three years, the existing frame agreement will see Tendeka deliver its sand screens and FloSure Autonomous Inflow Control Devices (AICDs) to Aker BP’s fields on the Norwegian Continental Shelf (NCS). Measured […]

  • March 11 @ 1:00 am